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Business and Investment Survey of Incorporated Enterprises:March 2004

26th April 2004
Economic and Social Research Institute, Cabinet Office

This survey was conducted on March 10, using a sample of 4,510 companies capitalized at 100 million yen or more, of which 88.3 percent responded.

(Table 1) BSI on domestic economic conditions on an all-Industry basis
 (Seasonally adjusted ;%)
               BSI
      (A) (B) (C) (D)
1984 Apr.-Jun. 38 59 3 35
   Jul.-Sep. 37 58 5 32
   Oct.-Dec. 35 63 2 33
1985 Jan.-Mar. 28 72 0 28
   Apr.-Jun. 21 74 5 16
   Jul.-Sep. 12 77 11 1
   Oct.-Dec. 5 71 24 -19
1986 Jan.-Mar. 5 58 37 -32
   Apr.-Jun. 4 53 43 -39
   Jul.-Sep. 3 48 49 -46
   Oct.-Dec. 2 54 44 -42
1987 Jan.-Mar. 4 61 35 -31
   Apr.-Jun. 7 74 19 -12
   Jul.-Sep. 27 65 8 19
   Oct.-Dec. 37 59 4 33
1988 Jan.-Mar. 46 53 1 45
   Apr.-Jun. 44 54 2 42
   Jul.-Sep. 35 60 5 30
   Oct.-Dec. 34 65 1 33
1989 Jan.-Mar. 32 68 0 32
   Apr.-Jun. 26 69 5 21
   Jul.-Sep. 24 70 6 18
   Oct.-Dec. 28 72 0 28
1990 Jan.-Mar. 21 79 0 21
   Apr.-Jun. 16 78 6 10
   Jul.-Sep. 13 79 8 5
   Oct.-Dec. 8 83 9 -1
1991 Jan.-Mar. 7 78 15 -8
   Apr.-Jun. 6 74 20 -14
   Jul.-Sep. 3 71 26 -23
   Oct.-Dec. 2 47 51 -49
1992 Jan.-Mar. 2 33 65 -63
   Apr.-Jun. 1 42 57 -56
   Jul.-Sep. 0 37 63 -63
   Oct.-Dec. 1 48 51 -50
1993 Jan.-Mar. 2 48 50 -48
   Apr.-Jun. 6 67 27 -21
   Jul.-Sep. 0 61 39 -39
   Oct.-Dec. 1 52 47 -46
1994 Jan.-Mar. 3 75 22 -19
   Apr.-Jun. 7 78 15 -8
   Jul.-Sep. 22 72 6 16
   Oct.-Dec. 25 73 2 23
1995 Jan.-Mar. 13 76 11 2
   Apr.-Jun. 8 75 17 -9
   Jul.-Sep. 5 81 14 -9
   Oct.-Dec. 9 86 5 4
1996 Jan.-Mar. 17 80 3 14
   Apr.-Jun. 23 72 5 18
   Jul.-Sep. 12 84 4 8
   Oct.-Dec. 13 84 3 10
1997 Jan.-Mar. 15 79 6 9
   Apr.-Jun. 6 71 23 -17
   Jul.-Sep. 6 82 12 -6
   Oct.-Dec. 2 48 50 -48
1998 Jan.-Mar. 1 49 50 -49
   Apr.-Jun. 0 42 58 -58
   Jul.-Sep. 0 38 62 -62
   Oct.-Dec. 2 57 41 -39
1999 Jan.-Mar. 3 72 25 -22
   Apr.-Jun. 6 80 14 -8
   Jul.-Sep. 12 82 6 6
   Oct.-Dec. 13 81 6 7
2000 Jan.-Mar. 11 85 4 7
   Apr.-Jun. 15 78 7 8
   Jul.-Sep. 18 79 3 15
   Oct.-Dec. 10 81 9 1
2001 Jan.-Mar. 3 62 35 -32
   Apr.-Jun. 1 56 43 -42
   Jul.-Sep. 0 39 61 -61
   Oct.-Dec. 1 40 59 -58
2002 Jan.-Mar. 2 59 39 -37
   Apr.-Jun. 7 73 20 -13
   Jul.-Sep. 2 73 25 -23
   Oct.-Dec. 3 70 27 -24
2003 Jan.-Mar. 1 68 31 -30
   Apr.-Jun. 3 75 22 -19
   Jul.-Sep. 15 77 8 7
   Oct.-Dec. 22 74 4 18
2004 Jan.-Mar. 30 69 1 29
   Apr.-Jun.(E) 26 67 7 19
   Jul.-Sep.(E) 24 72 4 20

