Tankan Outline (June 2023)
July 3, 2023
Bank of Japan
Research and Statistics Department
Number of Sample Enterprises
Manufacturing | Nonmanufacturing | Total | (Response rate) | ||
---|---|---|---|---|---|
All Enterprises | 3,766 | 5,381 | 9,147 | ( 99.4%) | |
All Enterprises | of which Large Enterprises | 958 | 856 | 1,814 | ( 99.6%) |
Medium-sized Enterprises | 1,000 | 1,551 | 2,551 | ( 99.5%) | |
Small Enterprises | 1,808 | 2,974 | 4,782 | ( 99.4%) |
[Responding Period: May 29 to June 30]
Memo: Average of predicted exchange rates of all enterprises for overall businesses
March 2023 Survey | June 2023 Survey | ||
---|---|---|---|
FY 2022 | 130.65 | 131.19 | |
FY 2022 | 1H | 129.26 | 129.60 |
2H | 132.03 | 132.79 | |
FY 2023 | 131.72 | 132.43 | |
FY 2023 | 1H | 131.81 | 132.60 |
2H | 131.62 | 132.27 |
March 2023 Survey | June 2023 Survey | ||
---|---|---|---|
FY 2022 | 137.38 | 138.21 | |
FY 2022 | 1H | 136.30 | 136.53 |
2H | 138.47 | 139.89 | |
FY 2023 | 138.29 | 140.11 | |
FY 2023 | 1H | 138.34 | 140.28 |
2H | 138.23 | 139.95 |
Business Conditions
Large Enterprises
March 2023 Survey |
June 2023 Survey |
Change between March and June |
Sept. 2023 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Manufacturing | ( 3) | ||||
1 | 5 | +4 | 9 | +4 | |
Nonmanufacturing | ( 15) | ||||
20 | 23 | +3 | 20 | -3 |
Medium-sized Enterprises
March 2023 Survey |
June 2023 Survey |
Change between March and June |
Sept. 2023 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Manufacturing | ( -4) | ||||
-5 | 0 | +5 | 2 | +2 | |
Nonmanufacturing | ( 8) | ||||
14 | 17 | +3 | 12 | -5 |
Small Enterprises
March 2023 Survey |
June 2023 Survey |
Change between March and June |
Sept. 2023 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Manufacturing | ( -4) | ||||
-6 | -5 | +1 | -1 | +4 | |
Nonmanufacturing | ( 3) | ||||
8 | 11 | +3 | 7 | -4 |
All Enterprises
March 2023 Survey |
June 2023 Survey |
Change between March and June |
Sept. 2023 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
All industries | ( 2) | ||||
5 | 8 | +3 | 7 | -1 |
(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 2023 Survey |
June 2023 Survey |
Change between March and June |
Sept. 2023 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | -4 | -9 | -5 | -7 | +2 |
Small Enterprises | -14 | -18 | -4 | -16 | +2 |
Overseas Supply & Demand Conditions for Products
March 2023 Survey |
June 2023 Survey |
Change between March and June |
Sept. 2023 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | 0 | -6 | -6 | -3 | +3 |
Small Enterprises | -9 | -13 | -4 | -11 | +2 |
Inventory Level of Finished Goods & Merchandise
March 2023 Survey |
June 2023 Survey |
Change between March and June |
Sept. 2023 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | 18 | 20 | +2 | - | - |
Small Enterprises | 16 | 18 | +2 | - | - |
Wholesalers' Inventory Level
March 2023 Survey |
June 2023 Survey |
Change between March and June |
Sept. 2023 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | 8 | 10 | +2 | - | - |
Small Enterprises | 11 | 14 | +3 | - | - |
Change in Output Prices
March 2023 Survey |
June 2023 Survey |
Change between March and June |
Sept. 2023 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | 37 | 34 | -3 | 29 | -5 |
Small Enterprises | 37 | 36 | -1 | 32 | -4 |
Change in Input Prices
March 2023 Survey |
June 2023 Survey |
Change between March and June |
Sept. 2023 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | 60 | 52 | -8 | 44 | -8 |
Small Enterprises | 72 | 66 | -6 | 58 | -8 |
Sales
Large Enterprises
FY 2022 |
Revision rate |
FY 2023 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 11.3 | +0.2 | 2.0 | +0.9 |
Nonmanufacturing | 10.1 | +0.1 | 2.1 | +1.4 |
Medium-sized Enterprises
FY 2022 |
Revision rate |
FY 2023 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 8.0 | +0.5 | 3.2 | -0.1 |
Nonmanufacturing | 7.2 | +0.7 | 2.5 | +2.0 |
Small Enterprises
FY 2022 |
Revision rate |
FY 2023 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 6.1 | +1.2 | 2.0 | +0.9 |
Nonmanufacturing | 6.0 | +1.1 | 0.4 | +1.2 |
All Enterprises
FY 2022 |
Revision rate |
FY 2023 (Forecast) |
Revision rate | |
---|---|---|---|---|
All industries | 8.7 | +0.5 | 1.8 | +1.2 |
(Note) Revision rates are calculated as the percentage change of the figures between the current and previous survey.
