Tankan Outline (June 2021)
July 1, 2021
Bank of Japan
Research and Statistics Department
Number of Sample Enterprises
Manufacturing | Nonmanufacturing | Total | (Response rate) | ||
---|---|---|---|---|---|
All Enterprises | 3,888 | 5,519 | 9,407 | ( 99.2%) | |
All Enterprises | of which Large Enterprises | 986 | 886 | 1,872 | ( 99.0%) |
Medium-sized Enterprises | 1,013 | 1,628 | 2,641 | ( 99.1%) | |
Small Enterprises | 1,889 | 3,005 | 4,894 | ( 99.4%) |
[Responding Period: May 27 to June 30]
Memo: Average of predicted exchange rates of all enterprises for overall businesses
March 2021 Survey | June 2021 Survey | ||
---|---|---|---|
FY 2020 | 106.66 | 106.82 | |
FY 2020 | 1H | 107.00 | 107.04 |
2H | 106.32 | 106.61 | |
FY 2021 | 106.07 | 106.71 | |
FY 2021 | 1H | 106.04 | 106.70 |
2H | 106.10 | 106.71 |
March 2021 Survey | June 2021 Survey | ||
---|---|---|---|
FY 2020 | 121.76 | 122.58 | |
FY 2020 | 1H | 121.06 | 121.25 |
2H | 122.47 | 123.90 | |
FY 2021 | 123.10 | 125.27 | |
FY 2021 | 1H | 123.09 | 125.28 |
2H | 123.11 | 125.26 |
Business Conditions
Large Enterprises
March 2021 Survey |
June 2021 Survey |
Change between March and June |
Sept. 2021 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Manufacturing | ( 4) | ||||
5 | 14 | +9 | 13 | -1 | |
Nonmanufacturing | ( -1) | ||||
-1 | 1 | +2 | 3 | +2 |
Medium-sized Enterprises
March 2021 Survey |
June 2021 Survey |
Change between March and June |
Sept. 2021 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Manufacturing | ( -6) | ||||
-2 | 5 | +7 | -1 | -6 | |
Nonmanufacturing | ( -12) | ||||
-11 | -8 | +3 | -8 | 0 |
Small Enterprises
March 2021 Survey |
June 2021 Survey |
Change between March and June |
Sept. 2021 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Manufacturing | ( -12) | ||||
-13 | -7 | +6 | -6 | +1 | |
Nonmanufacturing | ( -16) | ||||
-11 | -9 | +2 | -12 | -3 |
All Enterprises
March 2021 Survey |
June 2021 Survey |
Change between March and June |
Sept. 2021 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
All industries | ( -10) | ||||
-8 | -3 | +5 | -5 | -2 |
(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 2021 Survey |
June 2021 Survey |
Change between March and June |
Sept. 2021 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | -13 | -5 | +8 | -4 | +1 |
Small Enterprises | -26 | -21 | +5 | -21 | 0 |
Overseas Supply & Demand Conditions for Products
March 2021 Survey |
June 2021 Survey |
Change between March and June |
Sept. 2021 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | -6 | 3 | +9 | 2 | -1 |
Small Enterprises | -18 | -9 | +9 | -10 | -1 |
Inventory Level of Finished Goods & Merchandise
March 2021 Survey |
June 2021 Survey |
Change between March and June |
Sept. 2021 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | 10 | 6 | -4 | - | - |
Small Enterprises | 13 | 10 | -3 | - | - |
Wholesalers' Inventory Level
March 2021 Survey |
June 2021 Survey |
Change between March and June |
Sept. 2021 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | 8 | 4 | -4 | - | - |
Small Enterprises | 16 | 8 | -8 | - | - |
Change in Output Prices
March 2021 Survey |
June 2021 Survey |
Change between March and June |
Sept. 2021 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | -2 | 4 | +6 | 5 | +1 |
Small Enterprises | 0 | 5 | +5 | 8 | +3 |
Change in Input Prices
March 2021 Survey |
June 2021 Survey |
Change between March and June |
Sept. 2021 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | 15 | 29 | +14 | 27 | -2 |
Small Enterprises | 29 | 43 | +14 | 45 | +2 |
Sales
Large Enterprises
FY 2020 |
Revision rate |
FY 2021 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -7.8 | +0.5 | 6.0 | +3.9 |
Nonmanufacturing | -9.0 | -0.3 | 0.4 | -1.6 |
Medium-sized Enterprises
FY 2020 |
Revision rate |
FY 2021 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -6.4 | +0.6 | 5.9 | +2.2 |
Nonmanufacturing | -6.9 | +1.0 | 2.8 | +0.9 |
Small Enterprises
FY 2020 |
Revision rate |
FY 2021 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -7.7 | +1.0 | 4.0 | +1.6 |
Nonmanufacturing | -7.0 | +1.0 | 1.7 | +0.7 |
All Enterprises
FY 2020 |
Revision rate |
FY 2021 (Forecast) |
Revision rate | |
---|---|---|---|---|
All industries | -7.8 | +0.5 | 2.8 | +0.9 |
(Note) Revision rates are calculated as the percentage change of the figures between the current and previous survey.
