Bank of Japan Head Office

TANKAN

Home > Statistics > TANKAN > TANKAN (Outline) > TANKAN Outline (March 2011)

日本語

TANKAN Outline (March 2011)

April 1, 2011
Bank of Japan
Research and Statistics Department

(Note) Please see the end about the change from the September 2010 Survey. 
Number of Sample Enterprises 
 
                                            Manu-      Nonmanu-      Total      (Response 
                                          facturing    facturing                   rate) 
All Enterprises                                 4,426       6,675       11,101    ( 95.6%) 
of which Large Enterprises                      1,199       1,185        2,384    ( 96.1%) 
         Medium-sized Enterprises               1,190       1,823        3,013    ( 95.5%) 
         Small Enterprises                      2,037       3,667        5,704    ( 95.5%) 
 
[Responding Period: February 24 to March 31] 
 
 
 
Memo: Average of predicted exchange rates expected by large manufacturing enterprises 
(yen per US dollar) 
                           Dec. 2010 Survey          March 2011 Survey 
                    FY2010         86.47                    86.01 
                        1H         89.16                    89.09 
                        2H         83.87                    82.98 
 
                    FY2011            -                     84.20 
                        1H            -                     84.04 
                        2H            -                     84.36 
 
 
 
 
 
[Business Conditions] 
(Diffusion index of "Favorable" minus "Unfavorable", %points) 
 
                             Dec. 2010   March 2011     Change     June 2011    Change 
                                                       between    (Forecast)    between 
                                                       Dec. and                March and 
                                                        March                     June 
[Large Enterprises] 
                                            (- 2) 
   Manufacturing                  5            6         + 1            2         - 4 
                                            (- 1) 
   Nonmanufacturing               1            3         + 2          - 1         - 4 
 
[Medium-sized Enterprises] 
                                            (-12) 
   Manufacturing                  1          - 4         - 5          - 8         - 4 
                                            (-17) 
   Nonmanufacturing             -10          - 6         + 4          -12         - 6 
 
[Small Enterprises] 
                                            (-23) 
   Manufacturing                -12          -10         + 2          -16         - 6 
                                            (-29) 
   Nonmanufacturing             -22          -19         + 3          -27         - 8 
 
[All Enterprises] 
                                            (-18) 
   All industries               -11          - 9         + 2          -14         - 5 
 
(Notes) 1. FY...fiscal year (April - March of the following year) 
           1H...first half (April - September) 
           2H...second half (October - March of the following year). 
        2. Figures in parentheses are forecasts made in the previous survey. 
 
 
 
[Supply and Demand Conditions, Inventories, and Prices (Manufacturing)] 
(%points) 
                             Dec. 2010   March 2011     Change     June 2011    Change 
                                                       between    (Forecast)    between 
                                                       Dec. and                March and 
                                                        March                     June 
 
Domestic Supply & Demand Conditions for Products and Services (Diffusion index of 
"Excess demand" minus "Excess supply") 
   Large Enterprises            -21          -19         + 2          -19           0 
   Small Enterprises            -36          -31         + 5          -33         - 2 
 
Overseas Supply & Demand Conditions for Products  (Diffusion index of 
"Excess demand" minus "Excess supply") 
   Large Enterprises            - 6          - 4         + 2          - 2         + 2 
   Small Enterprises            -17          -10         + 7          -11         - 1 
 
Inventory Level of Finished Goods & Merchandise (Diffusion index of "Excessive or 
somewhat excessive" minus "Insufficient or somewhat insufficient") 
   Large Enterprises             11           12         + 1           -           - 
   Small Enterprises             15           11         - 4           -           - 
 
Wholesalers' Inventory Level (Diffusion index of "Excessive or somewhat 
excessive" minus "Insufficient or somewhat insufficient") 
   Large Enterprises             17           14         - 3           -           - 
   Small Enterprises             24           18         - 6           -           - 
 
Change in Output Prices (Diffusion index of "Rise" minus "Fall") 
   Large Enterprises            -17          -12         + 5          - 5         + 7 
   Small Enterprises            -22          -17         + 5          -15         + 2 
 
