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Policy Research Institute

 

Business Outlook Survey 

(January-March 2012)

 Mar. 14, 2012

1. Business conditions

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

(%points)

 

 Oct.-Dec.
2011
(previous)

 Jan.-Mar.
2012
(present)

 Apr.-Jun.
2012
(outlook)

 Jul.-Sep.
2012
(outlook)

Corporations with capital of 1 billion yen or over
  All industries -2.5 -2.7 1.3 7.3
 Manufacturing -6.1 -7.3 2.3 9.2
 Non-manufacturing -0.5 -0.1 0.7 6.3
Corporations with capital of 100 million to 1 billion yen
  All industries -5.7 -10.1 -1.0 4.9
 Manufacturing -4.4 -17.3 -1.3 7.7
 Non-manufacturing -6.0 -7.9 -1.0 4.1
Corporations with capital of 10 to 100 million yen
  All industries -16.1 -20.8 -12.1 -6.6
 Manufacturing -14.3 -21.3 -15.3 -5.3
 Non-manufacturing -16.5 -20.7 -11.4 -6.8

 

2. Domestic economic conditions

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

(%points)

 

 Oct.-Dec.
2011
(previous)

 Jan.-Mar.
2012
(present)

 Apr.-Jun.
2012
(outlook)

 Jul.-Sep.
2012
(outlook)

Corporations with capital of 1 billion yen or over
  All industries -11.9 -3.4 3.8 6.1
 Manufacturing -13.5 -6.3 4.7 6.4
 Non-manufacturing -11.1 -1.9 3.3 6.0
Corporations with capital of 100 million to 1 billion yen
  All industries -20.3 -14.4 -3.4 0.7
 Manufacturing -15.5 -15.5 -4.5 2.1
 Non-manufacturing -21.7 -14.1 -3.0 0.3
Corporations with capital of 10 to 100 million yen
  All industries -32.5 -30.9 -16.2 -9.7
 Manufacturing -29.5 -27.2 -12.2 -8.0
 Non-manufacturing -33.1 -31.6 -17.0 -10.0

 

3. Employment

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

(%points)

 

End of Dec.
2011
(previous)

End of Mar.
2012
(present)

End of Jun.
2012
(outlook)

End of Sep.
2012
(outlook)

Corporations with capital of 1 billion yen or over
  All industries 1.7 2.5 -0.5 0.8
 Manufacturing -3.5 -5.0 -5.5 -3.0
 Non-manufacturing 4.6 6.5 2.2 2.8
Corporations with capital of 100 million to 1 billion yen
  All industries 8.6 8.1 2.3 2.7
 Manufacturing 1.1 -1.8 -4.1 -3.0
 Non-manufacturing 10.8 11.1 4.3 4.4
Corporations with capital of 10 to 100 million yen
  All industries 6.4 5.9 0.3 0.7
 Manufacturing 1.9 4.3 -1.4 -0.5
 Non-manufacturing 7.3 6.2 0.6 0.9

 

4. Sales (compared with the previous year)

(%)

 

  FY 2011

  1st half

   FY 2011

  2nd half

   FY 2011

  FY 2012

  1st half

   FY 2012

  2nd half

   FY 2012

All industries 0.3 -0.6 1.2 1.2 1.1 1.2
 Manufacturing 1.0 -1.1 3.1 1.8 1.6 2.0
 Non-manufacturing 0.0 -0.4 0.4 0.9 1.0 0.9

          

   

5. Ordinary profits (compared with the previous year)

(%)

 

  FY 2011

  1st half

   FY 2011

  2nd half

   FY 2011

  FY 2012

  1st half

   FY 2012

  2nd half

   FY 2012

All industries -6.4 -5.0 -7.7 6.7 -0.2 13.3
 Manufacturing -16.6 -17.2 -16.0 8.6 -6.4 24.9
 Non-manufacturing -1.3 1.6 -4.0 6.0 2.4 9.3

          

   

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

(%)

 

  FY 2011

  1st half

   FY 2011

  2nd half

   FY 2011

  FY 2012

  1st half

   FY 2012

  2nd half

   FY 2012

All industries -0.4 -7.2 5.4 -0.3 13.8 -11.8
 Manufacturing 0.5 -4.8 5.1 -2.7 10.4 -14.0
 Non-manufacturing -1.0 -8.8 5.5 1.3 16.4 -10.4
Note:  Excludes expense purchasing land.