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ECONOMY

Opinion poll & results of Nikkei survey of 100 major companies

  • April 5, 2021
  • , NIKKEI Business Daily , p. 12
  • JMH Translation

Questions & answers (%)

 

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

 

(1) It is expanding

0.0

(2) It is expanding moderately

28.6

(3) It is leveling off

54.3

(4) It is worsening moderately

15.7

(5) It is worsening

1.4

 

  • Q: (Only for those who gave answer (1) or (2) to the foregoing question) What are the key reasons why the domestic economy is expanding? (Select up to four reasons.)

 

(1) Bank of Japan’s monetary easing policies

20.0

(2) Economic recovery in U.S.

47.5

(3) Economic recovery in China

80.0

(4) Economic recovery in Europe

2.5

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

2.5

(6) Increase in capital investment

22.5

(7) Recovery in personal consumption

42.5

(8) Rise in stock prices

27.5

(9) Rise in wages

0.0

(10) Yen appreciation

0.0

(11) Yen depreciation

5.0

(12) Increase in public works spending

5.0

(13) Relaxation of restrictions placed on economic activities due to the COVID-19 pandemic

27.5

(14) Government’s economic measures related to the COVID-19 pandemic

27.5

(15) Other answers (O/A)

10.0

 

  • Q: (Only for those who gave answer (3) to the foregoing question) What are the key reasons why the domestic economy is leveling off? (Select up to four reasons.)

 

(1) Bank of Japan’s monetary easing policies

2.6

(2) Economic slowdown in the U.S.

6.6

(3) Economic slowdown in China

0.0

(4) Economic slowdown in Europe

5.3

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

1.3

(6) Drop in capital investment

21.1

(7) Slowdown in personal consumption

75.0

(8) Drop in stock prices

0.0

(9) Sluggishness in wages

15.8

(10) Yen appreciation

0.0

(11) Yen depreciation

0.0

(12) Decrease in public works spending

0.0

(13) Slowdown in consumption by foreign tourists

32.9

(14) Restrictions on economic activities due to the COVID-19 pandemic

86.8

(15) Inadequacy of the government’s economic measures related to the COVID-19 pandemic

10.5

(16) O/A

11.8

 

  • Q: (Only for those who gave answer (4) or (5) to the foregoing question) What are the key reasons why the domestic economy is worsening? (Select up to four reasons.)

 

(1) Bank of Japan’s monetary easing policies

0.0

(2) Economic slowdown in the U.S.

0.0

(3) Economic slowdown in China

0.0

(4) Economic slowdown in Europe

16.7

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

0.0

(6) Drop in capital investment

4.2

(7) Slowdown in personal consumption

91.7

(8) Drop in stock prices

0.0

(9) Sluggishness in wages

25.0

(10) Yen appreciation

0.0

(11) Yen depreciation

0.0

(12) Decrease in public works spending

0.0

(13) Slowdown in consumption by foreign tourists

37.5

(14) Restrictions on economic activities due to the COVID-19 pandemic

100.0

(15) Inadequacy of the government’s economic measures related to the COVID-19 pandemic

12.5

(16) O/A

16.7

 

Q: What is your forecast for the domestic economy six months from now (i.e., around September 2021)?

 

(1) It will be expanding

5.0

(2) It will be expanding moderately

85.0

(3) It will be leveling off

6.4

(4) It will be worsening moderately

0.7

(5) It will be worsening

0.7

      N/A

2.2

 

  • Q: (Only for those who gave answer (1) or (2) to the foregoing question) What are the key reasons why the domestic economy will be expanding? (Select up to four reasons.)

 

(1) Bank of Japan’s monetary easing policies

6.3

(2) Economic recovery in U.S.

45.2

(3) Economic recovery in China

36.5

(4) Economic recovery in Europe

5.6

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

1.6

(6) Increase in capital investment

22.2

(7) Recovery in personal consumption

76.2

(8) Rise in stock prices

3.2

(9) Rise in wages

0.0

(10) Yen appreciation

0.8

(11) Yen depreciation

1.6

(12) Increase in public works spending

2.4

(13) Relaxation of restrictions placed on economic activities due to the COVID-19 pandemic

86.5

(14) Government’s economic measures related to the COVID-19 pandemic

31.0

(15) Other answers (O/A)

20.6

  

  • Q: (Only for those who gave answer (3) to the foregoing question) What are the key reasons why the domestic economy will be leveling off? (Select up to four reasons.)

