Tankan Outline (December 2022)
December 14, 2022
Bank of Japan
Research and Statistics Department
Number of Sample Enterprises
Manufacturing | Nonmanufacturing | Total | (Response rate) | ||
---|---|---|---|---|---|
All Enterprises | 3,793 | 5,442 | 9,235 | ( 99.4%) | |
All Enterprises | of which Large Enterprises | 959 | 856 | 1,815 | ( 99.5%) |
Medium-sized Enterprises | 1,006 | 1,568 | 2,574 | ( 99.4%) | |
Small Enterprises | 1,828 | 3,018 | 4,846 | ( 99.4%) |
[Responding Period: November 10 to December 13]
Memo: Average of predicted exchange rates of all enterprises for overall businesses
June 2022 Survey | Sept. 2022 Survey | Dec. 2022 Survey | ||
---|---|---|---|---|
FY 2021 | 111.23 | - | - | |
FY 2021 | 1H | 109.33 | - | - |
2H | 113.13 | - | - | |
FY 2022 | 118.96 | 125.71 | 130.75 | |
FY 2022 | 1H | 118.79 | 124.98 | 129.19 |
2H | 119.12 | 126.43 | 132.31 |
June 2022 Survey | Sept. 2022 Survey | Dec. 2022 Survey | ||
---|---|---|---|---|
FY 2021 | 128.85 | - | - | |
FY 2021 | 1H | 128.36 | - | - |
2H | 129.33 | - | - | |
FY 2022 | 131.60 | 134.15 | 136.51 | |
FY 2022 | 1H | 131.55 | 134.01 | 136.09 |
2H | 131.65 | 134.29 | 136.93 |
Business Conditions
Large Enterprises
Sept. 2022 Survey |
Dec. 2022 Survey |
Change between Sept. and Dec. |
March 2023 Survey (Forecast) |
Change between Dec. and March | |
---|---|---|---|---|---|
Manufacturing | ( 9) | ||||
8 | 7 | -1 | 6 | -1 | |
Nonmanufacturing | ( 11) | ||||
14 | 19 | +5 | 11 | -8 |
Medium-sized Enterprises
Sept. 2022 Survey |
Dec. 2022 Survey |
Change between Sept. and Dec. |
March 2023 Survey (Forecast) |
Change between Dec. and March | |
---|---|---|---|---|---|
Manufacturing | ( -4) | ||||
0 | 1 | +1 | -2 | -3 | |
Nonmanufacturing | ( 2) | ||||
7 | 11 | +4 | 6 | -5 |
Small Enterprises
Sept. 2022 Survey |
Dec. 2022 Survey |
Change between Sept. and Dec. |
March 2023 Survey (Forecast) |
Change between Dec. and March | |
---|---|---|---|---|---|
Manufacturing | ( -5) | ||||
-4 | -2 | +2 | -5 | -3 | |
Nonmanufacturing | ( -3) | ||||
2 | 6 | +4 | -1 | -7 |
All Enterprises
Sept. 2022 Survey |
Dec. 2022 Survey |
Change between Sept. and Dec. |
March 2023 Survey (Forecast) |
Change between Dec. and March | |
---|---|---|---|---|---|
All industries | ( 1) | ||||
3 | 6 | +3 | 1 | -5 |
(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
Sept. 2022 Survey |
Dec. 2022 Survey |
Change between Sept. and Dec. |
March 2023 Survey (Forecast) |
Change between Dec. and March | |
---|---|---|---|---|---|
Large Enterprises | 0 | 0 | 0 | -2 | -2 |
Small Enterprises | -10 | -12 | -2 | -12 | 0 |
Overseas Supply & Demand Conditions for Products
Sept. 2022 Survey |
Dec. 2022 Survey |
Change between Sept. and Dec. |
March 2023 Survey (Forecast) |
Change between Dec. and March | |
---|---|---|---|---|---|
Large Enterprises | 8 | 3 | -5 | 2 | -1 |
Small Enterprises | -3 | -6 | -3 | -8 | -2 |
Inventory Level of Finished Goods & Merchandise
Sept. 2022 Survey |
Dec. 2022 Survey |
Change between Sept. and Dec. |
March 2023 Survey (Forecast) |
Change between Dec. and March | |
---|---|---|---|---|---|
Large Enterprises | 10 | 16 | +6 | - | - |
