Business Outlook Survey

(January-March 2005)

１．Business conditions

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

(percent point)

		Oct.-Dec. 2004 (previous)	Jan.-Mar. 2005 (present)	Apr.-Jun. 2005 (outlook)	Jul.-Sept. 2005 (outlook)

Corporations with capital of 1 billion yen or over
	All industry	2.1	0.6	3.6	9.8
	Manufacturing	-1.3	-7.6	1.9	9.2	Non-manufacturing	4.1	5.5	4.7	10.1	Corporations with capital of 100 million to 1 billion yen	All industry	-0.6	-9.7	3.4	9.4	Manufacturing	0.7	-18.7	7.8	14.4	Non-manufacturing	-1.1	-6.9	2.1	7.8	Corporations with capital of 10 to 100 million yen	All industry	-14.5	-24.3	-11.1	-7.3	Manufacturing	-10.0	-24.6	-9.1	-3.8	Non-manufacturing	-15.5	-24.2	-11.5	-8.1

2．Domestic economic conditions

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

(percent point)

		Oct.-Dec. 2004 (previous)	Jan.-Mar. 2005 (present)	Apr.-Jun. br> 2005 (outlook)	Jul.-Sept. 2005 (outlook)
						Corporations with capital of 1 billion yen or over							All industry	4.3	-0.3	4.4	8.3	Manufacturing	0.3	-6.1	4.4	6.9	Non-manufacturing	6.8	3.2	4.4	9.1	Corporations with capital of 100 million to 1 billion yen							All industry	2.4	-6.6	4.9	8.3	Manufacturing	0.1	-12.4	7.8	10.2	Non-manufacturing	3.2	-4.8	4.0	7.7	Corporations with capital of 10 to 100 million yen							All industry	-14.9	-21.1	-10.6	-6.8	Manufacturing	-13.6	-18.4	-11.1	-4.2	Non-manufacturing	-15.2	-21.7	-10.5	-7.4

3.Sales(compared with the previous year)

(percent)

FY 2004	1st half FY 2004	2nd half FY 2004	FY 2005	1st half FY 2005	2nd half FY 2005
All industry	3.1	4.8	1.5	1.0	0.5	1.5
Manufacturing	8.1	11.3	5.2	0.5	0.3	0.7
Non-manufacturing	0.7	1.6	-0.3	1.3	0.7	1.8

4.Current profits (compared with the previous year)

(percent)

FY 2004	1st half FY 2004	2nd half FY 2004	FY 2005	1st half FY 2005	2nd half FY 2005
All industry	7.7	15.8	1.4	8.2	7.7	8.6
Manufacturing	18.9	30.3	9.7	4.9	-0.5	10.0	Non-manufacturing	1.0	6.8	-3.6	10.5	14.2	7.7

5.Investment in plant and equipment (compared with the previous year)

(percent)

FY 2004	1sthalf FY 2004	2nd half FY 2004	FY 2005	1st half FY 2005	2nd half FY 2005
All industry	5.0	-0.1	9.6	-7.4	2.5	-16.1
Manufacturing	17.7	13.8	21.1	0.2	15.0	-13.1
Non-manufacturing	-1.3	-6.9	3.7	-11.3	-4.1	-17.7

6.Employment

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

(percent point)

		Oct.-Dec. 2004 (previous)	Jan.-Mar. 2005 (present)	Apr.-Jun. 2005 (outlook)	Jul.-Sept. 2005 (outlook)

Corporations with capital of 1 billion yen or over
	All industry	6.2	8.4	3.4	4.1
	Manufacturing	0.3	2.8	0.0	0.2
	Non-manufacturing	9.8	11.8	5.4	6.4
Corporations with capital of 100 million to 1 billion yen
	All industry	10.9	10.3	4.3	4.5
	Manufacturing	7.9	4.0	-0.9	-0.3
	Non-manufacturing	11.9	12.2	6.0	6.1
Corporations with capital of 10 to 100 million yen
	All industry	9.5	9.1	3.5	3.3
	Manufacturing	8.7	6.5	6.3	4.0
	Non-manufacturing	9.6	9.6	2.9	3.1

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