Tankan Outline (June 2022)
July 1, 2022
Bank of Japan
Research and Statistics Department
Number of Sample Enterprises
Manufacturing | Nonmanufacturing | Total | (Response rate) | ||
---|---|---|---|---|---|
All Enterprises | 3,821 | 5,492 | 9,313 | ( 99.3%) | |
All Enterprises | of which Large Enterprises | 962 | 859 | 1,821 | ( 99.3%) |
Medium-sized Enterprises | 1,016 | 1,580 | 2,596 | ( 99.3%) | |
Small Enterprises | 1,843 | 3,053 | 4,896 | ( 99.3%) |
[Responding Period: May 30 to June 30]
Memo: Average of predicted exchange rates of all enterprises for overall businesses
March 2022 Survey | June 2022 Survey | ||
---|---|---|---|
FY 2021 | 110.00 | 111.23 | |
FY 2021 | 1H | 109.05 | 109.33 |
2H | 110.96 | 113.13 | |
FY 2022 | 111.93 | 118.96 | |
FY 2022 | 1H | 111.92 | 118.79 |
2H | 111.95 | 119.12 |
March 2022 Survey | June 2022 Survey | ||
---|---|---|---|
FY 2021 | 128.01 | 128.85 | |
FY 2021 | 1H | 128.11 | 128.36 |
2H | 127.92 | 129.33 | |
FY 2022 | 128.18 | 131.60 | |
FY 2022 | 1H | 128.17 | 131.55 |
2H | 128.20 | 131.65 |
Business Conditions
Large Enterprises
March 2022 Survey |
June 2022 Survey |
Change between March and June |
Sept. 2022 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Manufacturing | ( 9) | ||||
14 | 9 | -5 | 10 | +1 | |
Nonmanufacturing | ( 7) | ||||
9 | 13 | +4 | 13 | 0 |
Medium-sized Enterprises
March 2022 Survey |
June 2022 Survey |
Change between March and June |
Sept. 2022 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Manufacturing | ( 1) | ||||
3 | 0 | -3 | -3 | -3 | |
Nonmanufacturing | ( -3) | ||||
0 | 6 | +6 | 1 | -5 |
Small Enterprises
March 2022 Survey |
June 2022 Survey |
Change between March and June |
Sept. 2022 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Manufacturing | ( -5) | ||||
-4 | -4 | 0 | -5 | -1 | |
Nonmanufacturing | ( -10) | ||||
-6 | -1 | +5 | -5 | -4 |
All Enterprises
March 2022 Survey |
June 2022 Survey |
Change between March and June |
Sept. 2022 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
All industries | ( -3) | ||||
0 | 2 | +2 | -1 | -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 2022 Survey |
June 2022 Survey |
Change between March and June |
Sept. 2022 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | 1 | 2 | +1 | 2 | 0 |
Small Enterprises | -12 | -10 | +2 | -11 | -1 |
Overseas Supply & Demand Conditions for Products
March 2022 Survey |
June 2022 Survey |
Change between March and June |
Sept. 2022 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | 8 | 9 | +1 | 8 | -1 |
Small Enterprises | -3 | -2 | +1 | -1 | +1 |
Inventory Level of Finished Goods & Merchandise
March 2022 Survey |
June 2022 Survey |
Change between March and June |
Sept. 2022 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | 6 | 7 | +1 | - | - |
Small Enterprises | 11 | 11 | 0 | - | - |
Wholesalers' Inventory Level
March 2022 Survey |
June 2022 Survey |
Change between March and June |
Sept. 2022 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | -2 | -4 | -2 | - | - |
Small Enterprises | 4 | 2 | -2 | - | - |
Change in Output Prices
March 2022 Survey |
June 2022 Survey |
Change between March and June |
Sept. 2022 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | 24 | 34 | +10 | 35 | +1 |
Small Enterprises | 23 | 35 | +12 | 43 | +8 |
Change in Input Prices
March 2022 Survey |
June 2022 Survey |
Change between March and June |
Sept. 2022 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | 58 | 65 | +7 | 59 | -6 |
Small Enterprises | 70 | 79 | +9 | 76 | -3 |
Sales
Large Enterprises
FY 2021 |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 10.2 | +0.2 | 6.9 | +4.6 |
Nonmanufacturing | 2.6 | +1.3 | 4.2 | +4.4 |
Medium-sized Enterprises
FY 2021 |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 9.5 | -0.1 | 7.5 | +1.9 |
Nonmanufacturing | -1.8 | -3.4 | 4.2 | -2.4 |
Small Enterprises
FY 2021 |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 7.6 | +0.8 | 2.8 | +0.9 |
Nonmanufacturing | 3.0 | +0.7 | 1.4 | +1.1 |
All Enterprises
FY 2021 |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
All industries | 4.3 | 0.0 | 4.3 | +2.3 |
(Note) Revision rates are calculated as the percentage change of the figures between the current and previous survey.
