September 2, 2019

Japan Corporate Profits

Rising labor cost squeezing corporate profits

Note: Total and Non-Manufacturing does not include Finance and Insurance.

Published quarterly by the Ministry of Finance. Updated till the quarter of Apr-June 2019 (published on September 2nd, 2019).

Recent data trend:

The profitability of Japan Inc. continued to deteriorate in the last quarter of 2018. According to the quarterly Corporate Statistics, operating profits of Japanese companies fell by 6.7% quarter on quarter (QoQ) in the October-December quarter, after a seasonal adjustment. In the year on year (YoY) growth terms, it fell by -10.9% YoY, a first year on year decline in 8 quarters. Both manufacturers and non-manufacturers suffered deteriorations in their profits. It was not their top-line sales ...

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Brief overview of “Corporate Statistics”:

Corporate statistics, published as "Surveys for the Financial Statements Statistics of Corporations by Industry” by the Ministry of Finance, is the survey about the financial condition of commercial corporations in Japan.

Sales of all industry excluding finance and insurance in 2012 was 1,297 trillion yen, and Investment excluding software in 2012 was 34.6 trillion yen.

These statistics are used for estimating private non-residential investment of second preliminary quarterly GDP report.

Note: The seasonally adjusted series for Sales, Current Profit and Investment excluding software is published by the Ministry of Finance. The seasonally adjusted series for Capital Investment is our own. We used X13-ARIMA-SEATS developed by the U.S. Census Bureau with log transformation and automatic outlier detection options turned on.

For more information, visit the official government page

The Next Release Date: December 2nd, 2019

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