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Ministry of Finance Japan

Policy Research Institute

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Business Outlook Survey

(July-September 2016)

Sep. 13, 2016

1. Business conditions

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

(%points)

Apr.-Jun.
2016
(previous)

Jul.-Sep.
2016
(present)

Oct.-Dec.
2016
(outlook)

Jan.-Mar.
2017
(outlook)

Corporations with capital of 1 billion yen or over All industries -7.9 1.9 4.9 5.0 Manufacturing -11.1 2.9 8.6 5.3 Non-manufacturing -6.3 1.4 3.0 4.8 Corporations with capital of 100 million to 1 billion yen All industries -7.0 0.9 4.6 3.2 Manufacturing -6.6 0.0 8.0 1.9 Non-manufacturing -7.1 1.2 3.6 3.6 Corporations with capital of 10 to 100 million yen All industries -16.9 -15.0 -3.9 -8.0 Manufacturing -15.3 -16.0 -4.8 -7.4 Non-manufacturing -17.2 -14.8 -3.7 -8.2

 

2. Domestic economic conditions

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

(%points)

Apr.-Jun.
2016
(previous)

Jul.-Sep.
2016
(present)

Oct.-Dec.
2016
(outlook)

Jan.-Mar.
2017
(outlook)

Corporations with capital of 1 billion yen or over All industries -9.5 -0.9 2.2 3.0 Manufacturing -11.0 -0.4 3.3 2.7 Non-manufacturing -8.7 -1.1 1.7 3.2 Corporations with capital of 100 million to 1 billion yen All industries -13.3 -4.9 0.1 -0.6 Manufacturing -12.9 -5.1 2.5 0.9 Non-manufacturing -13.4 -4.8 -0.6 -1.1 Corporations with capital of 10 to 100 million yen All industries -23.9 -20.1 -10.8 -10.7 Manufacturing -26.0 -25.2 -13.7 -10.7 Non-manufacturing -23.5 -19.1 -10.2 -10.7

 

3. Employment

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

(%points)

End of Jun.
2016
(previous)

End of Sep.
2016
(present)

End of Dec.
2016
(outlook)

End of Mar.
2017
(outlook)

Corporations with capital of 1 billion yen or over All industries 11.6 12.6 11.3 10.8 Manufacturing 4.6 5.1 4.2 3.6 Non-manufacturing 15.2 16.5 14.9 14.5 Corporations with capital of 100 million to 1 billion yen All industries 24.3 24.9 21.8 19.4 Manufacturing 13.3 18.6 16.6 12.7 Non-manufacturing 27.6 26.9 23.4 21.4 Corporations with capital of 10 to 100 million yen All industries 19.1 20.0 18.1 15.2 Manufacturing 16.9 14.8 13.7 9.6 Non-manufacturing 19.6 21.0 19.0 16.3

 

4. Sales (compared with the previous year)

(%)

FY 2016

1st half

FY 2016

2nd half

FY 2016

All industries -0.8 -2.2 0.7
Manufacturing -0.3 -2.6 2.0
Non-manufacturing -0.9 -2.1 0.2

 

5. Ordinary profits (compared with the previous year)

(%)

FY 2016

1st half

FY 2016

2nd half

FY 2016

All industries -6.8 -12.8 -0.6
Manufacturing -12.5 -22.2 -1.5 Non-manufacturing -4.2 -8.2 -0.2

 

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

(%)

FY 2016

1st half

FY 2016

2nd half

FY 2016

All industries 4.9 7.0 3.2
Manufacturing 7.3 9.9 5.1
Non-manufacturing 3.5 5.3 2.0
    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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