   (Note)
(A) The percentage of companies saying that domestic economic conditions are rising compared with the previous quarter.
(B) The percentage of companies saying that domestic economic conditions are unchanged.
(C) The percentage of companies saying that domestic economic conditions are declining compered with the previos quarter.
(D) (D)=(A)-(C) , BSI : Business Survey Index .
(E) Companies answered economic conditions of next two consecutive quarters.Thus the BSI figures of Apr.-Jun. and Jul.-Sep. of 2004 are outlook.

(Table 2) Capital spending plan for FY2004
 (100 million yen,%)
   FY2002 FY2003 FY2004 FY2002 FY2003 FY2004
   (Actual) (Preliminary) (Plan) (Actual) (Preliminary) (Plan)
All Industries 375,247 388,530 369,471 -8.5 3.5 -4.9
Manufacturing 107,204 111,658 114,747 -19.2 -4.2 2.8
Basic materials 30,087 31,208 30,015 -26.2 3.7 -3.8
Textiles 1,468 1,162 1,154 -25.0 -20.9 -0.6
Paper and paper products 2,415 2,211 1,981 -25.1 -8.5 -10.4
Chemicals and chemical products 13,515 13,639 13,367 -18.2 0.9 -2.0
Petroleum and coal products 1,384 1,125 1,210 -24.2 -18.7 7.6
Rubber and leather products 468 721 733 -33.6 54.0 1.7
Nonmetallic mineral products 3,468 3,650 3,521 -23.0 5.2 -3.5
Iron and steel 4,387 4,787 3,942 -29.8 9.1 -17.6
Non-ferrous metals 2,981 3,913 4,106 -48.4 31.3 4.9
Processing 77,117 80,450 84,732 -16.1 4.3 5.3
Food and beverages 12,324 9,761 8,519 7.4 -20.8 -12.7
Fabricated metal products 3,183 2,555 2,866 -5.3 -19.7 12.2
General machinery 4,650 4,780 4,862 -32.5 2.8 1.7
Electrical machinery 23,404 27,094 29,966 -27.8 15.8 10.6
Automobiles 14,682 17,392 17,715 -1.6 18.5 1.9
Other transport equipment 968 852 1,140 -33.8 -12.0 33.9
Precision Instruments 3,159 2,849 3,190 -14.3 -9.8 12.0
Other manufacturing 14,746 15,168 16,474 -16.9 2.9 8.6
Non-manufacturing 268,042 276,873 254,724 -3.3 3.3 -8.0
Agriculture,forestry and fishing 167 215 178 41.6 28.9 -17.2
Mining 708 750 730 -8.0 6.0 -2.7
Construction 4,087 3,377 2,064 22.4 -17.4 -38.9
Wholesaling 10,549 11,900 9,625 -8.5 12.8 -19.1
Retail trade,and eating and drinking 16,113 18,808 17,978 15.9 16.7 -4.4
Finance and Insurance 19,082 23,873 26,388 -5.3 25.1 10.5
Real estate 24,678 19,462 15,471 30.0 -21.1 -20.5
Transportation 24,350 24,670 23,262 16.3 1.3 -5.7
Communications 25,062 20,833 19,889 -10.7 -16.9 -4.5
Electric and gas utilities 25,812 25,153 23,547 -24.6 -2.6 -6.4
Services 32,437 38,807 27,860 -12.8 19.6 -28.2
Leasing 84,998 89,024 87,730 -3.5 4.7 -1.5