 

(1) Bank of Japan’s monetary easing policies

0.0

(2) Economic slowdown in the U.S.

33.3

(3) Economic slowdown in China

11.1

(4) Economic slowdown in Europe

11.1

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

11.1

(6) Drop in capital investment

33.3

(7) Slowdown in personal consumption

77.8

(8) Drop in stock prices

0.0

(9) Sluggishness in wages

22.2

(10) Yen appreciation

0.0

(11) Yen depreciation

0.0

(12) Decrease in public works spending

0.0

(13) Slowdown in consumption by foreign tourists

66.7

(14) Restrictions on economic activities due to the COVID-19 pandemic

77.8

(15) Inadequacy of the government’s economic measures related to the COVID-19 pandemic

11.1

(16) O/A

22.2

 

  • Q: (Only for those who gave answer (4) or (5) to the foregoing question) What are the key reasons why the domestic economy will be worsening? (Select up to four reasons.)

 

(1) Bank of Japan’s monetary easing policies

0.0

(2) Economic slowdown in the U.S.

0.0

(3) Economic slowdown in China

0.0

(4) Economic slowdown in Europe

0.0

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

0.0

(6) Drop in capital investment

0.0

(7) Slowdown in personal consumption

100.0

(8) Drop in stock prices

0.0

(9) Sluggishness in wages0

50.0

(10) Yen appreciation

0.0

(11) Yen depreciation

0.0

(12) Decrease in public works spending

0.0

(13) Slowdown in consumption by foreign tourists

50.0

(14) Restrictions on economic activities due to the COVID-19 pandemic

100.0

(15) Inadequacy of the government’s economic measures related to the COVID-19 pandemic

50.0

(16) O/A

0.0

 

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

 

(1) It is expanding

0.0

(2) It is expanding moderately

49.3

(3) It is leveling off

41.4

(4) It is worsening moderately

7.1

(5) It is worsening

1.4

      N/A

0.8

 

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

 

(1) Economic recovery in U.S.

89.9

(2) Economic recovery in China

98.6

(3) Economic recovery in Europe

10.1

(4) Economic recovery in newly emerging nations (excluding China)

4.3

(5) Rise in prices of resources and crude oil

1.4

(6) Drop in prices of resources and crude oil

0.0

(7) Decrease in geopolitical risks, including terrorism

0.0

(8) Monetary policy of the Federal Reserve Board (FRB)

15.9

(9) Stability of the world financial system

7.2

(10) Political stability in Europe

0.0

(11) Stability in DPRK situation

1.4

(12) Relaxation of restrictions placed on economic activities due to the COVID-19 pandemic

40.6

(13) Economic measures taken by national governments to address the COVID-19 pandemic

62.3

(14) O/A

7.2

 

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

 

(1) Economic slowdown in the U.S.

31.0

(2) Economic slowdown in China

6.9

(3) Economic slowdown in Europe

58.6

(4) Economic slowdown in newly emerging nations (excluding China)

19.0

(5) Rise in prices of resources and crude oil

1.7

(6) Drop in prices of resources and crude oil

1.7

(7) Increase in geopolitical risks, including terrorism

0.0

(8) Monetary policy of the Federal Reserve Board (FRB)

1.7

(9) Increasing instability in the world financial system

1.7

(10) Growing political instability in Europe

0.0

(11) U.S.-China trade friction

27.6

(12) Growing tensions in the DPRK situation

0.0

(13) Restrictions placed on economic activities due to the COVID-19 pandemic

94.8

(14) Inadequacy of national governments’ economic measures related to the COVID-19 pandemic

15.5

(15) O/A

10.3

 

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

 

(1) Economic slowdown in the U.S.

41.7

(2) Economic slowdown in China

16.7

(3) Economic slowdown in Europe

33.3

(4) Economic slowdown in newly emerging nations (excluding China)

0.0

(5) Rise in prices of resources and crude oil

0.0

(6) Drop in prices of resources and crude oil

0.0

(7) Increase in geopolitical risks, including terrorism

0.0

(8) Monetary policy of the Federal Reserve Board (FRB)

0.0

(9) Increasing instability in the world financial system

0.0

(10) Growing political instability in Europe

0.0

(11) U.S.-China trade friction

25.0

(12) Growing tensions in the DPRK situation

0.0

(13) Restrictions placed on economic activities due to the COVID-19 pandemic

83.3

(14) Inadequacy of national governments’ economic measures related to the COVID-19 pandemic

8.3

(15) O/A

8.3

 

Q: What is your forecast for the global economy six months from now (i.e., around September 2021)?

