Tankan Outline (June 2020)
July 1, 2020
Bank of Japan
Research and Statistics Department
Number of Sample Enterprises
Manufacturing | Nonmanufacturing | Total | (Response rate) | ||
---|---|---|---|---|---|
All Enterprises | 3,958 | 5,619 | 9,577 | ( 98.9%) | |
All Enterprises | of which Large Enterprises | 997 | 904 | 1,901 | ( 98.0%) |
Medium-sized Enterprises | 1,028 | 1,654 | 2,682 | ( 98.8%) | |
Small Enterprises | 1,933 | 3,061 | 4,994 | ( 99.2%) |
[Responding Period: May 28 to June 30]
Memo: Average of predicted exchange rates of all enterprises for overall businesses
March 2020 Survey | June 2020 Survey | ||
---|---|---|---|
FY 2019 | 108.67 | 108.73 | |
FY 2019 | 1H | 108.90 | 108.88 |
2H | 108.45 | 108.59 | |
FY 2020 | 107.98 | 107.87 | |
FY 2020 | 1H | 107.95 | 107.88 |
2H | 108.02 | 107.86 |
March 2020 Survey | June 2020 Survey | ||
---|---|---|---|
FY 2019 | 121.78 | 121.65 | |
FY 2019 | 1H | 122.25 | 122.17 |
2H | 121.30 | 121.13 | |
FY 2020 | 120.29 | 119.74 | |
FY 2020 | 1H | 120.29 | 119.74 |
2H | 120.30 | 119.74 |
Business Conditions
Large Enterprises
March 2020 Survey |
June 2020 Survey |
Change between March and June |
Sept. 2020 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Manufacturing | ( -11) | ||||
-8 | -34 | -26 | -27 | +7 | |
Nonmanufacturing | ( -1) | ||||
8 | -17 | -25 | -14 | +3 |
Medium-sized Enterprises
March 2020 Survey |
June 2020 Survey |
Change between March and June |
Sept. 2020 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Manufacturing | ( -20) | ||||
-8 | -36 | -28 | -41 | -5 | |
Nonmanufacturing | ( -14) | ||||
0 | -27 | -27 | -29 | -2 |
Small Enterprises
March 2020 Survey |
June 2020 Survey |
Change between March and June |
Sept. 2020 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Manufacturing | ( -29) | ||||
-15 | -45 | -30 | -47 | -2 | |
Nonmanufacturing | ( -19) | ||||
-1 | -26 | -25 | -33 | -7 |
All Enterprises
March 2020 Survey |
June 2020 Survey |
Change between March and June |
Sept. 2020 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
All industries | ( -18) | ||||
-4 | -31 | -27 | -34 | -3 |
(Notes)
- FY : Fiscal year (April - March of the following year)
1H : First half (April - September)
2H : Second half (October - March of the following year) - Figures in parentheses are forecasts made in the previous survey.
Supply and Demand Conditions, Inventories, and Prices (Manufacturing)
Domestic Supply & Demand Conditions for Products and Services
March 2020 Survey |
June 2020 Survey |
Change between March and June |
Sept. 2020 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | -14 | -32 | -18 | -29 | +3 |
Small Enterprises | -27 | -45 | -18 | -46 | -1 |
Overseas Supply & Demand Conditions for Products
March 2020 Survey |
June 2020 Survey |
Change between March and June |
Sept. 2020 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | -14 | -29 | -15 | -25 | +4 |
Small Enterprises | -22 | -42 | -20 | -40 | +2 |
Inventory Level of Finished Goods & Merchandise
March 2020 Survey |
June 2020 Survey |
Change between March and June |
Sept. 2020 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | 14 | 25 | +11 | - | - |
Small Enterprises | 18 | 28 | +10 | - | - |
Wholesalers' Inventory Level
March 2020 Survey |
June 2020 Survey |
Change between March and June |
Sept. 2020 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | 13 | 24 | +11 | - | - |
Small Enterprises | 20 | 33 | +13 | - | - |
Change in Output Prices
March 2020 Survey |
June 2020 Survey |
Change between March and June |
Sept. 2020 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | -7 | -10 | -3 | -8 | +2 |
Small Enterprises | -5 | -8 | -3 | -11 | -3 |
Change in Input Prices
March 2020 Survey |
June 2020 Survey |
Change between March and June |
Sept. 2020 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | 5 | -3 | -8 | 2 | +5 |
Small Enterprises | 19 | 12 | -7 | 17 | +5 |
Sales
Large Enterprises
FY 2019 |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -3.2 | -1.3 | -2.6 | -4.5 |
Nonmanufacturing | -2.5 | -1.2 | -1.4 | -3.2 |
Medium-sized Enterprises
FY 2019 |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -1.2 | -0.3 | -4.6 | -5.4 |
Nonmanufacturing | 1.9 | 0.0 | -3.9 | -4.3 |
Small Enterprises
FY 2019 |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -2.7 | +0.1 | -7.8 | -7.4 |
Nonmanufacturing | 0.3 | +0.1 | -7.5 | -6.0 |
All Enterprises
FY 2019 |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
All industries | -1.4 | -0.6 | -3.9 | -4.6 |
(Note) Revision rates are calculated as the percentage change of the figures between the current and previous survey.
