Tankan Outline (March 2022)
April 1, 2022
Bank of Japan
Research and Statistics Department
Number of Sample Enterprises
Manufacturing | Nonmanufacturing | Total | (Response rate) | ||
---|---|---|---|---|---|
All Enterprises | 3,837 | 5,525 | 9,362 | ( 99.1%) | |
All Enterprises | of which Large Enterprises | 964 | 864 | 1,828 | ( 98.7%) |
Medium-sized Enterprises | 1,026 | 1,595 | 2,621 | ( 98.8%) | |
Small Enterprises | 1,847 | 3,066 | 4,913 | ( 99.4%) |
[Responding Period: February 24 to March 31]
Figures are based on sample enterprises after the March 2022 revision.
Memo: Average of predicted exchange rates of all enterprises for overall businesses
Dec. 2021 Survey | March 2022 Survey | ||
---|---|---|---|
FY 2021 | 109.09 | 110.00 | |
FY 2021 | 1H | 108.83 | 109.05 |
2H | 109.36 | 110.96 | |
FY 2022 | - | 111.93 | |
FY 2022 | 1H | - | 111.92 |
2H | - | 111.95 |
Dec. 2021 Survey | March 2022 Survey | ||
---|---|---|---|
FY 2021 | 127.70 | 128.01 | |
FY 2021 | 1H | 127.92 | 128.11 |
2H | 127.49 | 127.92 | |
FY 2022 | - | 128.18 | |
FY 2022 | 1H | - | 128.17 |
2H | - | 128.20 |
Business Conditions
Large Enterprises
Dec. 2021 Survey |
March 2022 Survey |
Change between Dec. and March |
June 2022 Survey (Forecast) |
Change between March and June | |
---|---|---|---|---|---|
Manufacturing | ( 13) | ||||
17 | 14 | -3 | 9 | -5 | |
Nonmanufacturing | ( 9) | ||||
10 | 9 | -1 | 7 | -2 |
Medium-sized Enterprises
Dec. 2021 Survey |
March 2022 Survey |
Change between Dec. and March |
June 2022 Survey (Forecast) |
Change between March and June | |
---|---|---|---|---|---|
Manufacturing | ( 6) | ||||
6 | 3 | -3 | 1 | -2 | |
Nonmanufacturing | ( 0) | ||||
2 | 0 | -2 | -3 | -3 |
Small Enterprises
Dec. 2021 Survey |
March 2022 Survey |
Change between Dec. and March |
June 2022 Survey (Forecast) |
Change between March and June | |
---|---|---|---|---|---|
Manufacturing | ( -1) | ||||
-1 | -4 | -3 | -5 | -1 | |
Nonmanufacturing | ( -6) | ||||
-3 | -6 | -3 | -10 | -4 |
All Enterprises
Dec. 2021 Survey |
March 2022 Survey |
Change between Dec. and March |
June 2022 Survey (Forecast) |
Change between March and June | |
---|---|---|---|---|---|
All industries | ( 0) | ||||
2 | 0 | -2 | -3 | -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
Dec. 2021 Survey |
March 2022 Survey |
Change between Dec. and March |
June 2022 Survey (Forecast) |
Change between March and June | |
---|---|---|---|---|---|
Large Enterprises | 3 | 1 | -2 | 1 | 0 |
Small Enterprises | -11 | -12 | -1 | -12 | 0 |
Overseas Supply & Demand Conditions for Products
Dec. 2021 Survey |
March 2022 Survey |
Change between Dec. and March |
June 2022 Survey (Forecast) |
Change between March and June | |
---|---|---|---|---|---|
Large Enterprises | 8 | 8 | 0 | 8 | 0 |
Small Enterprises | -3 | -3 | 0 | -3 | 0 |
Inventory Level of Finished Goods & Merchandise
Dec. 2021 Survey |
March 2022 Survey |
Change between Dec. and March |
June 2022 Survey (Forecast) |
Change between March and June | |
---|---|---|---|---|---|
Large Enterprises | 5 | 6 | +1 | - | - |
Small Enterprises | 9 | 11 | +2 | - | - |
Wholesalers' Inventory Level
Dec. 2021 Survey |
March 2022 Survey |
Change between Dec. and March |
June 2022 Survey (Forecast) |
Change between March and June | |
---|---|---|---|---|---|
Large Enterprises | -1 | -2 | -1 | - | - |
Small Enterprises | 2 | 4 | +2 | - | - |
Change in Output Prices
Dec. 2021 Survey |
March 2022 Survey |
Change between Dec. and March |
June 2022 Survey (Forecast) |
Change between March and June | |
---|---|---|---|---|---|