Current Profits
Large Enterprises
FY 2020 |
Revision rate |
FY 2021 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -1.4 | +19.4 | 4.0 | +22.0 |
Nonmanufacturing | -37.9 | +7.6 | 20.0 | +22.3 |
Medium-sized Enterprises
FY 2020 |
Revision rate |
FY 2021 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -11.5 | +9.9 | 5.0 | +9.5 |
Nonmanufacturing | -23.9 | +12.8 | 10.3 | +6.4 |
Small Enterprises
FY 2020 |
Revision rate |
FY 2021 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -10.2 | +20.5 | 10.2 | +10.0 |
Nonmanufacturing | -16.1 | +20.0 | 0.8 | -1.5 |
All Enterprises
FY 2020 |
Revision rate |
FY 2021 (Forecast) |
Revision rate | |
---|---|---|---|---|
All industries | -20.1 | +14.7 | 9.1 | +15.2 |
Ratio of Current Profit to Sales
Large Enterprises
FY 2020 |
Changes | FY 2021 (Forecast) |
Changes | |
---|---|---|---|---|
Manufacturing | 7.48 | +1.18 | 7.35 | +1.10 |
Nonmanufacturing | 4.22 | +0.31 | 5.04 | +0.98 |
Medium-sized Enterprises
FY 2020 |
Changes | FY 2021 (Forecast) |
Changes | |
---|---|---|---|---|
Manufacturing | 4.93 | +0.41 | 4.89 | +0.32 |
Nonmanufacturing | 3.03 | +0.32 | 3.25 | +0.17 |
Small Enterprises
FY 2020 |
Changes | FY 2021 (Forecast) |
Changes | |
---|---|---|---|---|
Manufacturing | 3.70 | +0.60 | 3.92 | +0.30 |
Nonmanufacturing | 3.18 | +0.50 | 3.15 | -0.07 |
All Enterprises
FY 2020 |
Changes | FY 2021 (Forecast) |
Changes | |
---|---|---|---|---|
All industries | 4.53 | +0.56 | 4.81 | +0.60 |
Fixed Investment including Land Purchasing Expenses*
Large Enterprises
FY 2020 |
Revision rate |
FY 2021 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -8.8 | -5.9 | 13.3 | +3.4 |
Nonmanufacturing | -8.1 | -3.9 | 7.4 | +0.3 |
All industries | -8.3 | -4.7 | 9.6 | +1.5 |
Medium-sized Enterprises
FY 2020 |
Revision rate |
FY 2021 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -12.5 | -4.4 | 14.0 | +2.4 |
Nonmanufacturing | -6.8 | -2.8 | -2.1 | +4.6 |
All industries | -8.9 | -3.4 | 3.6 | +3.8 |
Small Enterprises
FY 2020 |
Revision rate |
FY 2021 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -12.4 | +0.8 | 2.3 | +4.2 |
Nonmanufacturing | -6.3 | +4.1 | 0.2 | +13.3 |
All industries | -8.5 | +2.9 | 0.9 | +9.9 |
All Enterprises
FY 2020 |
Revision rate |
FY 2021 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -10.0 | -4.6 | 11.5 | +3.4 |
Nonmanufacturing | -7.5 | -2.4 | 4.5 | +3.1 |
All industries | -8.5 | -3.2 | 7.1 | +3.2 |
Reference
FY 2020 |
Revision rate |
FY 2021 (Forecast) |
Revision rate | |
---|---|---|---|---|
All industries including Financial institutions and Business consultants & pure holding companies | -9.7 | -3.2 | 6.3 | +3.2 |
- * Excludes software and R&D investment.