Current Profits
Large Enterprises
FY 2022 |
Revision rate |
FY 2023 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 11.7 | +5.8 | -7.0 | +1.2 |
Nonmanufacturing | 32.7 | +11.0 | -5.3 | +9.0 |
Medium-sized Enterprises
FY 2022 |
Revision rate |
FY 2023 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -3.4 | +1.6 | -8.4 | -0.3 |
Nonmanufacturing | 18.0 | +7.8 | -5.0 | +5.3 |
Small Enterprises
FY 2022 |
Revision rate |
FY 2023 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -7.8 | +7.4 | -2.2 | +1.6 |
Nonmanufacturing | 8.4 | +6.6 | -3.5 | +2.8 |
All Enterprises
FY 2022 |
Revision rate |
FY 2023 (Forecast) |
Revision rate | |
---|---|---|---|---|
All industries | 16.2 | +7.6 | -5.8 | +4.2 |
Ratio of Current Profit to Sales
Large Enterprises
FY 2022 |
Changes | FY 2023 (Forecast) |
Changes | |
---|---|---|---|---|
Manufacturing | 10.52 | +0.56 | 9.59 | +0.02 |
Nonmanufacturing | 7.61 | +0.75 | 7.05 | +0.49 |
Medium-sized Enterprises
FY 2022 |
Changes | FY 2023 (Forecast) |
Changes | |
---|---|---|---|---|
Manufacturing | 5.55 | +0.06 | 4.93 | -0.01 |
Nonmanufacturing | 4.11 | +0.27 | 3.81 | +0.12 |
Small Enterprises
FY 2022 |
Changes | FY 2023 (Forecast) |
Changes | |
---|---|---|---|---|
Manufacturing | 4.24 | +0.25 | 4.06 | +0.02 |
Nonmanufacturing | 3.79 | +0.20 | 3.64 | +0.06 |
All Enterprises
FY 2022 |
Changes | FY 2023 (Forecast) |
Changes | |
---|---|---|---|---|
All industries | 6.64 | +0.43 | 6.15 | +0.18 |
Fixed Investment including Land Purchasing Expenses*
Large Enterprises
FY 2022 |
Revision rate |
FY 2023 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 6.5 | -9.6 | 19.3 | +1.9 |
Nonmanufacturing | 14.8 | -0.7 | 10.1 | +7.6 |
All industries | 11.7 | -4.0 | 13.4 | +5.4 |
Medium-sized Enterprises
FY 2022 |
Revision rate |
FY 2023 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 10.2 | -2.9 | 19.4 | +2.7 |
Nonmanufacturing | 2.3 | +3.9 | 13.8 | +10.0 |
All industries | 5.2 | +1.2 | 16.0 | +7.1 |
Small Enterprises
FY 2022 |
Revision rate |
FY 2023 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 17.2 | +6.5 | -3.1 | +1.1 |
Nonmanufacturing | -3.0 | +1.2 | 5.8 | +6.0 |
All industries | 3.9 | +3.2 | 2.4 | +4.2 |
All Enterprises
FY 2022 |
Revision rate |
FY 2023 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 9.0 | -5.8 | 15.1 | +1.9 |
Nonmanufacturing | 9.3 | +0.3 | 9.9 | +7.7 |
All industries | 9.2 | -2.0 | 11.8 | +5.5 |
Reference
FY 2022 |
Revision rate |
FY 2023 (Forecast) |
Revision rate | |
---|---|---|---|---|
All industries including Financial institutions and Business consultants & pure holding companies | 8.8 | -2.2 | 12.3 | +5.1 |
- * Excludes software and R&D investment.