Large Enterprises | 16 | 24 | +8 | 27 | +3 |
Small Enterprises | 16 | 23 | +7 | 32 | +9 |
Change in Input Prices
Dec. 2021 Survey |
March 2022 Survey |
Change between Dec. and March |
June 2022 Survey (Forecast) |
Change between March and June | |
---|---|---|---|---|---|
Large Enterprises | 49 | 58 | +9 | 55 | -3 |
Small Enterprises | 60 | 70 | +10 | 72 | +2 |
Sales
Large Enterprises
FY 2021 (Forecast) |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 10.0 | -0.3 | 2.4 | - |
Nonmanufacturing | 1.3 | +0.7 | 1.0 | - |
Medium-sized Enterprises
FY 2021 (Forecast) |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 9.6 | +0.8 | 5.5 | - |
Nonmanufacturing | 1.7 | +0.8 | 3.1 | - |
Small Enterprises
FY 2021 (Forecast) |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 6.7 | +0.5 | 2.7 | - |
Nonmanufacturing | 2.3 | +0.4 | 1.1 | - |
All Enterprises
FY 2021 (Forecast) |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
All industries | 4.3 | +0.4 | 2.1 | - |
(Note) Revision rates are calculated as the percentage change of the figures between the current and previous survey.
Current Profits
Large Enterprises
FY 2021 (Forecast) |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 42.0 | +5.1 | -2.9 | - |
Nonmanufacturing | 34.1 | +3.2 | 0.5 | - |
Medium-sized Enterprises
FY 2021 (Forecast) |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 28.1 | +3.2 | -0.6 | - |
Nonmanufacturing | 21.9 | +3.8 | 3.7 | - |
Small Enterprises
FY 2021 (Forecast) |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 37.1 | +4.2 | -4.9 | - |
Nonmanufacturing | 10.3 | +3.0 | 0.0 | - |
All Enterprises
FY 2021 (Forecast) |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
All industries | 32.0 | +4.0 | -0.9 | - |
Ratio of Current Profit to Sales
Large Enterprises
FY 2021 (Forecast) |
Changes | FY 2022 (Forecast) |
Changes | |
---|---|---|---|---|
Manufacturing | 9.70 | +0.49 | 9.21 | - |
Nonmanufacturing | 5.93 | +0.14 | 5.90 | - |
Medium-sized Enterprises
FY 2021 (Forecast) |
Changes | FY 2022 (Forecast) |
Changes | |
---|---|---|---|---|
Manufacturing | 5.79 | +0.14 | 5.46 | - |
Nonmanufacturing | 3.34 | +0.10 | 3.36 | - |
Small Enterprises
FY 2021 (Forecast) |
Changes | FY 2022 (Forecast) |
Changes | |
---|---|---|---|---|
Manufacturing | 4.64 | +0.16 | 4.30 | - |
Nonmanufacturing | 3.38 | +0.09 | 3.34 | - |
All Enterprises
FY 2021 (Forecast) |
Changes | FY 2022 (Forecast) |
Changes | |
---|---|---|---|---|
All industries | 5.75 | +0.20 | 5.59 | - |
Fixed Investment including Land Purchasing Expenses*
Large Enterprises
FY 2021 (Forecast) |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 7.9 | -3.6 | 8.4 | - |
Nonmanufacturing | 4.7 | -4.2 | -1.6 | - |
All industries | 5.9 | -4.0 | 2.2 | - |
Medium-sized Enterprises
FY 2021 (Forecast) |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 6.9 | -5.0 | 21.6 | - |
Nonmanufacturing | -4.1 | -3.3 | 0.4 | - |
All industries | -0.3 | -3.9 | 8.2 | - |
Small Enterprises
FY 2021 (Forecast) |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 7.0 | -2.3 | -1.0 | - |
Nonmanufacturing | 3.0 | +2.3 | -16.9 | - |
All industries | 4.3 | +0.7 | -11.4 | - |
All Enterprises
FY 2021 (Forecast) |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 7.6 | -3.6 | 9.0 | - |
Nonmanufacturing | 2.9 | -2.9 | -4.0 | - |
All industries | 4.6 | -3.2 | 0.8 | - |
Reference
FY 2021 (Forecast) |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
All industries including Financial institutions and Business consultants & pure holding companies | 4.1 | -3.2 | 1.0 | - |
- * Excludes software and R&D investment.