Change in Input Prices (Diffusion index of "Rise" minus "Fall") 
   Large Enterprises             11           27         +16           37         +10 
   Small Enterprises             15           33         +18           50         +17 
 
 
 
[Sales] 
(Year-to-year % change) 
                              FY2010      Revision      FY2011     Revision 
                            (Forecast)      rate      (Forecast)     rate 
[Large Enterprises] 
   Manufacturing                 7.3        - 0.7         1.6          - 
   Nonmanufacturing              4.3        - 0.1         1.3          - 
 
[Medium-sized Enterprises] 
   Manufacturing                 8.0        + 0.2         1.9          - 
   Nonmanufacturing              3.9        + 0.5         1.6          - 
 
[Small Enterprises] 
   Manufacturing                 4.9        + 0.4         0.8          - 
   Nonmanufacturing              0.2        + 0.4         0.2          - 
 
[All Enterprises] 
   All industries                4.3          0.0         1.2          - 
 
(Note) Revision rates are calculated as the percentage change of the figures between 
       the current and the previous survey. 
 
 
[Current Profits] 
(Year-to-year % change) 
                              FY2010      Revision      FY2011     Revision 
                            (Forecast)      rate      (Forecast)     rate 
[Large Enterprises] 
   Manufacturing                59.0        + 0.8         0.6          - 
   Nonmanufacturing             22.3        + 4.5       - 0.4          - 
 
[Medium-sized Enterprises] 
   Manufacturing                65.8        - 0.3         2.1          - 
   Nonmanufacturing             12.9        + 4.1         2.0          - 
 
[Small Enterprises] 
   Manufacturing                60.1        + 1.2         6.5          - 
   Nonmanufacturing              2.8        - 3.4         9.2          - 
 
[All Enterprises] 
   All industries               30.6        + 1.9         1.8          - 
 
 
 
[Ratio of Current Profit to Sales] 
(%, %points) 
                              FY2010       Changes      FY2011      Changes 
                            (Forecast)                (Forecast) 
[Large Enterprises] 
   Manufacturing                4.41       + 0.06         4.37         - 
   Nonmanufacturing             3.90       + 0.17         3.84         - 
 
[Medium-sized Enterprises] 
   Manufacturing                3.99       - 0.02         4.00         - 
   Nonmanufacturing             2.52       + 0.09         2.53         - 
 
[Small Enterprises] 
   Manufacturing                3.05       + 0.02         3.23         - 
   Nonmanufacturing             2.04       - 0.08         2.23         - 
 
[All Enterprises] 
   All industries               3.42       + 0.07         3.44         - 
 
 
 
[Fixed Investment including Land Purchasing Expenses *] 
(Year-to-year % change) 
                              FY2010      Revision      FY2011     Revision 
                            (Forecast)      rate      (Forecast)     rate 
[Large Enterprises] 
   Manufacturing                 0.5        - 2.4         4.3          - 
   Nonmanufacturing              2.1        - 0.8       - 2.9          - 
   All industries                1.6        - 1.4       - 0.4          - 
 
[Medium-sized Enterprises] 
   Manufacturing                 0.6        - 3.9        20.9          - 
   Nonmanufacturing            - 7.7        + 0.1       -11.1          - 
   All industries              - 4.9        - 1.4         0.5          - 
 
[Small Enterprises] 
   Manufacturing                11.8        + 3.2       - 8.1          - 
   Nonmanufacturing            - 9.0        + 8.5       -33.9          - 
   All industries              - 2.3        + 6.5       -24.5          - 
 
[All Enterprises] 
   Manufacturing                 2.0        - 1.8         4.9          - 
   Nonmanufacturing            - 1.0        + 0.5       - 8.2          - 
   All industries                0.1        - 0.3       - 3.7          - 
 
   * Excludes Software Investment. Compiled under the new lease accounting standard. 
 