(Table 3) Capital spending on a half-year basis
(100 million yen,%)
      All Industries Manufacturing Non-manufacturing All Industries Manufacturing Non-manufacturing
FY1984 Apr.-Sep. 103,856 47,683 56,173 - - -
   Oct.-Mar. 115,424 51,186 64,237 - - -
FY1985 Apr.-Sep. 123,728 53,103 70,625 19.1 11.4 25.7
   Oct.-Mar. 129,083 53,620 75,463 11.8 4.8 17.5
FY1986 Apr.-Sep. 123,466 51,370 72,096 -0.2 -3.3 2.1
   Oct.-Mar. 131,275 47,057 84,219 1.7 -12.2 11.6
FY1987 Apr.-Sep. 128,628 48,538 80,090 4.2 -5.5 11.1
   Oct.-Mar. 153,152 56,574 96,578 16.7 20.2 14.7
FY1988 Apr.-Sep. 160,738 62,614 98,124 25.0 29.0 22.5
   Oct.-Mar. 196,233 75,606 120,626 28.1 33.6 24.9
FY1989 Apr.-Sep. 196,649 78,898 117,751 22.3 26.0 20.0
   Oct.-Mar. 236,103 89,611 146,492 20.3 18.5 21.4
FY1990 Apr.-Sep. 233,893 96,682 137,211 18.9 22.5 16.5
   Oct.-Mar. 254,659 102,996 151,663 7.9 14.9 3.5
FY1991 Apr.-Sep. 250,402 102,636 147,766 7.1 6.2 7.7
   Oct.-Mar. 266,047 103,649 162,398 4.5 0.6 7.1
FY1992 Apr.-Sep. 242,000 92,361 149,639 -3.4 -10.0 1.3
   Oct.-Mar. 247,844 86,480 161,363 -6.8 -16.6 -0.6
FY1993 Apr.-Sep. 209,342 70,704 138,639 -13.5 -23.4 -7.4
   Oct.-Mar. 223,722 72,957 150,765 -9.7 -15.6 -6.6
FY1994 Apr.-Sep. 200,748 61,232 139,516 -4.1 -13.4 0.6
   Oct.-Mar. 207,472 61,704 145,769 -7.3 -15.4 -3.3
FY1995 Apr.-Sep. 196,564 64,272 132,291 -2.1 5.0 -5.2
   Oct.-Mar. 218,970 69,197 149,774 5.5 12.1 2.7
FY1996 Apr.-Sep. 210,427 69,908 140,519 7.1 8.8 6.2
   Oct.-Mar. 237,700 77,991 159,709 8.6 12.7 6.6
FY1997 Apr.-Sep. 219,677 75,670 144,006 4.4 8.2 2.5
   Oct.-Mar. 231,289 83,503 147,786 -2.7 7.1 -7.5
FY1998 Apr.-Sep. 211,398 74,109 137,289 -3.8 -2.1 -4.7
   Oct.-Mar. 215,576 75,047 140,529 -6.8 -10.1 -4.9
FY1999 Apr.-Sep. 198,977 67,205 131,772 -5.9 -9.3 -4.0
   Oct.-Mar. 221,263 69,595 151,668 2.6 -7.3 7.9
FY2000 Apr.-Sep. 197,935 68,733 129,201 -0.5 2.3 -2.0
   Oct.-Mar. 233,046 78,571 154,475 5.3 12.9 1.9
FY2001 Apr.-Sep. 197,408 67,961 129,447 -0.3 -1.1 0.2
   Oct.-Mar. 212,563 64,746 147,817 -8.8 -17.6 -4.3
FY2002 Apr.-Sep. 171,761 54,056 117,705 -13.0 -20.5 -9.1
   Oct.-Mar. 203,485 53,148 150,337 -4.3 -17.9 1.7
FY2003 Apr.-Sep. 174,259 50,810 123,449 1.5 -6.0 4.9
   Oct.-Mar. 214,271 60,847 153,423 5.3 14.5 2.1
FY2004 Apr.-Sep. 176,235 57,791 118,444 1.1 13.7 -4.1
   Oct.-Mar. 193,237 56,956 136,281 -9.8 -6.4 -11.2

Contact

For further details
Please contact the Department of Business Statistics, Economic and Social Research Institute, Cabinet Office.
Cabinet Office, Government of JapanEconomic and Social Research Institute
1-6-1 Nagata-cho, Chiyoda-ku, Tokyo 100-8914, Japan.