Software, R&D, and Fixed Investment excluding Land Purchasing Expenses
Large Enterprises
FY 2021 (Forecast) |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 6.3 | -2.7 | 5.7 | - |
Nonmanufacturing | 6.0 | -4.0 | 0.6 | - |
All industries | 6.2 | -3.3 | 3.4 | - |
Medium-sized Enterprises
FY 2021 (Forecast) |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 7.6 | -4.2 | 17.7 | - |
Nonmanufacturing | -3.7 | -4.3 | 6.1 | - |
All industries | 0.8 | -4.3 | 11.0 | - |
Small Enterprises
FY 2021 (Forecast) |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 7.6 | -3.5 | 3.3 | - |
Nonmanufacturing | 2.2 | -0.7 | -13.2 | - |
All industries | 4.2 | -1.8 | -6.7 | - |
All Enterprises
FY 2021 (Forecast) |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 6.5 | -3.0 | 6.8 | - |
Nonmanufacturing | 3.7 | -3.6 | -0.7 | - |
All industries | 5.2 | -3.3 | 3.2 | - |
Reference
FY 2021 (Forecast) |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
All industries including Financial institutions and Business consultants & pure holding companies | 4.8 | -3.5 | 3.5 | - |
Production Capacity (Manufacturing)
Dec. 2021 Survey |
March 2022 Survey |
Change between Dec. and March |
June 2022 Survey (Forecast) |
Change between March and June | |
---|---|---|---|---|---|
Large Enterprises | 0 | -2 | -2 | -2 | 0 |
Medium-sized Enterprises | 1 | 0 | -1 | 0 | 0 |
Small Enterprises | 2 | 2 | 0 | -1 | -3 |
All Enterprises | 1 | 0 | -1 | 0 | 0 |
Employment Conditions (All industries)
Dec. 2021 Survey |
March 2022 Survey |
Change between Dec. and March |
June 2022 Survey (Forecast) |
Change between March and June | |
---|---|---|---|---|---|
Large Enterprises | -12 | -14 | -2 | -16 | -2 |
Medium-sized Enterprises | -20 | -23 | -3 | -24 | -1 |
Small Enterprises | -26 | -28 | -2 | -31 | -3 |
All Enterprises | -22 | -24 | -2 | -26 | -2 |
Financial Position (All industries)
Dec. 2021 Survey |
March 2022 Survey |
Change between Dec. and March | |
---|---|---|---|
Large Enterprises | 16 | 15 | -1 |
Medium-sized Enterprises | 15 | 13 | -2 |
Small Enterprises | 8 | 6 | -2 |
All Enterprises | 12 | 10 | -2 |
Lending Attitude of Financial institutions (All industries)
Dec. 2021 Survey |
March 2022 Survey |
Change between Dec. and March | |
---|---|---|---|
Large Enterprises | 18 | 16 | -2 |
Medium-sized Enterprises | 21 | 20 | -1 |
Small Enterprises | 18 | 17 | -1 |
All Enterprises | 19 | 17 | -2 |
Change in Interest Rate on Loans (All industries)
Dec. 2021 Survey |
March 2022 Survey |
Change between Dec. and March |
June 2022 Survey (Forecast) |
Change between March and June | |
---|---|---|---|---|---|
Large Enterprises | 1 | 7 | +6 | 11 | +4 |
Medium-sized Enterprises | 0 | 3 | +3 | 12 | +9 |
Small Enterprises | 0 | 2 | +2 | 10 | +8 |
All Enterprises | 0 | 3 | +3 | 11 | +8 |
Conditions for CP Issuance (All industries) (Based on CP-Issuing Enterprises)
Dec. 2021 Survey |
March 2022 Survey |
Change between Dec. and March | |
---|---|---|---|
Large Enterprises | 28 | 25 | -3 |
Inflation Outlook of Enterprises
(Reference) The Average of Enterprises' Inflation Outlook
Output Prices
Dec. 2021 Survey |
March 2022 Survey |