Current Profits
Large Enterprises
FY 2019 |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -17.5 | -4.9 | -17.6 | -19.4 |
Nonmanufacturing | -7.8 | -3.4 | -5.8 | -7.8 |
Medium-sized Enterprises
FY 2019 |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -3.1 | +1.3 | -27.6 | -22.7 |
Nonmanufacturing | -2.8 | -0.2 | -31.4 | -28.7 |
Small Enterprises
FY 2019 |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -18.1 | -0.1 | -43.3 | -43.3 |
Nonmanufacturing | 0.7 | +4.2 | -41.3 | -36.1 |
All Enterprises
FY 2019 |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
All industries | -9.6 | -2.1 | -19.8 | -19.5 |
Ratio of Current Profit to Sales
Large Enterprises
FY 2019 |
Changes | FY 2020 (Forecast) |
Changes | |
---|---|---|---|---|
Manufacturing | 7.00 | -0.26 | 5.92 | -1.10 |
Nonmanufacturing | 6.18 | -0.14 | 5.91 | -0.30 |
Medium-sized Enterprises
FY 2019 |
Changes | FY 2020 (Forecast) |
Changes | |
---|---|---|---|---|
Manufacturing | 5.22 | +0.09 | 3.96 | -0.89 |
Nonmanufacturing | 3.70 | -0.01 | 2.64 | -0.91 |
Small Enterprises
FY 2019 |
Changes | FY 2020 (Forecast) |
Changes | |
---|---|---|---|---|
Manufacturing | 3.80 | -0.01 | 2.34 | -1.48 |
Nonmanufacturing | 3.53 | +0.14 | 2.24 | -1.05 |
All Enterprises
FY 2019 |
Changes | FY 2020 (Forecast) |
Changes | |
---|---|---|---|---|
All industries | 5.23 | -0.08 | 4.36 | -0.81 |
Fixed Investment including Land Purchasing Expenses*
Large Enterprises
FY 2019 |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 4.3 | -3.7 | 6.5 | -1.6 |
Nonmanufacturing | -2.0 | -6.5 | 1.2 | -5.6 |
All industries | 0.3 | -5.4 | 3.2 | -4.1 |
Medium-sized Enterprises
FY 2019 |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -8.8 | -0.3 | 4.0 | -3.7 |
Nonmanufacturing | -1.8 | +4.2 | -1.3 | +2.1 |
All industries | -4.5 | +2.5 | 0.6 | -0.1 |
Small Enterprises
FY 2019 |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -1.2 | -2.7 | -10.4 | -3.9 |
Nonmanufacturing | 0.5 | +1.9 | -20.1 | -6.2 |
All industries | -0.2 | +0.1 | -16.5 | -5.3 |
All Enterprises
FY 2019 |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 0.9 | -3.0 | 3.1 | -2.3 |
Nonmanufacturing | -1.5 | -3.4 | -3.1 | -4.5 |
All industries | -0.6 | -3.2 | -0.8 | -3.6 |
Reference
FY 2019 |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
All industries including Financial institutions and Business consultants & pure holding companies | -0.2 | -2.8 | -0.6 | -3.1 |
- * Excludes software and R&D investment.