Software, R&D, and Fixed Investment excluding Land Purchasing Expenses
Large Enterprises
FY 2022 |
Revision rate |
FY 2023 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 8.4 | -4.8 | 11.1 | +2.4 |
Nonmanufacturing | 8.7 | -3.8 | 14.0 | +6.4 |
All industries | 8.5 | -4.4 | 12.4 | +4.1 |
Medium-sized Enterprises
FY 2022 |
Revision rate |
FY 2023 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 8.2 | -3.4 | 19.6 | +1.6 |
Nonmanufacturing | 5.3 | +1.5 | 15.5 | +8.1 |
All industries | 6.5 | -0.7 | 17.3 | +5.2 |
Small Enterprises
FY 2022 |
Revision rate |
FY 2023 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 9.6 | +0.7 | 5.4 | +0.8 |
Nonmanufacturing | -2.9 | +1.1 | 8.4 | +3.7 |
All industries | 2.0 | +1.0 | 7.2 | +2.5 |
All Enterprises
FY 2022 |
Revision rate |
FY 2023 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 8.5 | -4.2 | 11.5 | +2.2 |
Nonmanufacturing | 6.2 | -2.2 | 13.3 | +6.3 |
All industries | 7.4 | -3.3 | 12.4 | +4.1 |
Reference
FY 2022 |
Revision rate |
FY 2023 (Forecast) |
Revision rate | |
---|---|---|---|---|
All industries including Financial institutions and Business consultants & pure holding companies | 7.6 | -3.1 | 12.1 | +4.0 |
Production Capacity (Manufacturing)
March 2023 Survey |
June 2023 Survey |
Change between March and June |
Sept. 2023 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | 1 | 2 | +1 | -1 | -3 |
Medium-sized Enterprises | 1 | 3 | +2 | 0 | -3 |
Small Enterprises | 1 | 0 | -1 | -3 | -3 |
All Enterprises | 1 | 1 | 0 | -1 | -2 |
Employment Conditions (All industries)
March 2023 Survey |
June 2023 Survey |
Change between March and June |
Sept. 2023 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | -23 | -23 | 0 | -24 | -1 |
Medium-sized Enterprises | -32 | -31 | +1 | -35 | -4 |
Small Enterprises | -36 | -35 | +1 | -40 | -5 |
All Enterprises | -32 | -32 | 0 | -35 | -3 |
Financial Position (All industries)
March 2023 Survey |
June 2023 Survey |
Change between March and June | |
---|---|---|---|
Large Enterprises | 11 | 13 | +2 |
Medium-sized Enterprises | 13 | 13 | 0 |
Small Enterprises | 7 | 8 | +1 |
All Enterprises | 9 | 11 | +2 |
Lending Attitude of Financial institutions (All industries)
March 2023 Survey |
June 2023 Survey |
Change between March and June | |
---|---|---|---|
Large Enterprises | 15 | 15 | 0 |
Medium-sized Enterprises | 19 | 18 | -1 |
Small Enterprises | 15 | 15 | 0 |
All Enterprises | 16 | 16 | 0 |
Change in Interest Rate on Loans (All industries)
March 2023 Survey |
June 2023 Survey |
Change between March and June |
Sept. 2023 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | 21 | 13 | -8 | 20 | +7 |
Medium-sized Enterprises | 15 | 10 | -5 | 19 | +9 |
Small Enterprises | 12 | 9 | -3 | 18 | +9 |
All Enterprises | 14 | 10 | -4 | 19 | +9 |
Conditions for CP Issuance (All industries) (Based on CP-Issuing Enterprises)
March 2023 Survey |
June 2023 Survey |
Change between March and June | |
---|---|---|---|
Large Enterprises | 15 | 15 | 0 |
Inflation Outlook of Enterprises
