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ECONOMY

Opinion poll & results of Nikkei survey of 100 major companies

Questions & answers (%)

 

Q: The U.S.’s Trump administration has entered its second year. Which one of the following best describes the administration’s impact on your company?

 

(1) Positive

0.0

(2) Generally positive

34.2

(3) Generally negative

38.4

(4) Negative

1.4

     No answer (N/A)

26.0

 

  • Q: (Only for those who gave answer (1) or (2) to the foregoing question) From the following list of U.S. President Donald Trump’s policies, political stances, and statements, select up to three that you consider to be the reasons the current U.S. administration is having a positive impact on your company.

 

(1) U.S. withdrawal from the TPP

0.0

(2) Consideration of U.S. return to the TPP

22.0

(3) Promotion of bilateral trade negotiations with Japan

2.0

(4) Strengthening of safeguards and other duties on imports

2.0

(5) Substantial lowering of the corporate tax rate

94.0

(6) Exclusionary policy on immigrants and refugees

0.0

(7) Relocation of the U.S. embassy to Jerusalem

0.0

(8) Deregulation of finance

16.0

(9) Expansion of infrastructure investment

60.0

(10) Announcement of U.S. withdrawal from the Paris climate agreement

0.0

(11) Intervention in corporate activities

2.0

(12) Large-scale creation of employment

28.0

(13) Exchange rate policy

2.0

(14) Confrontation with the media

0.0

(15) Protectionist trade policy

4.0

(16) Hardline stance on foreign policy

0.0

(17) Hardline stance on North Korea

0.0

(18) Deferment of [decision on] U.S. withdrawal from NAFTA

2.0

(19) Opaque [efforts to] renegotiate NAFTA

0.0

(20) Worsening of fiscal deficit

0.0

(21) Reduction of social security costs

2.0

(22) Other answers (O/A)

6.0

 

  • Q: (Only for those who gave answer (3) or (4) to the foregoing question) From the following list of U.S. President Donald Trump’s policies, political stances, and statements, select up to three that you consider to be the reasons the current U.S. administration is having a negative impact on your company.

 

(1) U.S. withdrawal from the TPP

41.4

(2) Consideration of U.S. return to the TPP

0.0

(3) Promotion of bilateral trade negotiations with Japan

3.4

(4) Strengthening of safeguards and other duties on imports

43.1

(5) Substantial lowering of the corporate tax rate

1.7

(6) Exclusionary policy on immigrants and refugees

3.4

(7) Relocation of the U.S. embassy to Jerusalem

3.4

(8) Deregulation of finance

0.0

(9) Expansion of infrastructure investment

0.0

(10) Announcement of U.S. withdrawal from the Paris climate agreement

6.9

(11) Intervention in corporate activities

19.0

(12) Large-scale creation of employment

0.0

(13) Exchange rate policy

12.1

(14) Confrontation with the media

0.0

(15) Protectionist trade policy

70.7

(16) Hardline stance on foreign policy

15.5

(17) Hardline stance on North Korea

3.4

(18) Deferment of [decision on] U.S. withdrawal from NAFTA

1.7

(19) Opaque [efforts to] renegotiate NAFTA

22.4

(20) Worsening of fiscal deficit

3.4

(21) Reduction of social security costs

1.7

(22) O/A

5.2

 

Q: What are your company’s plans for investing in the United States in the future?

 

(1) Increase investment

18.5

(2) Slightly increase

16.4

(3) We have no operations in the United States, but we will invest in the future

0.7

(4) Not change

45.2

(5) Slightly decrease

0.7

(6) Decrease

0.0

(7) We have no operations in the United States, and we also have no plans to invest

6.2

      N/A

12.3

 

  • Q: (Only for those who gave answers (1) to (3) to the foregoing question) Select up to two reasons for your view [on investing in the U.S.].

 

(1) Major tax cuts under the Trump administration

9.6

(2) Financial deregulation policy under the Trump administration

0.0

(3) Deregulation under the Trump administration

3.8

(4) Development of good ties with the U.S. administration

1.9

(5) Reduction of energy costs

1.9

(6) President Trump’s announcement that that he is considering having the U.S. return to the TPP

0.0

(7) Expansion of the U.S. economy

63.5

(8) Increase of duties on imports

3.8

(9) Renegotiation of NAFTA

0.0

(10) O/A

48.1

 

  • Q: (Only for those who gave answers (1) to (3) to the foregoing question) Select up to two fields for priority investment.

 

(1) Manufacturing

40.4

(2) Sales

25.0

(3) Research and development

19.2

(4) New operations

9.6

(5) M&A

26.9

(6) Investment in a start-up

1.9

(7) O/A

13.5

 

Q: What is your assessment of the current global economy?

 

(1) It is expanding

4.8

(2) It is expanding moderately

87.0

(3) It is leveling off

7.5

(4) It is worsening moderately

0.7

(5) It is worsening

0.0

 

  • Q: (Only for those who gave answer (1) or (2) to the foregoing question) Select up to two reasons [for your answer].

 

(1) U.S. President Donald Trump’s policies

0.7

(2) Expansion of the U.S. economy

82.1

(3) Improvement in the European economy

41.8

(4) Expansion of the Chinese economy

29.9

(5) Economic growth in newly emerging nations (excluding China)

28.4

(6) Rise in prices of resources and crude oil

0.0

(7) Fall in prices of resources and crude oil

0.0

(8) Decrease in geopolitical risks, including terrorism

0.7

(9) Stability in the world financial system

1.5

(10) Political stability in Europe

2.2

(11) Stability in DPRK situation

0.0

(12) O/A

1.5

 

  • Q: (Only for those who gave answer (3) to the foregoing question) Select up to two reasons [for your answer].