Small Enterprises | 12 | 14 | +2 | - | - |
Wholesalers' Inventory Level
Sept. 2022 Survey |
Dec. 2022 Survey |
Change between Sept. and Dec. |
March 2023 Survey (Forecast) |
Change between Dec. and March | |
---|---|---|---|---|---|
Large Enterprises | 1 | 3 | +2 | - | - |
Small Enterprises | 7 | 9 | +2 | - | - |
Change in Output Prices
Sept. 2022 Survey |
Dec. 2022 Survey |
Change between Sept. and Dec. |
March 2023 Survey (Forecast) |
Change between Dec. and March | |
---|---|---|---|---|---|
Large Enterprises | 36 | 41 | +5 | 34 | -7 |
Small Enterprises | 37 | 38 | +1 | 41 | +3 |
Change in Input Prices
Sept. 2022 Survey |
Dec. 2022 Survey |
Change between Sept. and Dec. |
March 2023 Survey (Forecast) |
Change between Dec. and March | |
---|---|---|---|---|---|
Large Enterprises | 65 | 66 | +1 | 56 | -10 |
Small Enterprises | 77 | 76 | -1 | 70 | -6 |
Sales
Large Enterprises
FY 2021 |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 10.2 | - | 11.3 | +2.6 |
Nonmanufacturing | 2.6 | - | 9.6 | +2.5 |
Medium-sized Enterprises
FY 2021 |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 9.5 | - | 8.6 | +0.1 |
Nonmanufacturing | -1.8 | - | 5.5 | +0.8 |
Small Enterprises
FY 2021 |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 7.6 | - | 4.2 | +0.6 |
Nonmanufacturing | 3.0 | - | 3.5 | +0.6 |
All Enterprises
FY 2021 |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
All industries | 4.3 | - | 7.7 | +1.6 |
(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 | +9.5 |
Nonmanufacturing | 44.4 | - | 16.3 | +5.5 |
Medium-sized Enterprises
FY 2021 |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 37.3 | - | -1.2 | +2.5 |
Nonmanufacturing | 31.6 | - | 6.0 | +4.4 |
Small Enterprises
FY 2021 |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 45.0 | - | -11.6 | +0.3 |
Nonmanufacturing | 21.8 | - | -2.6 | +4.1 |
All Enterprises
FY 2021 |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
All industries | 42.7 | - | 7.5 | +6.3 |
Ratio of Current Profit to Sales
Large Enterprises
FY 2021 |
Changes | FY 2022 (Forecast) |
Changes | |
---|---|---|---|---|
Manufacturing | 10.48 | - | 10.20 | +0.64 |
Nonmanufacturing | 6.31 | - | 6.70 | +0.19 |
Medium-sized Enterprises
FY 2021 |
Changes | FY 2022 (Forecast) |
Changes | |
---|---|---|---|---|
Manufacturing | 6.21 | - | 5.65 | +0.13 |
Nonmanufacturing | 3.73 | - | 3.75 | +0.13 |
Small Enterprises
FY 2021 |
Changes | FY 2022 (Forecast) |
Changes | |
---|---|---|---|---|
Manufacturing | 4.87 | - | 4.13 | -0.01 |
Nonmanufacturing | 3.70 | - | 3.48 | +0.11 |
All Enterprises
FY 2021 |
Changes | FY 2022 (Forecast) |
Changes | |
---|---|---|---|---|
All industries | 6.22 | - | 6.21 | +0.28 |
Fixed Investment including Land Purchasing Expenses*
Large Enterprises
FY 2021 |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | -0.5 | - | 21.1 | -0.7 |
Nonmanufacturing | -3.3 | - | 18.0 | -2.6 |
All industries | -2.3 | - | 19.2 | -1.9 |
Medium-sized Enterprises
FY 2021 |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 2.0 | - | 27.1 | -3.3 |
Nonmanufacturing | -4.6 | - | 3.1 | -0.1 |
All industries | -2.3 | - | 11.8 | -1.5 |
Small Enterprises
