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Indicator Digest

Business Confidence
Business Confidence measures the mood of domestic firms, usually using surveys that ask questions about their current conditions, and future expectations. By measuring businesses' optimism/pessimism economists get clues as to the future levels of sales, hiring and investment by these companies, and the overall economy.

Main Indicator: Eco Watchers Survey

Most Recent Release

June
8th, 2009
Actual Forecast Previous Revised Form
36.7 34.0 34.2 N/A

For May
Provided by: Economy Watchers

Outlook: 43.3, pr. 39.7 (Apr), 35 (Mar), 26.5 (Feb), 22.1 (Jan),
17.6 (Dec), 24.7 (Nov), 25.2 (Oct), 32.1 (Sep), 32.0 (Aug),
30.8 (Jul)

Next Release Date: July 08th 2009, 1:00 EST

Table of Past Data

9/810/811/1112/81/132/93/94/85/136/8
Actual28.328.022.621.015.917.119.428.434.236.7
Forecast29.727.827.420.020.413.317.320.930.134.0
Previous29.328.328.022.621.015.917.119.428.434.2
Revised FromN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A

Secondary Indicator: BSI Large Manufacturing q/q

Most Recent Release

June
21st, 2009
Actual Forecast Previous Revised Form
-13.2 -66.0 N/A

For 2st Quarter
Provided by: Ministry of Finance
Official Release: Data

BSI Large All Industry: -22.4, pr.  -51.3 (1Q), -35.7 (4Q), -10.2 (3Q),
-15.2 (2Q), -9.3% (1Q)

Table of Past Data

3/236/229/2312/233/226/21
Actual-12.9%-15.1-10.0-44.5-66.0-13.2
Forecast-17.0-17.0-12.0-47.3
Previous5.2-12.9-15.1-10.0-44.5-66.0
Revised FromN/AN/AN/AN/AN/AN/A

Past Releases

Eco Watchers Survey
May
13th, 2009
Actual Forecast Previous Revised Form
34.2 30.1 28.4 N/A

For April
Provided by: Economy Watchers

Outlook: 39.7, pr. 35 (Mar), 26.5 (Feb), 22.1 (Jan), 17.6 (Dec), 24.7 (Nov),
25.2 (Oct), 32.1 (Sep), 32.0 (Aug), 30.8 (Jul)

Confidence among merchants who closely deal with consumers, such as vendors, taxi drivers, and barbers, rose to a 12-month high in April. The Economy Watchers index climbed to 34.2 from 28.4 in March, which was the third biggest jump on record. The recent rally in global stocks and a 32% increase in the Nikkei 225 Stock Average since hitting a 26-year low on March 10th, has boosted consumer moods, though household spending is still tepid. The government has also pushed a record stimulus package which can help households become a bit more optimistic. The stimulus packages include handing out 12,000 yen in cash to each resident, lowering tolls on highways and giving tax rebates for fuel-efficient cars. Those factors were some of the ones cited for the increase in merchants moods. 

Eco Watchers Survey
April
8th, 2009
Actual Forecast Previous Revised Form
28.4 20.9 19.4 N/A
For March
Provided by: Economy Watchers

Outlook: 35, pr. 26.5 (Feb), 22.1 (Jan), 17.6 (Dec), 24.7 (Nov), 25.2 (Oct),
32.1 (Sep), 32.0 (Aug), 30.8 (Jul)
BSI Large Manufacturing q/q
March
22nd, 2009
Actual Forecast Previous Revised Form
-66.0 -47.3 -44.5 N/A

For 1st Quarter
Provided by: Ministry of Finance
Official Release: Data

BSI Large All Industry: -51.3, pr. -35.7 (4Q), -10.2 (3Q), -15.2 (2Q),
-9.3% (1Q)

Eco Watchers Survey
March
9th, 2009
Actual Forecast Previous Revised Form
19.4 17.3 17.1 N/A
For February
Provided by: Economy Watchers

Outlook: 26.5, pr. 22.1 (Jan), 17.6 (Dec), 24.7 (Nov), 25.2 (Oct), 32.1 (Sep),
32.0 (Aug), 30.8 (Jul)
Eco Watchers Survey
February
9th, 2009
Actual Forecast Previous Revised Form
17.1 13.3 15.9 N/A
For January
Provided by: Economy Watchers

Outlook: 22.1, pr. 17.6 (Dec), 24.7 (Nov), 25.2 (Oct), 32.1 (Sep), 32.0 (Aug),
30.8 (Jul)
Eco Watchers Survey
January
13th, 2009
Actual Forecast Previous Revised Form
15.9 20.4 21.0 N/A

For December
Provided by: Economy Watchers

Outlook: 17.6, pr. 24.7 (Nov), 25.2 (Oct), 32.1 (Sep), 32.0 (Aug),
30.8 (Jul)

The Eco Watchers survey, which measured business-cycle sensitive workers' sentiment of existing economic conditions fell to 15.9 down from 21 recorded in November. The index measures merchants such as barbers, taxi drivers, and others who deal with customers. The 15.9 reading was the lowest since the government started the report in August 2001. The outlook index plunged to 17.6 from 24.7. 