Current Profits
Large Enterprises
FY 2021 |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 53.7 | +8.2 | -7.9 | +2.6 |
Nonmanufacturing | 44.4 | +7.7 | 3.8 | +11.2 |
Medium-sized Enterprises
FY 2021 |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 37.3 | +7.2 | -4.4 | +3.1 |
Nonmanufacturing | 31.6 | +7.9 | -0.5 | +3.6 |
Small Enterprises
FY 2021 |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 45.0 | +5.8 | -12.2 | -2.3 |
Nonmanufacturing | 21.8 | +10.5 | -6.4 | +3.3 |
All Enterprises
FY 2021 |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
All industries | 42.7 | +8.1 | -3.6 | +5.1 |
Ratio of Current Profit to Sales
Large Enterprises
FY 2021 |
Changes | FY 2022 (Forecast) |
Changes | |
---|---|---|---|---|
Manufacturing | 10.48 | +0.78 | 9.03 | -0.18 |
Nonmanufacturing | 6.31 | +0.38 | 6.28 | +0.38 |
Medium-sized Enterprises
FY 2021 |
Changes | FY 2022 (Forecast) |
Changes | |
---|---|---|---|---|
Manufacturing | 6.21 | +0.42 | 5.52 | +0.06 |
Nonmanufacturing | 3.73 | +0.39 | 3.56 | +0.20 |
Small Enterprises
FY 2021 |
Changes | FY 2022 (Forecast) |
Changes | |
---|---|---|---|---|
Manufacturing | 4.87 | +0.23 | 4.16 | -0.14 |
Nonmanufacturing | 3.70 | +0.32 | 3.42 | +0.08 |
All Enterprises
FY 2021 |
Changes | FY 2022 (Forecast) |
Changes | |
---|---|---|---|---|
All industries | 6.22 | +0.47 | 5.74 | +0.15 |
Fixed Investment including Land Purchasing Expenses*
Large Enterprises
FY 2021 |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -0.5 | -7.8 | 21.5 | +3.3 |
Nonmanufacturing | -3.3 | -7.6 | 16.8 | +9.7 |
All industries | -2.3 | -7.7 | 18.6 | +7.1 |
Medium-sized Enterprises
FY 2021 |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 2.0 | -4.6 | 33.0 | +4.3 |
Nonmanufacturing | -4.6 | -0.5 | 3.5 | +2.6 |
All industries | -2.3 | -2.0 | 14.1 | +3.3 |
Small Enterprises
FY 2021 |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 6.8 | -0.1 | 4.8 | +5.7 |
Nonmanufacturing | 5.9 | +2.8 | -4.6 | +18.0 |
All industries | 6.2 | +1.8 | -1.4 | +13.3 |
All Enterprises
FY 2021 |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 1.1 | -6.1 | 20.5 | +3.8 |
Nonmanufacturing | -1.9 | -4.6 | 10.5 | +9.8 |
All industries | -0.8 | -5.1 | 14.1 | +7.4 |
Reference
FY 2021 |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
All industries including Financial institutions and Business consultants & pure holding companies | -1.4 | -5.2 | 14.1 | +7.1 |
- * Excludes software and R&D investment.