[Software and Fixed Investment excluding Land Purchasing Expenses *] 
(Year-to-year % change) 
                              FY2010      Revision      FY2011     Revision 
                            (Forecast)      rate      (Forecast)     rate 
[Large Enterprises] 
   Manufacturing                 1.6        - 2.4         5.0          - 
   Nonmanufacturing              2.9        - 1.5       - 0.1          - 
   All industries                2.4        - 1.8         1.7          - 
 
[Medium-sized Enterprises] 
   Manufacturing                 0.8        - 4.6        22.7          - 
   Nonmanufacturing            - 8.6        - 1.9       - 3.8          - 
   All industries              - 5.4        - 2.9         5.8          - 
 
[Small Enterprises] 
   Manufacturing                 5.2        + 1.2         1.1          - 
   Nonmanufacturing            - 4.3        + 4.5       -29.9          - 
   All industries              - 1.0        + 3.3       -18.3          - 
 
[All Enterprises] 
   Manufacturing                 1.9        - 2.3         7.0          - 
   Nonmanufacturing              0.3        - 0.9       - 4.2          - 
   All industries                0.9        - 1.4       - 0.2          - 
 
   * Compiled under the new lease accounting standard. 
 
[Production Capacity (Manufacturing)] 
(Diffusion index of "Excessive capacity" minus "Insufficient capacity", %points) 
                             Dec. 2010   March 2011     Change     June 2011    Change 
                                                       between    (Forecast)    between 
                                                       Dec. and                March and 
                                                        March                     June 
 
   Large Enterprises             12           11         - 1            9         - 2 
 
   Medium-sized Enterprises      12           12           0           11         - 1 
 
   Small Enterprises             15           13         - 2           11         - 2 
 
   All Enterprises               14           12         - 2           11         - 1 
 
 
 
 
 
 
[Employment Conditions (All industries)] 
(Diffusion index of "Excessive employment" minus "Insufficient employment", %points) 
                             Dec. 2010   March 2011     Change     June 2011    Change 
                                                       between    (Forecast)    between 
                                                       Dec. and                March and 
                                                        March                     June 
 
   Large Enterprises              6            4         - 2            5         + 1 
 
   Medium-sized Enterprises       5            4         - 1            4           0 
 
   Small Enterprises              7            5         - 2            5           0 
 
   All Enterprises                6            4         - 2            5         + 1 
 
 
 
 
[Financial Position (All industries)] 
(Diffusion index of "Easy" minus "Tight", %points) 
                             Dec. 2010   March 2011     Change 
                                                       between 
                                                       Dec. and 
                                                        March 
 
   Large Enterprises             15           17         + 2 
 
   Medium-sized Enterprises       7            9         + 2 
 
   Small Enterprises            - 9          - 8         + 1 
 
   All Enterprises                1            2         + 1 
 
 
 
 
[Lending Attitude of Financial institutions (All industries)] 
(Diffusion index of "Accommodative" minus "Severe", %points) 
                             Dec. 2010   March 2011     Change 
                                                       between 
                                                       Dec. and 
                                                        March 
 
   Large Enterprises             12           14         + 2 
 
   Medium-sized Enterprises       8            9         + 1 
 
   Small Enterprises            - 2            0         + 2 
 
   All Enterprises                3            5         + 2 
 
 
[Change in Interest Rate on Loans (All industries)] 
(Diffusion index of "Rise" minus "Fall", %points) 
                             Dec. 2010   March 2011     Change     June 2011    Change 
                                                       between    (Forecast)    between 
                                                       Dec. and                March and 
                                                        March                     June 
 
   Large Enterprises            -11          - 3         + 8            6         + 9 
 
   Medium-sized Enterprises     -11          - 3         + 8            5         + 8 
 
   Small Enterprises            - 8          - 3         + 5            9         +12 
 
   All Enterprises              -10          - 3         + 7            7         +10 
 
 
 
 
[Condition for CP Issuance (All industries)] 
(Diffusion index of "Easy" minus "Severe", %points) 
                             Dec. 2010   March 2011     Change 
                                                       between 
                                                       Dec. and 
                                                        March 
 
   Large Enterprises            - 2            0         + 2 
 
 
[Note of change] 
   "Fixed Investment including Land Purchasing Expenses" and "Software and Fixed Investment excluding 
   Land Purchasing Expenses" are changed to the data compiled under the new lease accounting standard 
   from the September 2010 survey. 
page top