 

(1) It will be expanding

6.4

(2) It will be expanding moderately

83.6

(3) It will be leveling off

5.7

(4) It will be worsening moderately

0.7

(5) It will be worsening

0.7

      N/A

2.9

 

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

 

(1) Economic recovery in U.S.

84.9

(2) Economic recovery in China

70.6

(3) Economic recovery in Europe

30.2

(4) Economic recovery in newly emerging nations (excluding China)

11.1

(5) Rise in prices of resources and crude oil

0.0

(6) Drop in prices of resources and crude oil

0.0

(7) Decrease in geopolitical risks, including terrorism

0.0

(8) Monetary policy of the Federal Reserve Board (FRB)

4.8

(9) Stability of the world financial system

1.6

(10) Political stability in Europe

1.6

(11) Stability in DPRK situation

0.0

(12) Relaxation of restrictions placed on economic activities due to the COVID-19 pandemic

84.1

(13) Economic measures taken by national governments to address the COVID-19 pandemic

49.2

(14) O/A

15.1

 

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

 

(1) Economic slowdown in the U.S.

25.0

(2) Economic slowdown in China

12.5

(3) Economic slowdown in Europe

37.5

(4) Economic slowdown in newly emerging nations (excluding China)

37.5

(5) Rise in prices of resources and crude oil

12.5

(6) Drop in prices of resources and crude oil

0.0

(7) Increase in geopolitical risks, including terrorism

0.0

(8) Monetary policy of the Federal Reserve Board (FRB)

0.0

(9) Increasing instability in the world financial system

0.0

(10) Growing political instability in Europe

0.0

(11) U.S.-China trade friction

50.0

(12) Growing tensions in the DPRK situation

25.0

(13) Restrictions placed on economic activities due to the COVID-19 pandemic

87.5

(14) Inadequacy of national governments’ economic measures related to the COVID-19 pandemic

12.5

(15) O/A

12.5

 

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

 

(1) Economic slowdown in the U.S.

50.0

(2) Economic slowdown in China

0.0

(3) Economic slowdown in Europe

50.0

(4) Economic slowdown in newly emerging nations (excluding China)

0.0

(5) Rise in prices of resources and crude oil

0.0

(6) Drop in prices of resources and crude oil

0.0

(7) Increase in geopolitical risks, including terrorism

0.0

(8) Monetary policy of the Federal Reserve Board (FRB)

0.0

(9) Increasing instability in the world financial system

0.0

(10) Growing political instability in Europe

0.0

(11) U.S.-China trade friction

0.0

(12) Growing tensions in the DPRK situation

0.0

(13) Restrictions placed on economic activities due to the COVID-19 pandemic

100.0

(14) Inadequacy of national governments’ economic measures related to the COVID-19 pandemic

100.0

(15) O/A

0.0

 

Q: COVID-19 vaccinations have started to be administered in nations around the world. When do you think the COVID-19 situation will be under control worldwide?

 

(1) Spring of 2021

0.0

(2) Summer of 2021

0.9

(3) Autumn of 2021

3.4

(4) Winter of 2021

3.4

(5) 2022

69.9

(6) 2023

17.3

(7) 2024

1.7

(8) 2025 or thereafter

3.4

 

Q: As of April this year, five years have passed since the Act on the Promotion of Female Participation and Career Advancement in the Workplace came into effect as limited-time legislation. What percentage of your company’s full-time employees today are women?

 

(1) 10% or less

13.6

(2) 20%

52.9

(3) 30%

12.9

(4) 40%

4.3

(5) 50%

7.1

(6) 60%

4.3

(7) 70%

1.4

(8) 80%

2.1

(9) 90% or more

1.4

 

[Polling methodology: The Nikkei periodic questionnaire survey of presidents (including chairpersons) of major Japanese companies was taken on March. 12–29, 2021. Responses were received from 141 company executives.]

 

Note: Figures are rounded off.

 

(Abridged)

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