FY 2021 |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 6.8 | - | 11.0 | +2.3 |
Nonmanufacturing | 5.9 | - | 0.1 | +2.5 |
All industries | 6.2 | - | 3.8 | +2.4 |
All Enterprises
FY 2021 |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 1.1 | - | 20.3 | -0.7 |
Nonmanufacturing | -1.9 | - | 12.1 | -1.4 |
All industries | -0.8 | - | 15.1 | -1.1 |
Reference
FY 2021 |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
All industries including Financial institutions and Business consultants & pure holding companies | -1.4 | - | 15.1 | -1.1 |
- * 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 | - | 15.1 | +0.5 |
Nonmanufacturing | -0.4 | - | 16.6 | -1.6 |
All industries | 1.1 | - | 15.7 | -0.4 |
Medium-sized Enterprises
FY 2021 |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 3.5 | - | 23.2 | -2.7 |
Nonmanufacturing | -6.2 | - | 7.6 | -1.5 |
All industries | -2.3 | - | 14.3 | -2.0 |
Small Enterprises
FY 2021 |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 6.7 | - | 11.3 | +1.3 |
Nonmanufacturing | 4.1 | - | 3.7 | +0.5 |
All industries | 5.1 | - | 6.6 | +0.8 |
All Enterprises
FY 2021 |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
Manufacturing | 2.9 | - | 15.6 | +0.2 |
Nonmanufacturing | -0.7 | - | 12.9 | -1.3 |
All industries | 1.2 | - | 14.3 | -0.5 |
Reference
FY 2021 |
Revision rate |
FY 2022 (Forecast) |
Revision rate | |
---|---|---|---|---|
All industries including Financial institutions and Business consultants & pure holding companies | 0.9 | - | 14.6 | -0.5 |
Production Capacity (Manufacturing)
Sept. 2022 Survey |
Dec. 2022 Survey |
Change between Sept. and Dec. |
March 2023 Survey (Forecast) |
Change between Dec. and March | |
---|---|---|---|---|---|
Large Enterprises | 0 | 1 | +1 | 0 | -1 |
Medium-sized Enterprises | -1 | 1 | +2 | 1 | 0 |
Small Enterprises | 1 | 0 | -1 | -2 | -2 |
All Enterprises | 0 | 1 | +1 | -1 | -2 |
Employment Conditions (All industries)
Sept. 2022 Survey |
Dec. 2022 Survey |
Change between Sept. and Dec. |
March 2023 Survey (Forecast) |
Change between Dec. and March | |
---|---|---|---|---|---|
Large Enterprises | -17 | -21 | -4 | -22 | -1 |
Medium-sized Enterprises | -27 | -30 | -3 | -31 | -1 |
Small Enterprises | -32 | -34 | -2 | -37 | -3 |
All Enterprises | -28 | -31 | -3 | -33 | -2 |
Financial Position (All industries)
Sept. 2022 Survey |
Dec. 2022 Survey |
Change between Sept. and Dec. | |
---|---|---|---|
Large Enterprises | 13 | 12 | -1 |
Medium-sized Enterprises | 14 | 13 | -1 |
Small Enterprises | 8 | 8 | 0 |
All Enterprises | 11 | 10 | -1 |
Lending Attitude of Financial institutions (All industries)
Sept. 2022 Survey |
Dec. 2022 Survey |
Change between Sept. and Dec. | |
---|---|---|---|
Large Enterprises | 15 | 14 | -1 |
Medium-sized Enterprises | 20 | 19 | -1 |
Small Enterprises | 17 | 16 | -1 |
All Enterprises | 17 | 16 | -1 |
Change in Interest Rate on Loans (All industries)
Sept. 2022 Survey |
Dec. 2022 Survey |
Change between Sept. and Dec. |
March 2023 Survey (Forecast) |
Change between Dec. and March | |
---|---|---|---|---|---|
Large Enterprises | 11 | 12 | +1 | 18 | +6 |
Medium-sized Enterprises | 7 | 6 | -1 | 16 | +10 |
