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Policy Research Institute

 

Business Outlook Survey 

(October-December 2015)

 Dec. 10, 2015

1. Business conditions

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

(%points)

 

 Jul.-Sep.
2015
(previous)

 Oct.-Dec.
2015
(present)

 Jan.-Mar.
2016
(outlook)

 Apr.-Jun.
2016
(outlook)

Corporations with capital of 1 billion yen or over
  All industries 9.6 4.6 5.6 1.3
 Manufacturing 11.0 3.8 4.0 0.0
 Non-manufacturing 8.9 5.0 6.4 2.1
Corporations with capital of 100 million to 1 billion yen
  All industries 5.7 3.5 2.3 -0.9
 Manufacturing 4.9 1.1 1.0 2.0
 Non-manufacturing 5.9 4.2 2.6 -1.8
Corporations with capital of 10 to 100 million yen
  All industries -11.2 -7.7 -7.9 -4.6
 Manufacturing -12.5 -6.6 -6.7 -0.2
 Non-manufacturing -11.0 -7.9 -8.1 -5.4

 

2. Domestic economic conditions

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

(%points)

 

 Jul.-Sep.
2015
(previous)

 Oct.-Dec.
2015
(present)

 Jan.-Mar.
2016
(outlook)

 Apr.-Jun.
2016
(outlook)

Corporations with capital of 1 billion yen or over
  All industries 10.5 5.6 4.2 3.1
 Manufacturing 9.8 4.6 2.6 1.4
 Non-manufacturing 10.9 6.1 5.0 3.9
Corporations with capital of 100 million to 1 billion yen
  All industries 7.4 3.9 0.1 0.3
 Manufacturing 3.1 -0.7 -0.1 0.3
 Non-manufacturing 8.7 5.4 0.2 0.4
Corporations with capital of 10 to 100 million yen
  All industries -8.8 -8.3 -10.1 -7.5
 Manufacturing -11.4 -7.8 -10.3 -5.9
 Non-manufacturing -8.3 -8.4 -10.1 -7.9

 

3. Employment

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

(%points)

 

End of Sep.
2015
(previous)

End of Dec.
2015
(present)

End of Mar.
2016
(outlook)

End of Jun.
2016
(outlook)

Corporations with capital of 1 billion yen or over
  All industries 11.6 13.3 11.7 7.2
 Manufacturing 6.3 6.4 4.7 2.3
 Non-manufacturing 14.4 17.0 15.4 9.8
Corporations with capital of 100 million to 1 billion yen
  All industries 22.0 23.2 19.5 14.4
 Manufacturing 13.7 15.8 8.5 5.4
 Non-manufacturing 24.6 25.6 22.9 17.2
Corporations with capital of 10 to 100 million yen
  All industries 18.3 19.0 14.7 10.5
 Manufacturing 16.3 14.4 11.3 8.4
 Non-manufacturing 18.7 19.9 15.4 10.9

 

4. Sales (compared with the previous year)

(%)

 

  FY 2015

  1st half

   FY 2015

  2nd half

   FY 2015

All industries 0.2 1.1 -0.6
 Manufacturing 0.7 1.2 0.2
 Non-manufacturing 0.0 1.0 -1.0

          

   

5. Ordinary profits (compared with the previous year)

(%)

 

  FY 2015

  1st half

   FY 2015

  2nd half

   FY 2015

All industries 4.8 13.6 -3.4
 Manufacturing 2.6 14.6 -8.7
 Non-manufacturing 5.8 13.2 -1.0

          

   

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

(%)

 

  FY 2015

  1st half

   FY 2015

  2nd half

   FY 2015

All industries 7.5 8.5 6.7
 Manufacturing 10.6 10.3 10.9
 Non-manufacturing 5.6 7.5 4.2
Note:  Excludes expense purchasing land.