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Ministry of Finance Japan

Policy Research Institute

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Business Outlook Survey

(October-December 2017)

Dec.11, 2017

1. Business conditions

Business survey index

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

(%points)

Jul.-Sep.
2017
(previous)
Jan.-Mar.
2018
(outlook)
Apr.-Jun.
2018
(outlook)
Corporations with capital of 1 billion yen or over
All industries 5.1 6.2 5.2 0.5
Manufacturing 9.4 9.7 5.9 -2.4
Non-manufacturing 2.9 4.5 4.9 2.0
Corporations with capital of 100 million to 1 billion yen
All industries 5.1 5.3 4.1 1.7
Manufacturing 7.3 13.1 1.7 6.1
Non-manufacturing 4.4 3.0 4.9 0.4
Corporations with capital of 10 to 100 million yen
All industries -6.5 -2.3 -5.3 -4.1
Manufacturing -6.8 2.0 -4.6 -3.2
Non-manufacturing -6.4 -3.2 -5.4 -4.2

2. Domestic economic conditions

Business survey index

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

(%points)

Jul.-Sep.
2017
(previous)
Oct.-Dec.
2017
(present)
Jan.-Mar.
2018
(outlook)
Apr.-Jun.
2018
(outlook)
Corporations with capital of 1 billion yen or over
All industries 6.9 13.6 6.7 3.2
Manufacturing 9.1 13.1 5.7 1.5
Non-manufacturing 5.8 13.9 7.2 4.0
Corporations with capital of 100 million to 1 billion yen
All industries 4.3 14.5 6.8 3.5
Manufacturing 7.0 18.0 4.2 4.2
Non-manufacturing 3.5 13.4 7.6 3.4
Corporations with capital of 10 to 100 million yen
All industries -8.2 0.0 -4.9 -4.5
Manufacturing -8.5 4.1 -0.0 -4.0
Non-manufacturing -8.1 -0.8 -5.9 -4.6

3. Employment

Business survey index

(Difference of "insufficient"-"excessive")

(%points)

End of Sep.
2017
(previous)
End of Dec.
2017
(present)
End of Mar.
2018
(outlook)
End of Jun.
2018
(outlook)
Corporations with capital of 1 billion yen or over
All industries 17.0 19.5 16.9 12.4
Manufacturing 11.9 15.2 10.7 6.7
Non-manufacturing 19.6 21.7 20.0 15.2
Corporations with capital of 100 million to 1 billion yen
All industries 30.9 32.6 28.2 21.3
Manufacturing 29.9 30.4 23.0 17.7
Non-manufacturing 31.2 33.2 29.8 22.4
Corporations with capital of 10 to 100 million yen
All industries 28.6 29.5 25.2 20.7
Manufacturing 23.2 29.1 24.7 20.4
Non-manufacturing 29.6 29.6 25.4 20.7

4. Sales (compared with the previous year)

(%)

FY 2017 1st half
FY 2017
2nd half
FY 2017
All industries 2.5 3.5 1.5
Manufacturing 4.1 5.3 3.0
Non-manufacturing 1.8 2.7 0.9

5. Ordinary profits (compared with the previous year)

(%)

FY 2017 1st half
FY 2017
2nd half
FY 2017
All industries 4.8 15.6 -4.9
Manufacturing 8.6 34.9 -11.2
Non-manufacturing 3.2 8.5 -1.9

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

(%)

FY 2017 1st half
FY 2017
2nd half
FY 2017
All industries 3.4 5.8 1.6
Manufacturing 4.9 -2.3 10.7
Non-manufacturing 2.5 10.7 -3.7

Note: Excludes expense purchasing land.


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Policy Research Institute, Ministry of Finance

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