BSI Large Manufacturing q/q
December
23rd, 2008
Actual Forecast Previous Revised Form
-44.5 -12.0 -10.0 N/A

For 4th Quarter
Provided by: Ministry of Finance
Official Release: Data

BSI Large All Industry: -35.7, pr. -10.2 (3Q), -15.2 (2Q), -9.3% (1Q)

Confidence among Japanese manufacturers fell the most on record in the 4th quarter, as exports collapsed amid a deepening global recession. The BSI sentiment index fell to -44.5 this quarter compared with -10 in the 3rd quarter. Exports were down 26.7% on the year in November as demand from the US, Europe and even China plummeted. With the Japanese Yen appreciating strongly in the second half of the year as a result of the financial crisis, it means Japanese goods will be more expensive abroad further depressing export growth. Consumers and companies within Japan are cutting back on spending as well, as households save in the face of increasing unemployment and a recession. Companies are expected to scale back investment spending this year by 2.4% the survey showed which would make it the first time since the BSI survey began in June 2004.

Eco Watchers Survey
December
8th, 2008
Actual Forecast Previous Revised Form
21.0 20.0 22.6 N/A

For November
Provided by: Economy Watchers

Outlook:  24.7, pr. 25.2 (Oct), 32.1 (Sep), 32.0 (Aug), 30.8 (Jul)

The business sentiment survey for the service sector showed further weakening. Results for the Eco Watcher's Survey - one which asks taxi drivers, barbers, restaurant staff and such workers about their sentiments - came at record lows. The confidence level fell from 22.6 to 21.0 for the 8th straight month of decline. The outlook index also fell to 24.7 from 25.2. 

Eco Watchers Survey
November
11th, 2008
Actual Forecast Previous Revised Form
22.6 27.4 28.0 N/A

For October
Provided by: Economy Watchers

Outlook: 25.2, pr. 32.1 (Sep), 32.0 (Aug), 30.8 (Jul)

A survey of workers such as taxi drivers, hotel staff, barbers, and other services showed that Japanese consumer sentiments have declined for the 7th straight month in October. The Eco Watcher survey's sentiment index fell to 22.6, after a reading of 28.0 in September. The survey also revealed that the future outlook index fell to 25.2 from 32.1. 

Eco Watchers Survey
October
8th, 2008
Actual Forecast Previous Revised Form
28.0 27.8 28.3 N/A

For September
Provided by: Economy Watchers

Outlook: 32.1, pr. 32.0 (Aug), 30.8 (Jul)

Japanese merchants are concerned with the slowdown in the global economy, which puts a drag on Japan's exports. The survey slipped to a 7-year low of 28.0, but a lower expectation of 27.8. Outlook however does look slighly more rosie with the survey edging up to 32.1 from 32.0 on the second straight month of increase. 

BSI Large Manufacturing q/q
September
23rd, 2008
Actual Forecast Previous Revised Form
-10.0 -17.0 -15.1 N/A

For 3rd Quarter
Provided by: Ministry of Finance
Official Release: Data 

BSI Large All Industry (1Q): -10.2, pr. -15.2 (2Q), -9.3% (1Q)

Eco Watchers Survey
September
8th, 2008
Actual Forecast Previous Revised Form
28.3 29.7 29.3 N/A

For August
Provided by: Economy Watchers Survey

Outlook: 32.0, pr. 30.8

The index of sentiment among Japanese merchants such as barbers, taxi drivers and others who deal with consumers, fell to 28.3 in August. That puts the index at its lowest since 2001 as the Japanese economy falters and turned negative in 2nd quarter. Expectations are for a downward revision to 2nd quarter growth this week. Households are struggling with higher prices, as wages and job prospects worsen. As a result households have cut back on their spending, limiting growth all along the chain of retailers and merchants surveyed in this index. Some other factors included wet weather and the Olympics, which kept people home and not spending, hurting merchants.

With inflation expected to decrease as oil and other commodity prices fall,merchants expect activity to pick up. The outlook sub-index rose to 32.0 from 30.8 in July.

BSI Large Manufacturing q/q
June
22nd, 2008
Actual Forecast Previous Revised Form
-15.1 -17.0 -12.9 N/A

For 2nd Quarter

BSI Large All Industry (1Q): -15.2, pr. -9.3% (1Q)

Sentiment among large companies in Japan fell to -15.1 for the 2nd quarter, which is the lowest since this series began being kept in its current form in 2004. The index subtracts the percentage of large companies reporting deteriorating business conditions from the percentage of those reporting improvement and covers 14,900 companies. Smaller companies are having a hard time as they face rising input costs and in an environment of slowing growth are unable to raise prices for fear sales will falter. Companies see weaker corporate profits ahead with manufacturers the most pessimistic.  

BSI Large Manufacturing q/q
March
23rd, 2008
Actual Forecast Previous Revised Form
-12.9% 5.2 N/A

For 1st Quarter

BSI Large All Industry (1Q): -9.3%, pr 0.5%