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Ministry of Finance Japan

Policy Research Institute

Ministry of Finance
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Business Outlook Survey

(July-September 2012)

Sep. 11, 2012

1. Business conditions

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

(%points)

Apr.-Jun.
2012
(previous)

Jul.-Sep.
2012
(present)

Oct.-Dec.
2012
(outlook)

Jan.-Mar.
2013
(outlook)

Corporations with capital of 1 billion yen or over All industries -3.1 2.2 5.4 5.2 Manufacturing -5.7 2.5 8.5 5.2 Non-manufacturing -1.6 2.0 3.8 5.3 Corporations with capital of 100 million to 1 billion yen All industries -7.2 -3.4 3.2 1.2 Manufacturing -12.9 -6.6 5.6 2.7 Non-manufacturing -5.5 -2.5 2.5 0.8 Corporations with capital of 10 to 100 million yen All industries -20.0 -19.8 -8.1 -10.8 Manufacturing -26.0 -21.9 -4.1 -10.0 Non-manufacturing -18.8 -19.4 -8.9 -10.9

 

2. Domestic economic conditions

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

(%points)

Apr.-Jun.
2012
(previous)

Jul.-Sep.
2012
(present)

Oct.-Dec.
2012
(outlook)

Jan.-Mar.
2013
(outlook)

Corporations with capital of 1 billion yen or over All industries 0.7 -1.0 1.2 2.8 Manufacturing -1.7 0.0 2.2 1.4 Non-manufacturing 1.9 -1.5 0.7 3.5 Corporations with capital of 100 million to 1 billion yen All industries -3.4 -7.2 -2.4 -0.9 Manufacturing -7.8 -10.0 -2.5 0.9 Non-manufacturing -2.1 -6.4 -2.4 -1.5 Corporations with capital of 10 to 100 million yen All industries -21.7 -21.6 -16.0 -15.1 Manufacturing -27.2 -23.9 -13.3 -13.3 Non-manufacturing -20.5 -21.1 -16.5 -15.5

 

3. Employment

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

(%points)

End of Jun.
2012
(previous)

End of Sep.
2012
(present)

End of Dec.
2012
(outlook)

End of Mar.
2013
(outlook)

Corporations with capital of 1 billion yen or over All industries 0.4 1.3 2.1 2.5 Manufacturing -5.5 -5.6 -4.0 -2.2 Non-manufacturing 3.6 5.0 5.4 5.1 Corporations with capital of 100 million to 1 billion yen All industries 8.0 10.9 8.6 6.7 Manufacturing -1.6 2.3 1.1 0.1 Non-manufacturing 10.9 13.4 10.9 8.7 Corporations with capital of 10 to 100 million yen All industries 5.6 7.8 6.7 5.3 Manufacturing -1.5 1.0 0.4 -0.3 Non-manufacturing 7.0 9.2 8.0 6.4

 

4. Sales (compared with the previous year)

(%)

FY 2012

1st half

FY 2012

2nd half

FY 2012

All industries 2.8 3.4 2.3
Manufacturing 2.3 3.0 1.7
Non-manufacturing 3.0 3.6 2.5

 

5. Ordinary profits (compared with the previous year)

(%)

FY 2012

1st half

FY 2012

2nd half

FY 2012

All industries 5.7 6.5 5.1
Manufacturing 2.9 -5.2 10.5 Non-manufacturing 7.1 12.5 2.7

 

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

(%)

FY 2012

1st half

FY 2012

2nd half

FY 2012

All industries 9.8 19.0 2.8
Manufacturing 15.0 23.0 8.2
Non-manufacturing 6.8 16.4 -0.2
Note: Excludes expense purchasing land.

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and do not necessarily represent the views of the Policy Research Institute
Policy Research Institute, Ministry of Finance

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