Software, R&D, and Fixed Investment excluding Land Purchasing Expenses
Large Enterprises
FY 2021 |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 2.4 | -3.7 | 13.8 | +3.7 |
Nonmanufacturing | -0.4 | -6.1 | 14.6 | +7.1 |
All industries | 1.1 | -4.7 | 14.2 | +5.2 |
Medium-sized Enterprises
FY 2021 |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 3.5 | -3.8 | 26.6 | +3.5 |
Nonmanufacturing | -6.2 | -2.6 | 9.8 | +0.9 |
All industries | -2.3 | -3.1 | 17.0 | +2.1 |
Small Enterprises
FY 2021 |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 6.7 | -0.8 | 8.2 | +3.9 |
Nonmanufacturing | 4.1 | +1.9 | 0.6 | +18.1 |
All industries | 5.1 | +0.9 | 3.5 | +11.9 |
All Enterprises
FY 2021 |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 2.9 | -3.4 | 14.6 | +3.7 |
Nonmanufacturing | -0.7 | -4.2 | 11.5 | +7.6 |
All industries | 1.2 | -3.8 | 13.1 | +5.5 |
Reference
FY 2021 |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
All industries including Financial institutions and Business consultants & pure holding companies | 0.9 | -3.7 | 13.4 | +5.5 |
Production Capacity (Manufacturing)
March 2022 Survey |
June 2022 Survey |
Change between March and June |
Sept. 2022 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | -2 | 0 | +2 | -2 | -2 |
Medium-sized Enterprises | 0 | 0 | 0 | -2 | -2 |
Small Enterprises | 2 | 2 | 0 | -2 | -4 |
All Enterprises | 0 | 1 | +1 | -2 | -3 |
Employment Conditions (All industries)
March 2022 Survey |
June 2022 Survey |
Change between March and June |
Sept. 2022 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | -14 | -16 | -2 | -18 | -2 |
Medium-sized Enterprises | -23 | -23 | 0 | -27 | -4 |
Small Enterprises | -28 | -28 | 0 | -33 | -5 |
All Enterprises | -24 | -24 | 0 | -28 | -4 |
Financial Position (All industries)
March 2022 Survey |
June 2022 Survey |
Change between March and June | |
---|---|---|---|
Large Enterprises | 15 | 15 | 0 |
Medium-sized Enterprises | 13 | 14 | +1 |
Small Enterprises | 6 | 9 | +3 |
All Enterprises | 10 | 12 | +2 |
Lending Attitude of Financial institutions (All industries)
March 2022 Survey |
June 2022 Survey |
Change between March and June | |
---|---|---|---|
Large Enterprises | 16 | 15 | -1 |
Medium-sized Enterprises | 20 | 21 | +1 |
Small Enterprises | 17 | 18 | +1 |
All Enterprises | 17 | 18 | +1 |
Change in Interest Rate on Loans (All industries)
March 2022 Survey |
June 2022 Survey |
Change between March and June |
Sept. 2022 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | 7 | 9 | +2 | 15 | +6 |
Medium-sized Enterprises | 3 | 5 | +2 | 14 | +9 |
Small Enterprises | 2 | 3 | +1 | 13 | +10 |
All Enterprises | 3 | 5 | +2 | 13 | +8 |
Conditions for CP Issuance (All industries) (Based on CP-Issuing Enterprises)
March 2022 Survey |
June 2022 Survey |
Change between March and June | |
---|---|---|---|
Large Enterprises | 25 | 19 | -6 |
Inflation Outlook of Enterprises
(Reference) The Average of Enterprises' Inflation Outlook
Output Prices