(Reference) The Average of Enterprises' Inflation Outlook
Output Prices
March 2023 Survey |
June 2023 Survey |
Change between March and June | ||
---|---|---|---|---|
Manufacturing | 1 year ahead | 2.9 | 2.5 | -0.4 |
3 years ahead | 3.2 | 2.8 | -0.4 | |
5 years ahead | 3.5 | 3.0 | -0.5 | |
Nonmanufacturing | 1 year ahead | 2.4 | 2.1 | -0.3 |
3 years ahead | 3.0 | 2.8 | -0.2 | |
5 years ahead | 3.4 | 3.2 | -0.2 |
March 2023 Survey |
June 2023 Survey |
Change between March and June | ||
---|---|---|---|---|
Manufacturing | 1 year ahead | 4.1 | 3.7 | -0.4 |
3 years ahead | 4.9 | 4.5 | -0.4 | |
5 years ahead | 5.4 | 5.1 | -0.3 | |
Nonmanufacturing | 1 year ahead | 3.5 | 3.2 | -0.3 |
3 years ahead | 4.3 | 4.1 | -0.2 | |
5 years ahead | 4.9 | 4.8 | -0.1 |
March 2023 Survey |
June 2023 Survey |
Change between March and June | ||
---|---|---|---|---|
All industries | 1 year ahead | 3.3 | 3.0 | -0.3 |
3 years ahead | 4.0 | 3.8 | -0.2 | |
5 years ahead | 4.6 | 4.4 | -0.2 |
General Prices
March 2023 Survey |
June 2023 Survey |
Change between March and June | ||
---|---|---|---|---|
Manufacturing | 1 year ahead | 2.4 | 2.2 | -0.2 |
3 years ahead | 1.8 | 1.7 | -0.1 | |
5 years ahead | 1.6 | 1.6 | 0.0 | |
Nonmanufacturing | 1 year ahead | 2.2 | 2.0 | -0.2 |
3 years ahead | 1.6 | 1.6 | 0.0 | |
5 years ahead | 1.4 | 1.4 | 0.0 |
March 2023 Survey |
June 2023 Survey |
Change between March and June | ||
---|---|---|---|---|
Manufacturing | 1 year ahead | 3.2 | 2.9 | -0.3 |
3 years ahead | 2.5 | 2.4 | -0.1 | |
5 years ahead | 2.3 | 2.3 | 0.0 | |
Nonmanufacturing | 1 year ahead | 3.0 | 2.8 | -0.2 |
3 years ahead | 2.5 | 2.4 | -0.1 | |
5 years ahead | 2.3 | 2.3 | 0.0 |
March 2023 Survey |
June 2023 Survey |
Change between March and June | ||
---|---|---|---|---|
All industries | 1 year ahead | 2.8 | 2.6 | -0.2 |
3 years ahead | 2.3 | 2.2 | -0.1 | |
5 years ahead | 2.1 | 2.1 | 0.0 |
Overseas Business Activities
Number of Sample Enterprises
Enterprises | (Response rate) | ||
---|---|---|---|
Manufacturing | 396 | ( 94.7%) | |
Manufacturing | Basic materials | 143 | ( 95.8%) |
Processing | 253 | ( 94.1%) | |
Nonmanufacturing | 186 | ( 87.6%) | |
All industries | 582 | ( 92.4%) |
[Responding Period: May 29 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 2022 |
FY 2023 (Forecast) |
FY 2022 |
FY 2023 (Forecast) |
FY 2022 |
FY 2023 (Forecast) | |
Manufacturing | 15.7 | 1.9 | 18.3 | 0.5 | 58.29 | 57.51 |
Nonmanufacturing | 15.7 | 1.4 | 25.8 | -0.9 | 26.53 | 25.92 |
All industries | 15.7 | 1.7 | 20.2 | 0.1 | 44.21 | 43.53 |
Consolidated Current Profits
FY 2022 |
FY 2023 (Forecast) | |
---|---|---|
Manufacturing | 0.4 | 0.7 |
Nonmanufacturing | 21.0 | -8.4 |
All industries | 8.4 | -3.2 |
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 2022 |
FY 2023 (Forecast) |
FY 2022 |
FY 2023 (Forecast) |
FY 2022 |
FY 2023 (Forecast) | |
Manufacturing | 21.1 | 16.3 | 22.5 | 4.6 | 37.17 | 33.44 |
Nonmanufacturing | 9.2 | 6.3 | 17.9 | 13.6 | 16.68 | 17.82 |
All industries | 14.9 | 11.3 | 21.0 | 7.4 | 26.94 | 25.99 |