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Ministry of Finance Japan

Policy Research Institute

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Business Outlook Survey

(April-June 2018)

Jun.12, 2018

1. Business conditions

Business survey index

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

(%points)

Jan.-Mar.
2018
(previous)
Apr.-Jun.
2018
(present)
Jul.-Sep.
2018
(outlook)
Oct.-Dec.
2018
(outlook)
Corporations with capital of 1 billion yen or over
All industries 3.3 -2.0 6.9 7.9
Manufacturing 2.9 -3.2 8.0 11.2
Non-manufacturing 3.4 -1.4 6.3 6.2
Corporations with capital of 100 million to 1 billion yen
All industries 0.8 -1.0 6.1 8.5
Manufacturing -2.6 -1.1 6.5 13.9
Non-manufacturing 1.8 -1.0 6.0 6.9
Corporations with capital of 10 to 100 million yen
All industries -9.9 -10.6 -3.3 0.8
Manufacturing -8.0 -10.1 -5.1 3.4
Non-manufacturing -10.3 -10.7 -3.0 0.3

2. Domestic economic conditions

Business survey index

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

(%points)

Jan.-Mar.
2018
(previous)
Apr.-Jun.
2018
(present)
Jul.-Sep.
2018
(outlook)
Oct.-Dec.
2018
(outlook)
Corporations with capital of 1 billion yen or over
All industries 8.6 7.2 6.9 5.8
Manufacturing 8.0 5.6 5.6 4.0
Non-manufacturing 8.9 8.0 7.5 6.7
Corporations with capital of 100 million to 1 billion yen
All industries 8.1 6.9 6.7 6.6
Manufacturing 11.0 7.4 5.9 9.7
Non-manufacturing 7.3 6.8 6.9 5.7
Corporations with capital of 10 to 100 million yen
All industries -3.4 -4.3 -2.7 -0.5
Manufacturing -1.9 -2.4 -5.1 1.3
Non-manufacturing -3.7 -4.7 -2.2 -0.8

3. Employment

Business survey index

(Difference of "insufficient"-"excessive")

(%points)

End of Mar.
2018
(previous)
End of Jun.
2018
(present)
End of Sep.
2018
(outlook)
End of Dec.
2018
(outlook)
Corporations with capital of 1 billion yen or over
All industries 21.9 18.8 15.7 14.3
Manufacturing 17.2 14.5 11.9 10.6
Non-manufacturing 24.3 21.0 17.6 16.2
Corporations with capital of 100 million to 1 billion yen
All industries 34.8 33.1 28.6 27.9
Manufacturing 32.3 33.1 27.3 26.5
Non-manufacturing 35.5 33.1 29.0 28.3
Corporations with capital of 10 to 100 million yen
All industries 31.9 29.5 26.9 26.1
Manufacturing 33.3 31.7 27.9 27.4
Non-manufacturing 31.6 29.1 26.7 25.8

4. Sales (compared with the previous year)

(%)

FY 2018 1st half
FY 2018
2nd half
FY 2018
All industries 2.1 2.6 1.7
Manufacturing 3.0 2.6 3.4
Non-manufacturing 1.7 2.6 1.0

5. Ordinary profits (compared with the previous year)

(%)

FY 2018 1st half
FY 2018
2nd half
FY 2018
All industries -1.5 -3.8 0.7
Manufacturing -3.1 -9.7 3.8
Non-manufacturing -0.8 -0.9 -0.7

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

(%)

FY 2018 1st half
FY 2018
2nd half
FY 2018
All industries 5.4 11.0 1.0
Manufacturing 15.1 21.3 9.9
Non-manufacturing 0.1 5.0 -3.8

Note: Excludes expense purchasing land.


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Policy Research Institute, Ministry of Finance

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