March 2022 Survey |
June 2022 Survey |
Change between March and June | ||
---|---|---|---|---|
Manufacturing | 1 year ahead | 1.9 | 2.7 | +0.8 |
3 years ahead | 1.8 | 2.5 | +0.7 | |
5 years ahead | 1.7 | 2.5 | +0.8 | |
Nonmanufacturing | 1 year ahead | 1.1 | 1.5 | +0.4 |
3 years ahead | 1.6 | 2.2 | +0.6 | |
5 years ahead | 2.2 | 2.6 | +0.4 |
March 2022 Survey |
June 2022 Survey |
Change between March and June | ||
---|---|---|---|---|
Manufacturing | 1 year ahead | 2.9 | 4.1 | +1.2 |
3 years ahead | 3.6 | 4.7 | +1.1 | |
5 years ahead | 4.0 | 5.1 | +1.1 | |
Nonmanufacturing | 1 year ahead | 2.2 | 2.9 | +0.7 |
3 years ahead | 3.0 | 3.7 | +0.7 | |
5 years ahead | 3.6 | 4.3 | +0.7 |
March 2022 Survey |
June 2022 Survey |
Change between March and June | ||
---|---|---|---|---|
All industries | 1 year ahead | 2.1 | 2.9 | +0.8 |
3 years ahead | 2.7 | 3.5 | +0.8 | |
5 years ahead | 3.2 | 4.0 | +0.8 |
General Prices
March 2022 Survey |
June 2022 Survey |
Change between March and June | ||
---|---|---|---|---|
Manufacturing | 1 year ahead | 1.5 | 2.0 | +0.5 |
3 years ahead | 1.2 | 1.5 | +0.3 | |
5 years ahead | 1.1 | 1.3 | +0.2 | |
Nonmanufacturing | 1 year ahead | 1.2 | 1.7 | +0.5 |
3 years ahead | 1.1 | 1.4 | +0.3 | |
5 years ahead | 1.1 | 1.3 | +0.2 |
March 2022 Survey |
June 2022 Survey |
Change between March and June | ||
---|---|---|---|---|
Manufacturing | 1 year ahead | 2.2 | 2.8 | +0.6 |
3 years ahead | 1.9 | 2.3 | +0.4 | |
5 years ahead | 1.9 | 2.2 | +0.3 | |
Nonmanufacturing | 1 year ahead | 2.0 | 2.5 | +0.5 |
3 years ahead | 1.8 | 2.2 | +0.4 | |
5 years ahead | 1.8 | 2.0 | +0.2 |
March 2022 Survey |
June 2022 Survey |
Change between March and June | ||
---|---|---|---|---|
All industries | 1 year ahead | 1.8 | 2.4 | +0.6 |
3 years ahead | 1.6 | 2.0 | +0.4 | |
5 years ahead | 1.6 | 1.9 | +0.3 |
Overseas Business Activities
Number of Sample Enterprises
Enterprises | (Response rate) | ||
---|---|---|---|
Manufacturing | 396 | ( 93.9%) | |
Manufacturing | Basic materials | 143 | ( 92.3%) |
Processing | 253 | ( 94.9%) | |
Nonmanufacturing | 189 | ( 87.3%) | |
All industries | 585 | ( 91.8%) |
[Responding Period: May 30 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 2021 |
FY 2022 (Forecast) |
FY 2021 |
FY 2022 (Forecast) |
FY 2021 |
FY 2022 (Forecast) | |
Manufacturing | 14.4 | 8.8 | 21.4 | 7.1 | 54.20 | 53.38 |
Nonmanufacturing | 11.4 | 5.5 | 26.8 | 6.2 | 22.31 | 22.45 |
All industries | 13.1 | 7.3 | 22.7 | 6.9 | 40.05 | 39.90 |
Consolidated Current Profits
FY 2021 |
FY 2022 (Forecast) | |
---|---|---|
Manufacturing | 53.7 | -2.1 |
Nonmanufacturing | 88.9 | 2.2 |
All industries | 65.7 | -0.4 |
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 2021 |
FY 2022 (Forecast) |
FY 2021 |
FY 2022 (Forecast) |
FY 2021 |
FY 2022 (Forecast) | |
Manufacturing | 6.1 | 21.4 | 9.2 | 19.5 | 37.28 | 36.68 |
Nonmanufacturing | -2.2 | 14.0 | 29.1 | 10.8 | 15.19 | 14.75 |
All industries | 1.5 | 17.5 | 14.7 | 16.8 | 25.67 | 25.50 |