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TANKAN Outline (June 2007)
July 2, 2007
Bank of Japan
Research and Statistics Department
Click here for the TANKAN Summary.
Number of Sample Enterprises
Manu- Nonmanu- Total (Response
facturing facturing rate)
All Enterprises 4,501 6,338 10,839 ( 98.9%)
of which Large Enterprises 1,247 1,222 2,469 ( 99.3%)
Medium-sized Enterprises 1,229 1,686 2,915 ( 98.8%)
Small Enterprises 2,025 3,430 5,455 ( 98.7%)
[Responding Period: May 28 to June 29]
Memo: Average of predicted exchange rates expected by large manufacturing enterprises
(yen per US dollar)
March 2007 Survey June 2007 Survey
FY2006 115.01 116.01
1H 114.74 114.80
2H 115.26 117.12
FY2007 114.32 114.40
1H 114.37 114.58
2H 114.27 114.23
[Business Conditions]
(Diffusion index of "Favorable" minus "Unfavorable", %points)
March 2007 June 2007 Change Sept. 2007 Change
between (Forecast) between
March and June and
June Sept.
[Large Enterprises]
( 20)
Manufacturing 23 23 0 22 - 1
( 23)
Nonmanufacturing 22 22 0 23 + 1
[Medium-sized Enterprises]
( 12)
Manufacturing 16 13 - 3 14 + 1
( 4)
Nonmanufacturing 5 8 + 3 7 - 1
[Small Enterprises]
( 7)
Manufacturing 8 6 - 2 4 - 2
(-10)
Nonmanufacturing - 6 - 7 - 1 -10 - 3
[All Enterprises]
( 5)
All industries 8 7 - 1 6 - 1
(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)
March 2007 June 2007 Change Sept. 2007 Change
between (Forecast) between
March and June and
June Sept.
Domestic Supply & Demand Conditions for Products and Services (Diffusion index of
"Excess demand" minus "Excess supply")
Large Enterprises - 9 - 7 + 2 -10 - 3
Small Enterprises -19 -21 - 2 -23 - 2
Overseas Supply & Demand Conditions for Products (Diffusion index of
"Excess demand" minus "Excess supply")
Large Enterprises 1 4 + 3 3 - 1
Small Enterprises - 4 - 3 + 1 - 4 - 1
Inventory Level of Finished Goods & Merchandise (Diffusion index of "Excessive or
somewhat excessive" minus "Insufficient or somewhat insufficient")
Large Enterprises 13 12 - 1 - -
Small Enterprises 15 16 + 1 - -
Wholesalers' Inventory Level (Diffusion index of "Excessive or somewhat
excessive" minus "Insufficient or somewhat insufficient")
Large Enterprises 12 12 0 - -
Small Enterprises 15 16 + 1 - -
Change in Output Prices (Diffusion index of "Rise" minus "Fall")
Large Enterprises - 1 2 + 3 - 2 - 4
Small Enterprises - 4 - 3 + 1 - 2 + 1
Change in Input Prices (Diffusion index of "Rise" minus "Fall")
Large Enterprises 32 40 + 8 35 - 5
Small Enterprises 43 51 + 8 55 + 4
[Sales]
(Year-to-year % change)
FY2006 Revision FY2007 Revision
rate (Forecast) rate
[Large Enterprises]
Manufacturing 6.6 + 0.9 3.5 + 2.9
Nonmanufacturing 4.2 + 0.3 2.3 + 1.0
[Medium-sized Enterprises]
Manufacturing 6.9 + 1.2 2.4 + 1.6
Nonmanufacturing 6.1 + 0.8 4.1 + 1.6
[Small Enterprises]
Manufacturing 5.3 + 1.3 1.8 + 1.3
Nonmanufacturing 2.2 + 0.5 0.0 + 0.2
[All Enterprises]
All industries 4.8 + 0.7 2.3 + 1.4
(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)
FY2006 Revision FY2007 Revision
rate (Forecast) rate
[Large Enterprises]
Manufacturing 10.6 + 2.7 0.2 + 2.9
Nonmanufacturing 10.7 + 4.0 - 1.7 + 3.5
[Medium-sized Enterprises]
Manufacturing 14.2 + 5.4 - 4.6 - 0.3
Nonmanufacturing 9.9 + 5.3 3.7 + 0.4
[Small Enterprises]
Manufacturing 7.9 + 4.1 2.8 - 1.6
Nonmanufacturing 6.5 + 4.1 0.2 - 2.3
[All Enterprises]
All industries 10.1 + 3.7 - 0.3 + 1.8
[Ratio of Current Profit to Sales]
(%, %points)
FY2006 Changes FY2007 Changes
(Forecast)
[Large Enterprises]
Manufacturing 6.76 + 0.12 6.55 0.00
