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Policy Research Institute

 

Business Outlook Survey 

(October-December 2011)

 Dec. 9, 2011

1. Business conditions

Business survey index
(Difference of "up"-"down" compared with previous quarter)

(%points)

 

 Jul.-Sep.
2011
(previous)

 Oct.-Dec.
2011
(present)

 Jan.-Mar.
2012
(outlook)

 Apr.-Jun.
2012
(outlook)

Corporations with capital of 1 billion yen or over
  All industries 6.6 -2.5 1.1 1.7
 Manufacturing 10.3 -6.1 0.7 0.7
 Non-manufacturing 4.6 -0.5 1.4 2.3
Corporations with capital of 100 million to 1 billion yen
  All industries -1.8 -5.7 -5.0 -0.7
 Manufacturing -1.9 -4.4 -4.5 1.0
 Non-manufacturing -1.8 -6.0 -5.2 -1.3
Corporations with capital of 10 to 100 million yen
  All industries -22.2 -16.1 -17.1 -10.7
 Manufacturing -19.2 -14.3 -22.4 -9.4
 Non-manufacturing -22.8 -16.5 -16.0 -11.0

 

2. Domestic economic conditions

Business survey index
(Difference of "up"-"down" compared with previous quarter)

(%points)

 

 Jul.-Sep.
2011
(previous)

 Oct.-Dec.
2011
(present)

 Jan.-Mar.
2012
(outlook)

 Apr.-Jun.
2012
(outlook)

Corporations with capital of 1 billion yen or over
  All industries 1.5 -11.9 -3.1 3.4
 Manufacturing 9.3 -13.5 -1.4 3.6
 Non-manufacturing -2.8 -11.1 -4.0 3.2
Corporations with capital of 100 million to 1 billion yen
  All industries -13.7 -20.3 -13.7 -2.1
 Manufacturing -2.8 -15.5 -10.7 0.8
 Non-manufacturing -17.0 -21.7 -14.6 -3.0
Corporations with capital of 10 to 100 million yen
  All industries -32.6 -32.5 -27.5 -15.9
 Manufacturing -27.2 -29.5 -28.1 -13.5
 Non-manufacturing -33.7 -33.1 -27.4 -16.4

 

3. Employment

Business survey index
(Difference of "insufficient"-"excessive" )

(%points)

 

End of Sep.
2011
(previous)

End of Dec.
2011
(present)

End of Mar.
2012
(outlook)

End of Jun.
2012
(outlook)

Corporations with capital of 1 billion yen or over
  All industries 1.3 1.7 1.4 0.0
 Manufacturing -0.2 -3.5 -2.8 -1.8
 Non-manufacturing 2.0 4.6 3.7 1.0
Corporations with capital of 100 million to 1 billion yen
  All industries 5.9 8.6 6.0 2.4
 Manufacturing 2.0 1.1 -2.3 -1.8
 Non-manufacturing 7.0 10.8 8.5 3.6
Corporations with capital of 10 to 100 million yen
  All industries 3.4 6.4 2.3 0.5
 Manufacturing 2.2 1.9 -1.2 0.1
 Non-manufacturing 3.6 7.3 3.0 0.6

 

4. Sales (compared with the previous year)

(%)

 

  FY 2011

  1st half

   FY 2011

  2nd half

   FY 2011

All industries 0.8 -0.3 1.8
 Manufacturing 2.2 -0.1 4.5
 Non-manufacturing 0.2 -0.4 0.7

          

   

5. Ordinary profits (compared with the previous year)

(%)

 

  FY 2011

  1st half

   FY 2011

  2nd half

   FY 2011

All industries -2.0 -1.7 -2.3
 Manufacturing -6.2 -8.4 -4.0
 Non-manufacturing -0.0 1.5 -1.5

          

   

6. Software and investment in plant and equipment (compared with the previous year)

(%)

 

  FY 2011

  1st half

   FY 2011

  2nd half

   FY 2011

All industries 0.7 -8.4 8.6
 Manufacturing 2.8 -4.5 9.3
 Non-manufacturing -0.7 -10.9 8.2
Note:  Excludes expense purchasing land.