Software, R&D, and Fixed Investment excluding Land Purchasing Expenses
Large Enterprises
FY 2019 |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 3.5 | -1.8 | 3.8 | -0.6 |
Nonmanufacturing | 0.8 | -5.7 | 2.2 | -4.6 |
All industries | 2.3 | -3.6 | 3.1 | -2.4 |
Medium-sized Enterprises
FY 2019 |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -6.7 | -0.5 | 6.1 | -2.9 |
Nonmanufacturing | 1.6 | +2.3 | 1.6 | 0.0 |
All industries | -1.9 | +1.1 | 3.4 | -1.2 |
Small Enterprises
FY 2019 |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -2.6 | -1.3 | -7.9 | -5.8 |
Nonmanufacturing | 4.1 | +1.2 | -16.9 | -6.8 |
All industries | 1.3 | +0.2 | -13.4 | -6.3 |
All Enterprises
FY 2019 |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 1.7 | -1.6 | 2.8 | -1.4 |
Nonmanufacturing | 1.5 | -3.4 | -1.0 | -4.2 |
All industries | 1.6 | -2.5 | 0.9 | -2.7 |
Reference
FY 2019 |
Revision rate |
FY 2020 (Forecast) |
Revision rate | |
---|---|---|---|---|
All industries including Financial institutions and Business consultants & pure holding companies | 1.8 | -2.5 | 1.4 | -2.5 |
Production Capacity (Manufacturing)
March 2020 Survey |
June 2020 Survey |
Change between March and June |
Sept. 2020 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | 4 | 15 | +11 | 12 | -3 |
Medium-sized Enterprises | 2 | 14 | +12 | 14 | 0 |
Small Enterprises | 3 | 17 | +14 | 13 | -4 |
All Enterprises | 3 | 16 | +13 | 13 | -3 |
Employment Conditions (All industries)
March 2020 Survey |
June 2020 Survey |
Change between March and June |
Sept. 2020 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | -20 | -3 | +17 | -6 | -3 |
Medium-sized Enterprises | -28 | -6 | +22 | -9 | -3 |
Small Enterprises | -31 | -7 | +24 | -11 | -4 |
All Enterprises | -28 | -6 | +22 | -9 | -3 |
Financial Position (All industries)
March 2020 Survey |
June 2020 Survey |
Change between March and June | |
---|---|---|---|
Large Enterprises | 18 | 10 | -8 |
Medium-sized Enterprises | 19 | 7 | -12 |
Small Enterprises | 8 | -1 | -9 |
All Enterprises | 13 | 3 | -10 |
Lending Attitude of Financial institutions (All industries)
March 2020 Survey |
June 2020 Survey |
Change between March and June | |
---|---|---|---|
Large Enterprises | 22 | 16 | -6 |
Medium-sized Enterprises | 23 | 21 | -2 |
Small Enterprises | 18 | 19 | +1 |
All Enterprises | 20 | 19 | -1 |
Change in Interest Rate on Loans (All industries)
March 2020 Survey |
June 2020 Survey |
Change between March and June |
Sept. 2020 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | -1 | 2 | +3 | 5 | +3 |
Medium-sized Enterprises | 0 | -2 | -2 | 3 | +5 |
Small Enterprises | -1 | -6 | -5 | 0 | +6 |
All Enterprises | -1 | -3 | -2 | 1 | +4 |
Conditions for CP Issuance (All industries) (Based on CP-Issuing Enterprises)
March 2020 Survey |
June 2020 Survey |
Change between March and June | |
---|---|---|---|
Large Enterprises | 30 | 8 | -22 |
Inflation Outlook of Enterprises
(Reference) The Average of Enterprises' Inflation Outlook
Output Prices
March 2020 Survey |
June 2020 Survey |
Change between March and June | ||
---|---|---|---|---|
Manufacturing | 1 year ahead | -0.3 | -0.5 | -0.2 |
3 years ahead | -0.3 | -0.6 | -0.3 | |
