Business Outlook Survey

(January-March 2007)

March 22 , 2007

１．Business conditions

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

(%)

		Oct.-Dec. 2006 (previous)	Jan.-Mar. 2007 (present)	Apr .-Jun. 2007 (outlook)	Jul.-Sep. 2007 (outlook)

Corporationswith capital of 1 billion yen or over
	Allindustries	6.4	6.2	4.2	9.9
	Manufacturing	7.1	0.1	4.1	11.8	Non-manufacturing	6.0	9.8	4.3	8.8	Corporationswith capital of 100 million to 1 billion yen	Allindustries	7.3	-3.1	2.8	8.2	Manufacturing	12.1	-8.9	4.9	11.3	Non-manufacturing	5.7	-1.2	2.1	7.2	Corporationswith capital of 10 to 100 million yen	Allindustries	-7.8	-16.7	-7.0	-4.1	Manufacturing	-4.0	-22.5	-6.2	-1.7	Non-manufacturing	-8.6	-15.5	-7.2	-4.6

2．Domestic economic conditions

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

(%)

		Oct.-Dec. 2006 (previous)	Jan.-Mar. 2007 (present)	Apr .-Jun. 2007 (outlook)	Jul.-Sep. 2007 (outlook)
						Corporationswith capital of 1 billion yen or over							Allindustries	13.0	13.4	10.1	10.3	Manufacturing	9.0	5.9	7.3	8.2	Non-manufacturing	15.4	17.9	11.8	11.5	Corporationswith capital of 100 million to 1 billion yen							Allindustries	15.0	6.6	7.9	9.7	Manufacturing	14.9	0.8	6.2	10.2	Non-manufacturing	15.0	8.5	8.4	9.5	Corporationswith capital of 10 to 100 million yen							Allindustries	-2.5	-9.8	-2.4	-2.3	Manufacturing	-0.4	-16.6	-5.8	-4.7	Non-manufacturing	-2.9	-8.4	-1.7	-1.8

3.Sales(compared with the previous year)

(%)

	FY 2006	1sthalf FY 2006	2nd half FY 2006	FY 2007	1sthalf FY 2007	2nd half FY 2007
Allindustries	2.6	4.1	1.2	1.4	1.2	1.7
Manufacturing	5.1	6.9	3.4	2.1	2.1	2.1
Non-manufacturing	1.5	2.9	0.2	1.2	0.8	1.5

4.Ordinary profits (compared with the previous year)

(%)

FY 2006	1sthalf FY 2006	2nd half FY 2006	FY 2007	1sthalf FY 2007	2nd half FY 2007
All industries	4.5	10.9	-0.9	6.2	0.7	11.1
Manufacturing	7.4	11.9	3.5	2.8	-5.8	11.4	Non-manufacturing	2.2	10.0	-4.2	8.6	5.8	11.0

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

(%)

FY 2006	1sthalf FY 2006	2nd half FY 2006	FY 2007	1sthalf FY 2007	2nd half FY 2007
Allindustries	8.1	7.1	8.8	-5.3	6.7	-15.6
Manufacturing	15.8	13.7	17.5	0.5	27.5	-20.2
Non-manufacturing	4.0	3.8	4.2	-8.9	-5.0	-12.5

6.Employment

Businesssurvey index
(Difference of "insufficient"-"excessive" )

(%)

		Oct.-Dec. 2006 (previous)	Jan.-Mar. 2007 (present)	Apr .-Jun. 2007 (outlook)	Jul.-Sep. 2007 (outlook)

Corporationswith capital of 1 billion yen or over
	Allindustries	16.9	18.6	11.3	10.7
	Manufacturing	9.4	9.7	5.7	5.0
	Non-manufacturing	21.3	23.9	14.6	14.0
Corporationswith capital of 100 million to 1 billion yen
	Allindustries	22.5	21.6	14.9	13.9
	Manufacturing	16.8	11.7	9.5	8.5
	Non-manufacturing	24.4	24.8	16.6	15.7
Corporationswith capital of 10 to 100 million yen
	Allindustries	17.5	14.7	9.6	9.0
	Manufacturing	14.2	10.2	7.3	6.9
	Non-manufacturing	18.2	15.7	10.1	9.4

Feedback, Website Information(Notice, Privacy Policy)

Opinions expressed or implied in this website are solely those of the author,
and do not necessarily represent the views of the Policy Research Institute

Policy Research Institute, Ministry of Finance