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Ministry of Finance Japan
Business Outlook Survey (October-December 2020) : Policy Research Institute

Business Outlook Survey

(October-December 2020)

Dec.10, 2020

1. Business conditions

Business survey index

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

(%points)
Jul.-Sep.
2020
(previous)
Oct.-Dec.
2020
(present)
Jan.-Mar.
2021
(outlook)
Apr.-Jun.
2021
(outlook)
Corporations with capital of 1 billion yen or over
All industries2.011.63.12.2
Manufacturing0.121.65.13.1
Non-manufacturing2.96.72.11.8
Corporations with capital of 100 million to 1 billion yen
All industries-8.15.5-4.21.2
Corporations with capital of 10 to 100 million yen
All industries-25.8-15.5-16.1-7.4

2. Domestic economic conditions

Business survey index

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

(%points)
Jul.-Sep.
2020
(previous)
Oct.-Dec.
2020
(present)
Jan.-Mar.
2021
(outlook)
Apr.-Jun.
2021
(outlook)
Corporations with capital of 1 billion yen or over
All industries-14.65.2-4.53.6
Manufacturing-12.613.70.54.1
Non-manufacturing-15.51.1-6.93.4
Corporations with capital of 100 million to 1 billion yen
All industries-33.7-8.9-16.7-0.8
Corporations with capital of 10 to 100 million yen
All industries-52.3-29.6-32.4-11.7

3. Employment

Business survey index

(Difference of "insufficient"-"excessive")

(%points)
End of Sep.
2020
(previous)
End of Dec.
2020
(present)
End of Mar.
2021
(outlook)
End of Jun.
2021
(outlook)
Corporations with capital of 1 billion yen or over
All industries4.86.06.35.8
Manufacturing-5.4-1.10.41.1
Non-manufacturing9.89.59.18.0
Corporations with capital of 100 million to 1 billion yen
All industries5.712.610.88.9
Corporations with capital of 10 to 100 million yen
All industries6.112.29.58.3

4. Sales (compared with the previous year)

(%)
FY 2020
All industries-7.5
Manufacturing-8.4
Non-manufacturing-7.2

5. Ordinary profits (compared with the previous year)

(%)
FY 2020
All industries-24.8
Manufacturing-31.3
Non-manufacturing-22.7

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

(%)
FY 2020
All industries-7.6
Manufacturing-8.6
Non-manufacturing-7.1

Note: Excludes expense purchasing land.

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