Software, R&D, and Fixed Investment excluding Land Purchasing Expenses
Large Enterprises
FY 2020 |
Revision rate |
FY 2021 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -6.9 | -3.5 | 10.3 | +3.5 |
Nonmanufacturing | -10.8 | -6.5 | 10.4 | -0.6 |
All industries | -8.6 | -4.9 | 10.4 | +1.7 |
Medium-sized Enterprises
FY 2020 |
Revision rate |
FY 2021 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -9.4 | -3.8 | 15.1 | +3.2 |
Nonmanufacturing | -4.1 | -0.4 | 2.8 | +5.7 |
All industries | -6.3 | -1.8 | 7.6 | +4.6 |
Small Enterprises
FY 2020 |
Revision rate |
FY 2021 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -11.5 | +0.7 | 6.7 | +3.7 |
Nonmanufacturing | -8.9 | +2.7 | 3.6 | +12.9 |
All industries | -10.0 | +1.9 | 4.8 | +9.0 |
All Enterprises
FY 2020 |
Revision rate |
FY 2021 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -7.7 | -3.2 | 10.4 | +3.5 |
Nonmanufacturing | -9.4 | -4.1 | 8.0 | +2.4 |
All industries | -8.5 | -3.6 | 9.3 | +3.0 |
Reference
FY 2020 |
Revision rate |
FY 2021 (Forecast) |
Revision rate | |
---|---|---|---|---|
All industries including Financial institutions and Business consultants & pure holding companies | -8.8 | -3.5 | 9.2 | +3.1 |
Production Capacity (Manufacturing)
March 2021 Survey |
June 2021 Survey |
Change between March and June |
Sept. 2021 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | 6 | 1 | -5 | 1 | 0 |
Medium-sized Enterprises | 7 | 2 | -5 | 1 | -1 |
Small Enterprises | 8 | 5 | -3 | 2 | -3 |
All Enterprises | 7 | 3 | -4 | 2 | -1 |
Employment Conditions (All industries)
March 2021 Survey |
June 2021 Survey |
Change between March and June |
Sept. 2021 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | -5 | -7 | -2 | -8 | -1 |
Medium-sized Enterprises | -11 | -14 | -3 | -17 | -3 |
Small Enterprises | -15 | -16 | -1 | -21 | -5 |
All Enterprises | -12 | -14 | -2 | -17 | -3 |
Financial Position (All industries)
March 2021 Survey |
June 2021 Survey |
Change between March and June | |
---|---|---|---|
Large Enterprises | 14 | 15 | +1 |
Medium-sized Enterprises | 11 | 14 | +3 |
Small Enterprises | 6 | 8 | +2 |
All Enterprises | 9 | 11 | +2 |
Lending Attitude of Financial institutions (All industries)
March 2021 Survey |
June 2021 Survey |
Change between March and June | |
---|---|---|---|
Large Enterprises | 16 | 16 | 0 |
Medium-sized Enterprises | 21 | 21 | 0 |
Small Enterprises | 19 | 19 | 0 |
All Enterprises | 18 | 18 | 0 |
Change in Interest Rate on Loans (All industries)
March 2021 Survey |
June 2021 Survey |
Change between March and June |
Sept. 2021 Survey (Forecast) |
Change between June and Sept. | |
---|---|---|---|---|---|
Large Enterprises | 3 | 2 | -1 | 5 | +3 |
Medium-sized Enterprises | 1 | 0 | -1 | 5 | +5 |
Small Enterprises | -2 | -1 | +1 | 4 | +5 |
All Enterprises | -1 | 0 | +1 | 5 | +5 |
Conditions for CP Issuance (All industries) (Based on CP-Issuing Enterprises)
March 2021 Survey |
June 2021 Survey |
Change between March and June | |
---|---|---|---|
Large Enterprises | 24 | 24 | 0 |
Inflation Outlook of Enterprises
