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Policy Research Institute

 

Business Outlook Survey

(July-September 2018)

Sep.12, 2018

1. Business conditions

Business survey index

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

(%points)

 
  Apr.-Jun.
2018
(previous)
Jul.-Sep.
2018
(present)
Oct.-Dec.
2018
(outlook)
Jan.-Mar.
2019
(outlook)
Corporations with capital of 1 billion yen or over
  All industries -2.0 3.8 7.6 5.8
Manufacturing -3.2 6.5 9.9 5.4
Non-manufacturing -1.4 2.4 6.5 6.0
Corporations with capital of 100 million to 1 billion yen
  All industries -1.0 2.2 7.0 4.1
Manufacturing -1.1 5.4 12.8 -0.2
Non-manufacturing -1.0 1.3 5.3 5.4
Corporations with capital of 10 to 100 million yen
  All industries -10.6 -10.0 -0.6 -3.8
Manufacturing -10.1 -13.6 -0.1 -3.2
Non-manufacturing -10.7 -9.2 -0.7 -3.9

2. Domestic economic conditions

Business survey index

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

(%points)

 
  Apr.-Jun.
2018
(previous)
Jul.-Sep.
2018
(present)
Oct.-Dec.
2018
(outlook)
Jan.-Mar.
2019
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 7.2 6.9 5.0 5.0
Manufacturing 5.6 8.3 3.9 3.0
Non-manufacturing 8.0 6.2 5.6 6.0
Corporations with capital of 100 million to 1 billion yen
  All industries 6.9 4.9 6.3 3.8
Manufacturing 7.4 5.1 9.0 4.0
Non-manufacturing 6.8 4.8 5.5 3.8
Corporations with capital of 10 to 100 million yen
  All industries -4.3 -7.3 -2.3 -4.2
Manufacturing -2.4 -8.1 1.0 -2.2
Non-manufacturing -4.7 -7.1 -2.9 -4.6

3. Employment

Business survey index

(Difference of "insufficient"-"excessive")

(%points)

 
  End of Jun.
2018
(previous)
End of Sep.
2018
(present)
End of Dec.
2018
(outlook)
End of Mar.
2019
(outlook)
Corporations with capital of 1 billion yen or over
  All industries 18.8 19.3 16.8 15.0
Manufacturing 14.5 16.2 13.5 10.7
Non-manufacturing 21.0 20.9 18.4 17.1
Corporations with capital of 100 million to 1 billion yen
  All industries 33.1 34.4 30.6 27.6
Manufacturing 33.1 35.3 31.3 26.4
Non-manufacturing 33.1 34.1 30.5 27.9
Corporations with capital of 10 to 100 million yen
  All industries 29.5 27.9 25.9 23.5
Manufacturing 31.7 29.5 25.3 23.2
Non-manufacturing 29.1 27.6 26.0 23.6

4. Sales (compared with the previous year)

(%)

 
  FY 2018 1st half
FY 2018
2nd half
FY 2018
All industries 2.4 2.8 2.1
Manufacturing 3.5 3.7 3.2
Non-manufacturing 2.0 2.5 1.6

5. Ordinary profits (compared with the previous year)

(%)

 
  FY 2018 1st half
FY 2018
2nd half
FY 2018
All industries -0.4 -2.9 2.2
Manufacturing -1.8 -4.4 1.0
Non-manufacturing 0.3 -2.1 2.7

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

(%)

 
  FY 2018 1st half
FY 2018
2nd half
FY 2018
All industries 9.9 13.6 6.9
Manufacturing 21.8 29.0 16.2
Non-manufacturing 3.3 5.2 1.8

Note: Excludes expense purchasing land.