Change between Dec. and March | ||
---|---|---|---|---|
Manufacturing | 1 year ahead | 1.1 | 1.9 | +0.8 |
3 years ahead | 0.7 | 1.8 | +1.1 | |
5 years ahead | 0.8 | 1.7 | +0.9 | |
Nonmanufacturing | 1 year ahead | 0.7 | 1.1 | +0.4 |
3 years ahead | 1.1 | 1.6 | +0.5 | |
5 years ahead | 1.7 | 2.2 | +0.5 |
Dec. 2021 Survey |
March 2022 Survey |
Change between Dec. and March | ||
---|---|---|---|---|
Manufacturing | 1 year ahead | 2.0 | 2.9 | +0.9 |
3 years ahead | 2.5 | 3.6 | +1.1 | |
5 years ahead | 3.0 | 4.0 | +1.0 | |
Nonmanufacturing | 1 year ahead | 1.2 | 2.2 | +1.0 |
3 years ahead | 2.0 | 3.0 | +1.0 | |
5 years ahead | 2.7 | 3.6 | +0.9 |
Dec. 2021 Survey |
March 2022 Survey |
Change between Dec. and March | ||
---|---|---|---|---|
All industries | 1 year ahead | 1.2 | 2.1 | +0.9 |
3 years ahead | 1.7 | 2.7 | +1.0 | |
5 years ahead | 2.3 | 3.2 | +0.9 |
General Prices
Dec. 2021 Survey |
March 2022 Survey |
Change between Dec. and March | ||
---|---|---|---|---|
Manufacturing | 1 year ahead | 0.8 | 1.5 | +0.7 |
3 years ahead | 0.9 | 1.2 | +0.3 | |
5 years ahead | 1.0 | 1.1 | +0.1 | |
Nonmanufacturing | 1 year ahead | 0.6 | 1.2 | +0.6 |
3 years ahead | 0.7 | 1.1 | +0.4 | |
5 years ahead | 0.8 | 1.1 | +0.3 |
Dec. 2021 Survey |
March 2022 Survey |
Change between Dec. and March | ||
---|---|---|---|---|
Manufacturing | 1 year ahead | 1.5 | 2.2 | +0.7 |
3 years ahead | 1.5 | 1.9 | +0.4 | |
5 years ahead | 1.6 | 1.9 | +0.3 | |
Nonmanufacturing | 1 year ahead | 1.3 | 2.0 | +0.7 |
3 years ahead | 1.4 | 1.8 | +0.4 | |
5 years ahead | 1.5 | 1.8 | +0.3 |
Dec. 2021 Survey |
March 2022 Survey |
Change between Dec. and March | ||
---|---|---|---|---|
All industries | 1 year ahead | 1.1 | 1.8 | +0.7 |
3 years ahead | 1.3 | 1.6 | +0.3 | |
5 years ahead | 1.4 | 1.6 | +0.2 |
Overseas Business Activities
Number of Sample Enterprises
Enterprises | (Response rate) | ||
---|---|---|---|
Manufacturing | 396 | ( 50.3%) | |
Manufacturing | Basic materials | 143 | ( 50.3%) |
Processing | 253 | ( 50.2%) | |
Nonmanufacturing | 192 | ( 45.8%) | |
All industries | 588 | ( 48.8%) |
[Responding Period: February 24 to March 31]
Consolidated Sales / Overseas Sales / Share of Overseas Sales in Total Sales
Consolidated Sales | Overseas Sales | Share of Overseas Sales in Total Sales | ||||
---|---|---|---|---|---|---|
FY 2021 (Forecast) |
FY 2022 (Forecast) |
FY 2021 (Forecast) |
FY 2022 (Forecast) |
FY 2021 (Forecast) |
FY 2022 (Forecast) | |
Manufacturing | 12.8 | 2.1 | 12.5 | 2.0 | 50.85 | 50.79 |
Nonmanufacturing | 4.7 | 1.1 | 11.8 | 4.6 | 20.93 | 21.64 |
All industries | 9.2 | 1.7 | 12.3 | 2.6 | 37.92 | 38.26 |
Consolidated Current Profits
FY 2021 (Forecast) |
FY 2022 (Forecast) | |
---|---|---|
Manufacturing | 41.7 | 0.1 |
Nonmanufacturing | 76.1 | -0.7 |
All industries | 53.4 | -0.2 |
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 2021 (Forecast) |
FY 2022 (Forecast) |
FY 2021 (Forecast) |
FY 2022 (Forecast) |
FY 2021 (Forecast) |
FY 2022 (Forecast) | |
Manufacturing | 13.0 | 5.3 | 15.6 | 2.8 | 36.87 | 35.97 |
Nonmanufacturing | 0.9 | 2.9 | 24.3 | 11.7 | 14.15 | 15.37 |
All industries | 6.4 | 4.1 | 18.0 | 5.4 | 25.12 | 25.43 |