Business Conditions Before and After the Tohoku - Pacific Ocean Earthquake (March 2011)

Reference

Not to be released before 8:50 a.m
on Monday, April 4, 2011

Reference Data of the 148th Short-Term Economic Survey of Enterprises in Japan

April 4, 2011
Research and Statistics Department
Bank of Japan
Number of Reporting Companies
Before the earthquake
All Enterprises
Large Enterprises
Medium-sized Enterprises
Small Enterprises

3,141
783
836
1,522

After the earthquake

Total

Manufacturing Nonmanufacturing

4,857
823
1,316
2,718

Manufacturing Nonmanufacturing

7,998
1,606
2,152
4,240

1,102367
298437The March 2011 survey of theTankan was conducted from February 24 to March 31. The due date--by which private enterprises should
return the survey form--was March 11. As the Tohoku - Pacific Ocean Earthquake occurred on March 11, the situation--in which the sample
enterprises complete the survey form--has changed significantly. Under such extraordinary circumstances, the Bank has decided to releasereference data for the Diffusion Index of "Business Conditions" in two parts: (1) aggregates of the survey form returned to the Bank fromFebruary 24 to March 11 (referred to as "Before the earthquake"), and (2) aggregates of the survey form returned to the Bank from March
12 to March 31 (referred to as "After the earthquake").

Total

1,516
318
427
771

2,618
685
725
1,208

Because the number of respondents after the Earthquake is limited, it may not be appropriate to compare the levels of the Diffusion Index
before the Earthquake with those after the Earthquake. Instead, the comparison of changes from Actual result to Forecast within the same
category appears more appropriate.

Business Conditions
Large Enterprises
March 2011 Survey

Dec. 2010 Survey
Actualresult

Forecast

Dec. 2010 Survey

Forecast

Actual result
Before theearthquake

After theearthquake

Before theearthquake

After theearthquake

Forecast

Dec. 2010 Survey

Forecast

Actual result

Actualresult(Diffusion index of "Favorable" minus "Unfavorable," % points)
Small Enterprises

Medium-sized Enterprises
March 2011 Survey
Before theearthquake

After theearthquake

Before theearthquake

After theearthquake

March 2011 Survey
Forecast

Actual result

Actualresult

Forecast

Before theearthquake

After theearthquake

Before theearthquake

After theearthquake-18

Manufacturing

5-2

763-2

1-12-3-7-7-14-12-23-10-6-16

Nonmanufacturing

1-1

170-4-10-17-7-2-11-14-22-29-18-19-25-29

All industries

3-2461-3-6-15-6-4-10-14-18-27-15-15-22-25<Ref.> Percentage share of the number of respondents choosing each alternativ(%, % points)

March 2011 Survey

Dec. 2010 Survey
Actual result
Large
Enterprises

Forecast

Actual result
Before the earthquake

MediumSmall
sized
Large
Enterprises
Enterprises
Enterprises

After the earthquake

Before the earthquake

After the earthquakeMediumMediumMediumMediumSmall
Small
Large
Small
Large
Small
Large
sizedsized
sized
sized
Enterprises
Enterprises Enterprises
Enterprises Enterprises
Enterprises Enterprises
Enterprises
Enterprises
Enterprises
Enterprises

Manufacturing

5

1-12

7-3-10

6-7-6

3-7-16-2-14-18

1. Favorable

19

19

15

20

16

16

19

16

20

14

12

11

13

1112

2. Not so favorable

67

63

58

67

65

58

68

61

54

75

69

62

72

64

58

3. Unfavorable

1418

27

13

19

26

13

23

26

11

19

27

15

25

30

Nonmanufacturing

1-10-22

1-7-18

7-2-190-11-25-4-14-29

1. Favorable

14131013131220

1710119711106

2. Not so favorable

73645875

67586764617871617466

59

3. Unfavorable

132332122030131929112032152435

Note: Data are compiled on the all enterprise basis (excluding financial institutions).