 

(1) U.S. President Donald Trump’s policies

54.5

(2) Sluggishness in the U.S. economy

0.0

(3) Delay in economic recovery in Europe

0.0

(4) Sluggishness in the Chinese economy

54.5

(5) Economic stagnation in newly emerging nations (excluding China)

18.2

(6) Rise in prices of resources and crude oil

9.1

(7) Fall in prices of resources and crude oil

0.0

(8) Increase in geopolitical risks, including terrorism

18.2

(9) Increasing instability in the world financial system

9.1

(10) Growing political instability in Europe

0.0

(11) Growing tensions in DPRK situation

0.0

(12) Simultaneous drop in stock prices worldwide

9.1

(13) Rise in U.S. long-term interest rates

9.1

(14) Growing instability in the Middle East situation

0.0

(15) O/A

0.0

 

  • Q: (Only for those who gave answer (4) or (5) to the foregoing question) Select up to two reasons [for your answer].

 

(1) U.S. President Donald Trump’s policies

0.0

(2) Worsening of the U.S. economy

0.0

(3) Economic recession in Europe

100.0

(4) Worsening of the Chinese economy

100.0

(5) Worsening of economies of newly emerging nations (excluding China)

0.0

(6) Rise in prices of resources and crude oil

0.0

(7) Fall in prices of resources and crude oil

0.0

(8) Increase in geopolitical risks, including terrorism

0.0

(9) Increasing instability in the world financial system

0.0

(10) Growing political instability in Europe

0.0

(11) Growing tensions in DPRK situation

0.0

(12) Simultaneous drop in stock prices worldwide

0.0

(13) Rise in U.S. long-term interest rates

0.0

(14) Growing instability in Middle East situation

0.0

(15) O/A

0.0

 

Q: What is your forecast for the global economy six months from now (i.e., around September 2018)?

 

(1) It will be expanding

4.8

(2) It will be expanding moderately

80.1

(3) It will be leveling off

13.0

(4) It will be worsening moderately

0.0

(5) It will be worsening

0.0

      N/A

2.1

 

  • Q: (Only for those who gave answer (1) or (2) to the foregoing question) Select up to two reasons [for your answer].

 

(1) U.S. President Donald Trump’s policies

2.4

(2) Expansion of the U.S. economy

79.8

(3) Improvement in the European economy

37.1

(4) Expansion of the Chinese economy

25.8

(5) Economic growth in newly emerging nations (excluding China)

33.9

(6) Rise in prices of resources and crude oil

0.0

(7) Fall in prices of resources and crude oil

0.0

(8) Decrease in geopolitical risks, including terrorism

1.6

(9) Stability in the world financial system

2.4

(10) Political stability in Europe

2.4

(11) Stability in DPRK situation

0.0

(12) O/A

0.8

 

  • Q: (Only for those who gave answer (3) to the foregoing question) Select up to two reasons [for your answer].

 

(1) U.S. President Donald Trump’s policies

57.9

(2) Sluggishness in the U.S. economy

10.5

(3) Delay in economic recovery in Europe

10.5

(4) Sluggishness in the Chinese economy

31.6

(5) Economic stagnation in newly emerging nations (excluding China)

5.3

(6) Rise in prices of resources and crude oil

5.3

(7) Fall in prices of resources and crude oil

0.0

(8) Increase in geopolitical risks, including terrorism

10.5

(9) Increasing instability in the world financial system

15.8

(10) Growing political instability in Europe

0.0

(11) Growing tensions in DPRK situation

0.0

(12) Worldwide collapse of stock prices

5.3

(13) Rise in U.S. long-term interest rates

21.1

(14) Growing instability in the Middle East situation

0.0

(15) O/A

10.5

 

  • Q: (Only for those who gave answer (4) or (5) to the foregoing question) Select up to two reasons [for your answer].

 

(1) U.S. President Donald Trump’s policies

0.0

(2) Worsening of the U.S. economy

0.0

(3) Economic recession in Europe

0.0

(4) Worsening of the Chinese economy

0.0

(5) Worsening of economies of newly emerging nations (excluding China)

0.0

(6) Rise in prices of resources and crude oil

0.0

(7) Fall in prices of resources and crude oil

0.0

(8) Increase in geopolitical risks, including terrorism

0.0

(9) Increasing instability in the world financial system

0.0

(10) Growing political instability in Europe

0.0

(11) Growing tensions in DPRK situation

0.0

(12) Worldwide collapse of stock prices

0.0

(13) Rise in U.S. long-term interest rates

0.0

(14) Growing instability in the Middle East situation

0.0

(15) O/A

0.0

 

Q: What is your assessment of the current U.S. economy?

 

(1) It is expanding

12.3

(2) It is expanding moderately

82.9

(3) It is leveling off

4.1

(4) It is worsening moderately

0.0

(5) It is worsening

0.0

      N/A

0.7

 

Q: How will your company’s capital investment in the U.S. economy in fiscal 2018 compare with the forecast for fiscal 2017?

 

(1) Fiscal 2018 will exceed fiscal 2017

5.5

(2) Exceed slightly

7.5

(3) No change

41.1

(4) Slightly lower

2.1

(5) Lower

0.0

      N/A

43.8

 

[Polling methodology: The Nikkei questionnaire survey targets presidents (including chairpersons) of major Japanese companies once every three months. The recent poll was taken from Feb. 28 to March 19. Responses were received from 146 company executives.]

 

Note: Figures are rounded off.

 

(Abridged)

 

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