5 years ahead | -0.3 | -0.5 | -0.2 | |
Nonmanufacturing | 1 year ahead | 0.1 | 0.0 | -0.1 |
3 years ahead | 0.7 | 0.7 | 0.0 | |
5 years ahead | 1.0 | 1.1 | +0.1 |
March 2020 Survey |
June 2020 Survey |
Change between March and June | ||
---|---|---|---|---|
Manufacturing | 1 year ahead | 0.2 | -0.3 | -0.5 |
3 years ahead | 1.1 | 0.7 | -0.4 | |
5 years ahead | 1.6 | 1.4 | -0.2 | |
Nonmanufacturing | 1 year ahead | 0.5 | -0.2 | -0.7 |
3 years ahead | 1.3 | 0.9 | -0.4 | |
5 years ahead | 1.9 | 1.7 | -0.2 |
March 2020 Survey |
June 2020 Survey |
Change between March and June | ||
---|---|---|---|---|
All industries | 1 year ahead | 0.2 | -0.3 | -0.5 |
3 years ahead | 0.9 | 0.5 | -0.4 | |
5 years ahead | 1.4 | 1.2 | -0.2 |
General Prices
March 2020 Survey |
June 2020 Survey |
Change between March and June | ||
---|---|---|---|---|
Manufacturing | 1 year ahead | 0.4 | 0.2 | -0.2 |
3 years ahead | 0.6 | 0.5 | -0.1 | |
5 years ahead | 0.7 | 0.6 | -0.1 | |
Nonmanufacturing | 1 year ahead | 0.3 | 0.1 | -0.2 |
3 years ahead | 0.6 | 0.4 | -0.2 | |
5 years ahead | 0.6 | 0.6 | 0.0 |
March 2020 Survey |
June 2020 Survey |
Change between March and June | ||
---|---|---|---|---|
Manufacturing | 1 year ahead | 0.6 | 0.3 | -0.3 |
3 years ahead | 0.9 | 0.7 | -0.2 | |
5 years ahead | 1.1 | 1.0 | -0.1 | |
Nonmanufacturing | 1 year ahead | 0.7 | 0.4 | -0.3 |
3 years ahead | 0.9 | 0.7 | -0.2 | |
5 years ahead | 1.1 | 1.0 | -0.1 |
March 2020 Survey |
June 2020 Survey |
Change between March and June | ||
---|---|---|---|---|
All industries | 1 year ahead | 0.5 | 0.3 | -0.2 |
3 years ahead | 0.8 | 0.7 | -0.1 | |
5 years ahead | 1.0 | 0.9 | -0.1 |
Overseas Business Activities
Number of Sample Enterprises
Enterprises | (Response rate) | ||
---|---|---|---|
Manufacturing | 402 | ( 65.9%) | |
Manufacturing | Basic materials | 146 | ( 62.3%) |
Processing | 256 | ( 68.0%) | |
Nonmanufacturing | 200 | ( 60.5%) | |
All industries | 602 | ( 64.1%) |
[Responding Period: May 28 to June 30]
Consolidated Sales / Overseas Sales / Share of Overseas Sales in Total Sales
Consolidated Sales | Overseas Sales | Share of Overseas Sales in Total Sales | ||||
---|---|---|---|---|---|---|
FY 2019 |
FY 2020 (Forecast) |
FY 2019 |
FY 2020 (Forecast) |
FY 2019 |
FY 2020 (Forecast) | |
Manufacturing | -3.3 | -3.9 | -4.2 | -2.7 | 50.41 | 51.01 |
Nonmanufacturing | -0.9 | -0.7 | -2.9 | 0.5 | 21.92 | 22.20 |
All industries | -2.2 | -2.5 | -3.8 | -1.9 | 37.60 | 37.83 |
Consolidated Current Profits
FY 2019 |
FY 2020 (Forecast) | |
---|---|---|
Manufacturing | -25.9 | -5.6 |
Nonmanufacturing | -8.6 | -10.2 |
All industries | -18.7 | -7.7 |
Consolidated Fixed Investment / Overseas Fixed Investment / Share of Overseas Fixed Investment in Total Fixed Investment
Consolidated Fixed Investment | Overseas Fixed Investment | Share of Overseas Fixed Investment in Total Fixed Investment | ||||
---|---|---|---|---|---|---|
FY 2019 |
FY 2020 (Forecast) |
FY 2019 |
FY 2020 (Forecast) |
FY 2019 |
FY 2020 (Forecast) | |
Manufacturing | 2.1 | 1.8 | -0.9 | 3.5 | 37.07 | 37.68 |
Nonmanufacturing | 6.7 | -0.4 | -17.5 | 0.1 | 12.56 | 12.63 |
All industries | 4.4 | 0.7 | -5.7 | 2.6 | 24.81 | 25.29 |