Small Enterprises | 4 | 6 | +2 | 15 | +9 |
All Enterprises | 6 | 8 | +2 | 15 | +7 |
Conditions for CP Issuance (All industries) (Based on CP-Issuing Enterprises)
Sept. 2022 Survey |
Dec. 2022 Survey |
Change between Sept. and Dec. | |
---|---|---|---|
Large Enterprises | 15 | 14 | -1 |
Inflation Outlook of Enterprises
(Reference) The Average of Enterprises' Inflation Outlook
Output Prices
Sept. 2022 Survey |
Dec. 2022 Survey |
Change between Sept. and Dec. | ||
---|---|---|---|---|
Manufacturing | 1 year ahead | 3.2 | 3.0 | -0.2 |
3 years ahead | 3.1 | 3.0 | -0.1 | |
5 years ahead | 3.2 | 3.1 | -0.1 | |
Nonmanufacturing | 1 year ahead | 1.9 | 2.1 | +0.2 |
3 years ahead | 2.4 | 2.6 | +0.2 | |
5 years ahead | 2.8 | 2.9 | +0.1 |
Sept. 2022 Survey |
Dec. 2022 Survey |
Change between Sept. and Dec. | ||
---|---|---|---|---|
Manufacturing | 1 year ahead | 4.4 | 4.3 | -0.1 |
3 years ahead | 5.1 | 4.7 | -0.4 | |
5 years ahead | 5.5 | 5.1 | -0.4 | |
Nonmanufacturing | 1 year ahead | 3.2 | 3.2 | 0.0 |
3 years ahead | 4.0 | 4.0 | 0.0 | |
5 years ahead | 4.6 | 4.6 | 0.0 |
Sept. 2022 Survey |
Dec. 2022 Survey |
Change between Sept. and Dec. | ||
---|---|---|---|---|
All industries | 1 year ahead | 3.1 | 3.2 | +0.1 |
3 years ahead | 3.8 | 3.8 | 0.0 | |
5 years ahead | 4.2 | 4.3 | +0.1 |
General Prices
Sept. 2022 Survey |
Dec. 2022 Survey |
Change between Sept. and Dec. | ||
---|---|---|---|---|
Manufacturing | 1 year ahead | 2.2 | 2.3 | +0.1 |
3 years ahead | 1.6 | 1.7 | +0.1 | |
5 years ahead | 1.4 | 1.6 | +0.2 | |
Nonmanufacturing | 1 year ahead | 1.8 | 2.0 | +0.2 |
3 years ahead | 1.4 | 1.5 | +0.1 | |
5 years ahead | 1.3 | 1.4 | +0.1 |
Sept. 2022 Survey |
Dec. 2022 Survey |
Change between Sept. and Dec. | ||
---|---|---|---|---|
Manufacturing | 1 year ahead | 3.0 | 3.1 | +0.1 |
3 years ahead | 2.5 | 2.5 | 0.0 | |
5 years ahead | 2.3 | 2.4 | +0.1 | |
Nonmanufacturing | 1 year ahead | 2.7 | 2.8 | +0.1 |
3 years ahead | 2.3 | 2.4 | +0.1 | |
5 years ahead | 2.2 | 2.2 | 0.0 |
Sept. 2022 Survey |
Dec. 2022 Survey |
Change between Sept. and Dec. | ||
---|---|---|---|---|
All industries | 1 year ahead | 2.6 | 2.7 | +0.1 |
3 years ahead | 2.1 | 2.2 | +0.1 | |
5 years ahead | 2.0 | 2.0 | 0.0 |
Overseas Business Activities
Number of Sample Enterprises
Enterprises | (Response rate) | ||
---|---|---|---|
Manufacturing | 396 | ( 98.7%) | |
Manufacturing | Basic materials | 143 | ( 98.6%) |
Processing | 253 | ( 98.8%) | |
Nonmanufacturing | 187 | ( 89.3%) | |
All industries | 583 | ( 95.7%) |
[Responding Period: November 10 to December 13]
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 | 15.1 | 21.4 | 11.5 | 57.20 | 55.43 |
Nonmanufacturing | 11.4 | 9.8 | 26.8 | 13.9 | 24.38 | 25.28 |
All industries | 13.1 | 12.8 | 22.7 | 12.1 | 42.66 | 42.41 |
Consolidated Current Profits
FY 2021 |
FY 2022 (Forecast) | |
---|---|---|
Manufacturing | 53.7 | 1.6 |
Nonmanufacturing | 88.9 | 11.5 |
All industries | 65.7 | 5.5 |
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 | 24.6 | 9.2 | 20.9 | 37.12 | 36.02 |
Nonmanufacturing | -2.2 | 14.4 | 29.1 | 11.0 | 15.21 | 14.76 |
All industries | 1.5 | 19.2 | 14.7 | 17.8 | 25.66 | 25.35 |