(Reference) The Average of Enterprises' Inflation Outlook
Output Prices
March 2021 Survey |
June 2021 Survey |
Change between March and June | ||
---|---|---|---|---|
Manufacturing | 1 year ahead | -0.1 | 0.2 | +0.3 |
3 years ahead | -0.3 | -0.1 | +0.2 | |
5 years ahead | -0.4 | 0.1 | +0.5 | |
Nonmanufacturing | 1 year ahead | 0.2 | 0.4 | +0.2 |
3 years ahead | 0.9 | 1.0 | +0.1 | |
5 years ahead | 1.3 | 1.4 | +0.1 |
March 2021 Survey |
June 2021 Survey |
Change between March and June | ||
---|---|---|---|---|
Manufacturing | 1 year ahead | 0.3 | 0.8 | +0.5 |
3 years ahead | 1.3 | 1.6 | +0.3 | |
5 years ahead | 1.9 | 2.0 | +0.1 | |
Nonmanufacturing | 1 year ahead | 0.2 | 0.5 | +0.3 |
3 years ahead | 1.1 | 1.4 | +0.3 | |
5 years ahead | 2.0 | 2.1 | +0.1 |
March 2021 Survey |
June 2021 Survey |
Change between March and June | ||
---|---|---|---|---|
All industries | 1 year ahead | 0.2 | 0.5 | +0.3 |
3 years ahead | 0.9 | 1.1 | +0.2 | |
5 years ahead | 1.5 | 1.7 | +0.2 |
General Prices
March 2021 Survey |
June 2021 Survey |
Change between March and June | ||
---|---|---|---|---|
Manufacturing | 1 year ahead | 0.3 | 0.4 | +0.1 |
3 years ahead | 0.5 | 0.6 | +0.1 | |
5 years ahead | 0.6 | 0.7 | +0.1 | |
Nonmanufacturing | 1 year ahead | 0.2 | 0.3 | +0.1 |
3 years ahead | 0.4 | 0.5 | +0.1 | |
5 years ahead | 0.6 | 0.6 | 0.0 |
March 2021 Survey |
June 2021 Survey |
Change between March and June | ||
---|---|---|---|---|
Manufacturing | 1 year ahead | 0.5 | 0.8 | +0.3 |
3 years ahead | 0.9 | 1.1 | +0.2 | |
5 years ahead | 1.1 | 1.2 | +0.1 | |
Nonmanufacturing | 1 year ahead | 0.5 | 0.6 | +0.1 |
3 years ahead | 0.8 | 1.0 | +0.2 | |
5 years ahead | 1.1 | 1.2 | +0.1 |
March 2021 Survey |
June 2021 Survey |
Change between March and June | ||
---|---|---|---|---|
All industries | 1 year ahead | 0.4 | 0.6 | +0.2 |
3 years ahead | 0.8 | 0.9 | +0.1 | |
5 years ahead | 1.0 | 1.1 | +0.1 |
Overseas Business Activities
Number of Sample Enterprises
Enterprises | (Response rate) | ||
---|---|---|---|
Manufacturing | 399 | ( 97.0%) | |
Manufacturing | Basic materials | 145 | ( 98.6%) |
Processing | 254 | ( 96.1%) | |
Nonmanufacturing | 197 | ( 89.3%) | |
All industries | 596 | ( 94.5%) |
[Responding Period: May 27 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 2020 |
FY 2021 (Forecast) |
FY 2020 |
FY 2021 (Forecast) |
FY 2020 |
FY 2021 (Forecast) | |
Manufacturing | -7.5 | 8.6 | -6.8 | 7.3 | 51.00 | 50.39 |
Nonmanufacturing | -8.1 | 2.1 | -12.0 | 7.8 | 19.73 | 20.83 |
All industries | -7.8 | 5.7 | -8.1 | 7.4 | 37.08 | 37.67 |
Consolidated Current Profits
FY 2020 |
FY 2021 (Forecast) | |
---|---|---|
Manufacturing | 13.0 | 15.3 |
Nonmanufacturing | -32.9 | 25.5 |
All industries | -8.6 | 18.8 |
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 2020 |
FY 2021 (Forecast) |
FY 2020 |
FY 2021 (Forecast) |
FY 2020 |
FY 2021 (Forecast) | |
Manufacturing | -11.6 | 12.3 | -12.9 | 13.7 | 35.81 | 36.26 |
Nonmanufacturing | -6.4 | 3.2 | -14.2 | 21.0 | 12.06 | 14.14 |
All industries | -9.0 | 7.6 | -13.3 | 15.7 | 23.59 | 25.35 |