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Policy Research Institute

 

Business Outlook Survey 

(July-September 2014)

 Sep. 11, 2014

1. Business conditions

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

(%points)

 

 Apr.-Jun.
2014
(previous)

 Jul.-Sep.
2014
(present)

 Oct.-Dec.
2014
(outlook)

 Jan.-Mar.
2015
(outlook)

Corporations with capital of 1 billion yen or over
  All industries -14.6 11.1 9.9 7.3
 Manufacturing -13.9 12.7 15.1 8.1
 Non-manufacturing -15.0 10.2 7.2 7.0
Corporations with capital of 100 million to 1 billion yen
  All industries -19.5 5.1 10.8 5.8
 Manufacturing -16.4 2.6 13.1 5.7
 Non-manufacturing -20.5 5.8 10.1 5.8
Corporations with capital of 10 to 100 million yen
  All industries -21.5 -10.0 -0.6 -3.9
 Manufacturing -20.2 -9.5 1.3 -6.7
 Non-manufacturing -21.8 -10.1 -1.0 -3.3

 

2. Domestic economic conditions

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

(%points)

 

 Apr.-Jun.
2014
(previous)

 Jul.-Sep.
2014
(present)

 Oct.-Dec.
2014
(outlook)

 Jan.-Mar.
2015
(outlook)

Corporations with capital of 1 billion yen or over
  All industries -22.4 15.8 11.2 7.8
 Manufacturing -20.0 16.7 11.6 6.2
 Non-manufacturing -23.7 15.4 11.0 8.6
Corporations with capital of 100 million to 1 billion yen
  All industries -24.2 10.0 13.3 8.6
 Manufacturing -21.9 6.9 14.3 8.4
 Non-manufacturing -24.9 10.9 13.1 8.6
Corporations with capital of 10 to 100 million yen
  All industries -21.5 -6.3 -0.2 -2.8
 Manufacturing -23.2 -7.5 4.2 -3.1
 Non-manufacturing -21.1 -6.1 -1.1 -2.7

 

3. Employment

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

(%points)

 

End of Jun.
2014
(previous)

End of Sep.
2014
(present)

End of Dec.
2014
(outlook)

End of Mar.
2015
(outlook)

Corporations with capital of 1 billion yen or over
  All industries 7.5 9.8 8.4 8.0
 Manufacturing 1.2 2.9 1.7 1.4
 Non-manufacturing 10.8 13.4 11.9 11.5
Corporations with capital of 100 million to 1 billion yen
  All industries 19.9 20.5 18.0 15.5
 Manufacturing 11.2 9.1 6.9 6.1
 Non-manufacturing 22.5 23.9 21.4 18.3
Corporations with capital of 10 to 100 million yen
  All industries 16.0 16.7 16.8 14.0
 Manufacturing 12.6 12.6 13.5 11.2
 Non-manufacturing 16.7 17.6 17.4 14.5

 

4. Sales (compared with the previous year)

(%)

 

  FY 2014

  1st half

   FY 2014

  2nd half

   FY 2014

All industries 1.1 2.0 0.3
 Manufacturing 2.0 2.5 1.5
 Non-manufacturing 0.8 1.8 -0.2

          

   

5. Ordinary profits (compared with the previous year)

(%)

 

  FY 2014

  1st half

   FY 2014

  2nd half

   FY 2014

All industries -1.9 -4.3 0.3
 Manufacturing -0.7 -5.3 3.6
 Non-manufacturing -2.4 -3.8 -1.1

          

   

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

(%)

 

  FY 2014

  1st half

   FY 2014

  2nd half

   FY 2014

All industries 5.7 13.3 0.0
 Manufacturing 13.3 19.8 7.9
 Non-manufacturing 2.0 9.9 -3.3
Note:  Excludes expense purchasing land.