Nonmanufacturing 4.29 + 0.15 4.12 + 0.10
[Medium-sized Enterprises]
Manufacturing 5.07 + 0.20 4.73 - 0.08
Nonmanufacturing 2.66 + 0.12 2.64 - 0.04
[Small Enterprises]
Manufacturing 3.90 + 0.11 3.94 - 0.11
Nonmanufacturing 2.48 + 0.08 2.49 - 0.06
[All Enterprises]
All industries 4.26 + 0.12 4.16 + 0.02
[Fixed Investment including Land Purchasing Expenses *]
(Year-to-year % change)
FY2006 Revision FY2007 Revision
rate (Forecast) rate
[Large Enterprises]
Manufacturing 11.7 - 3.4 11.2 + 4.8
Nonmanufacturing 9.1 - 0.6 5.6 + 1.9
All industries 10.0 - 1.6 7.7 + 3.0
[Medium-sized Enterprises]
Manufacturing 9.2 + 1.0 5.4 + 5.1
Nonmanufacturing 6.2 + 1.3 3.7 + 1.1
All industries 7.1 + 1.2 4.2 + 2.3
[Small Enterprises]
Manufacturing 25.9 +11.5 -18.7 + 8.6
Nonmanufacturing 1.4 + 1.9 -15.0 + 6.0
All industries 8.8 + 5.0 -16.3 + 6.9
[All Enterprises]
Manufacturing 13.4 - 0.6 5.5 + 5.3
Nonmanufacturing 7.2 + 0.2 1.8 + 2.3
All industries 9.4 - 0.1 3.1 + 3.4
* Excludes Software Investment
[Software and Fixed Investment excluding Land Purchasing Expenses]
(Year-to-year % change)
FY2006 Revision FY2007 Revision
rate (Forecast) rate
[Large Enterprises]
Manufacturing 10.9 - 3.9 11.9 + 4.2
Nonmanufacturing 7.3 - 1.4 8.2 + 2.0
All industries 8.6 - 2.3 9.6 + 2.8
[Medium-sized Enterprises]
Manufacturing 12.9 + 0.8 7.7 + 5.1
Nonmanufacturing 0.1 + 0.6 7.2 - 0.3
All industries 3.9 + 0.6 7.4 + 1.3
[Small Enterprises]
Manufacturing 26.7 +12.6 -16.0 + 8.2
Nonmanufacturing 0.6 + 1.4 - 6.1 + 4.6
All industries 8.7 + 5.2 - 9.6 + 5.8
[All Enterprises]
Manufacturing 13.2 - 1.1 7.2 + 4.7
Nonmanufacturing 5.0 - 0.6 5.9 + 1.9
All industries 7.9 - 0.8 6.3 + 2.9
[Production Capacity (Manufacturing)]
(Diffusion index of "Excessive capacity" minus "Insufficient capacity", %points)
March 2007 June 2007 Change Sept. 2007 Change
between (Forecast) between
March and June and
June Sept.
Large Enterprises 0 - 3 - 3 - 3 0
Medium-sized Enterprises - 2 - 1 + 1 - 5 - 4
Small Enterprises 0 2 + 2 - 2 - 4
All Enterprises - 1 0 + 1 - 4 - 4
[Employment Conditions (All industries)]
(Diffusion index of "Excessive employment" minus "Insufficient employment", %points)
March 2007 June 2007 Change Sept. 2007 Change
between (Forecast) between
March and June and
June Sept.
Large Enterprises -13 -11 + 2 -14 - 3
Medium-sized Enterprises -12 -11 + 1 -14 - 3
Small Enterprises -10 - 7 + 3 -11 - 4
All Enterprises -12 - 8 + 4 -13 - 5
[Financial Position (All industries)]
(Diffusion index of "Easy" minus "Tight", %points)
March 2007 June 2007 Change
between
March and
June
Large Enterprises 21 22 + 1
Medium-sized Enterprises 9 11 + 2
Small Enterprises - 2 0 + 2
All Enterprises 6 8 + 2
[Lending Attitude of Financial institutions (All industries)]
(Diffusion index of "Accommodative" minus "Severe", %points)
March 2007 June 2007 Change
between
March and
June
Large Enterprises 24 24 0
Medium-sized Enterprises 16 16 0
Small Enterprises 9 9 0
All Enterprises 15 15 0
[Change in Interest Rate on Loans (All industries)]
(Diffusion index of "Rise" minus "Fall", %points)
March 2007 June 2007 Change Sept. 2007 Change
between (Forecast) between
March and June and
June Sept.
Large Enterprises 44 38 - 6 49 +11
Medium-sized Enterprises 48 47 - 1 56 + 9
Small Enterprises 44 51 + 7 58 + 7
All Enterprises 45 47 + 2 55 + 8
[Condition for CP Issuance (All industries)]
(Diffusion index of "Easy" minus "Severe", %points)
March 2007 June 2007 Change
between
March and
June
Large Enterprises 4 4 0
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