Policy Research Institute

 

Business Outlook Survey 

(January-March 2015)

 Mar. 12, 2015

1. Business conditions

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

(%points)

 

 Oct.-Dec.
2014
(previous)

 Jan.-Mar.
2015
(present)

 Apr.-Jun.
2015
(outlook)

 Jul.-Sep.
2015
(outlook)

Corporations with capital of 1 billion yen or over
  All industries 5.0 1.9 1.0 7.8
 Manufacturing 8.1 2.4 -0.9 7.8
 Non-manufacturing 3.4 1.7 2.0 7.7
Corporations with capital of 100 million to 1 billion yen
  All industries 0.8 -2.2 -0.4 6.0
 Manufacturing 1.0 -8.4 -1.5 7.3
 Non-manufacturing 0.8 -0.3 -0.1 5.7
Corporations with capital of 10 to 100 million yen
  All industries -10.1 -14.8 -6.1 -4.6
 Manufacturing -9.7 -15.7 -3.3 -4.7
 Non-manufacturing -10.2 -14.7 -6.7 -4.6

 

2. Domestic economic conditions

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

(%points)

 

 Oct.-Dec.
2014
(previous)

 Jan.-Mar.
2015
(present)

 Apr.-Jun.
2015
(outlook)

 Jul.-Sep.
2015
(outlook)

Corporations with capital of 1 billion yen or over
  All industries 4.3 8.7 7.0 8.0
 Manufacturing 5.0 8.3 4.1 5.7
 Non-manufacturing 3.9 8.9 8.6 9.3
Corporations with capital of 100 million to 1 billion yen
  All industries -1.8 1.0 4.6 6.1
 Manufacturing -0.5 -0.6 3.8 6.5
 Non-manufacturing -2.2 1.5 4.9 6.0
Corporations with capital of 10 to 100 million yen
  All industries -18.1 -12.4 -4.4 -2.4
 Manufacturing -16.7 -9.1 -2.0 -1.1
 Non-manufacturing -18.4 -13.1 -4.9 -2.6

 

3. Employment

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

(%points)

 

End of Dec.
2014
(previous)

End of Mar.
2015
(present)

End of Jun.
2015
(outlook)

End of Sep.
2015
(outlook)

Corporations with capital of 1 billion yen or over
  All industries 11.6 13.5 7.1 7.1
 Manufacturing 4.6 6.1 2.5 2.2
 Non-manufacturing 15.3 17.3 9.5 9.7
Corporations with capital of 100 million to 1 billion yen
  All industries 22.4 23.7 13.9 13.0
 Manufacturing 11.6 13.4 4.5 5.4
 Non-manufacturing 25.6 26.8 16.8 15.3
Corporations with capital of 10 to 100 million yen
  All industries 18.0 16.8 10.4 10.1
 Manufacturing 15.2 16.2 8.2 8.9
 Non-manufacturing 18.6 16.9 10.8 10.4

 

4. Sales (compared with the previous year)

(%)

 

  FY 2014

  1st half

   FY 2014

  2nd half

   FY 2014

  FY 2015

  1st half

   FY 2015

  2nd half

   FY 2015

All industries 0.5 2.6 -1.4 0.7 0.6 0.8
 Manufacturing 1.3 2.7 0.0 1.5 1.3 1.8
 Non-manufacturing 0.2 2.6 -1.9 0.4 0.4 0.5

          

   

5. Ordinary profits (compared with the previous year)

(%)

 

  FY 2014

  1st half

   FY 2014

  2nd half

   FY 2014

  FY 2015

  1st half

   FY 2015

  2nd half

   FY 2015

All industries 0.3 5.6 -4.7 0.5 -2.9 3.6
 Manufacturing 5.5 5.8 5.2 3.4 -1.8 8.3
 Non-manufacturing -1.9 5.6 -9.0 -0.7 -3.4 1.8

          

   

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

(%)

 

  FY 2014

  1st half

   FY 2014

  2nd half

   FY 2014

  FY 2015

  1st half

   FY 2015

  2nd half

   FY 2015

All industries 5.1 9.5 1.8 -3.9 -0.4 -7.2
 Manufacturing 9.8 8.8 10.7 -0.8 7.9 -8.8
 Non-manufacturing 2.9 9.9 -1.9 -5.6 -4.8 -6.3
Note:  Excludes expense purchasing land.