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Ministry of Finance Japan
Business Outlook Survey (April-June 2020) : Policy Research Institute

Business Outlook Survey

(April-June 2020)

Jun.11, 2020

1. Business conditions

Business survey index

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

(%points)
Jan.-Mar.
2020
(previous)
Apr.-Jun.
2020
(present)
Jul.-Sep.
2020
(outlook)
Oct.-Dec.
2020
(outlook)
Corporations with capital of 1 billion yen or over
All industries-10.1-47.6-6.62.3
Manufacturing-17.2-52.3-7.96.6
Non-manufacturing-6.6-45.3-6.00.2
Corporations with capital of 100 million to 1 billion yen
All industries-13.1-54.1-17.3-2.3
Corporations with capital of 10 to 100 million yen
All industries-25.3-61.1-27.2-12.2

2. Domestic economic conditions

Business survey index

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

(%points)
Jan.-Mar.
2020
(previous)
Apr.-Jun.
2020
(present)
Jul.-Sep.
2020
(outlook)
Oct.-Dec.
2020
(outlook)
Corporations with capital of 1 billion yen or over
All industries-20.9-71.2-18.6-2.9
Manufacturing-22.4-70.3-15.70.3
Non-manufacturing-20.2-71.7-20.1-4.5
Corporations with capital of 100 million to 1 billion yen
All industries-25.5-79.7-40.2-11.8
Corporations with capital of 10 to 100 million yen
All industries-38.2-78.6-51.0-24.3

3. Employment

Business survey index

(Difference of "insufficient"-"excessive")

(%points)
End of Mar.
2020
(previous)
End of Jun.
2020
(present)
End of Sep.
2020
(outlook)
End of Dec.
2020
(outlook)
Corporations with capital of 1 billion yen or over
All industries21.93.86.38.1
Manufacturing11.0-6.3-0.73.7
Non-manufacturing27.28.69.610.2
Corporations with capital of 100 million to 1 billion yen
All industries31.73.57.210.1
Corporations with capital of 10 to 100 million yen
All industries28.31.24.88.4

4. Sales (compared with the previous year)

(%)
FY 2020
All industries-5.2
Manufacturing-4.2
Non-manufacturing-5.5

5. Ordinary profits (compared with the previous year)

(%)
FY 2020
All industries-23.5
Manufacturing-27.4
Non-manufacturing-22.0

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

(%)
FY 2020
All industries-4.4
Manufacturing-1.9
Non-manufacturing-5.8

Note: Excludes expense purchasing land.

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