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Most Japan firms would prefer the yen at stronger levels
September 18, 2014 / 11:26 PM / 3 years ago

Most Japan firms would prefer the yen at stronger levels

A hologram, which shows different images and colours depending on the angle at which they are viewed, is seen on the new Japanese 5,000 yen banknote during an unveiling at the National Printing Bureau in Tokyo May 8, 2014. REUTERS/Issei Kato

TOKYO (Reuters) - Three quarters of Japanese firms are finding the yen has weakened beyond their preferred levels, and they also believe authorities should embark on further stimulus measures if a second sales tax hike goes ahead as planned, a Reuters survey showed.

Below are the questions and answers to a poll conducted between Aug. 29 and Sept. 12 for Reuters by Nikkei Research.

Answers are denoted in percentage points, while poll and reply totals are represented in actual figures.

ON SALES PROJECTIONS

1a. How do your Q3 sales compare to your initial plans? (Pick one)

(Overall business)

Sectors Considerably Somewhat In line Somewhat Considerably Polled Replied

higher higher with plans lower lower

All 1 14 55 24 6 486 280

Manufacturers 1 16 51 25 7 223 138

Non-Manufacturers 1 13 59 22 5 263 142

(Domestic business)

Sectors Considerably Somewhat In line Somewhat Considerably Polled Replied

higher higher with plans lower lower

All 2 15 50 27 6 486 278

Manufacturers 3 18 43 31 6 223 137

Non-Manufacturers 1 13 57 23 6 263 141

(Overseas business)

Sectors Considerably Somewhat In line Somewhat Considerably Polled Replied

higher higher with plans lower lower

All 1 18 53 25 3 486 204

Manufacturers 2 24 43 27 5 223 124

Non-Manufacturers 1 8 69 21 1 263 80

1b. How does your outlook for business results in the fiscal year to March 2015 compare with your initial plans? (Pick one)

Sectors Marked Somewhat In line Somewhat Marked Polled Replied

upward upward with downward downward

revision revision projection revision revision

s

All 1 15 57 24 4 486 283

Manufacturers 1 16 51 25 6 223 140

Non-Manufacturers 1 13 62 22 1 263 143

SALES TAX/FRESH STIMULUS

2a. Do you think fresh monetary, fiscal measures would be needed if the sales tax is raised to 10 percent as planned?

Sectors Yes No Polled Replied

All 73 27 486 277

Manufacturers 70 30 223 135

Non-Manufacturers 76 24 263 142

2b. What kind of monetary, fiscal measures would be needed? (Pick one)

Sectors Additional Policy Weak Additional Additional Others Polled Replied

monetary steps to yen public tax breaks

stimulus sustain policy works for

stock investment

rises

All 28 17 8 11 26 11 486 200

Manufacturers 31 14 11 9 29 7 223 94

Non-Manufacturers 25 20 6 13 23 13 263 106

YEN WEAKENING VS DOLLAR

3a. If the dollar rises above 104 yen for the current fiscal year to March 2015, how would it affect your earnings?

Sectors Positive Negative Hard to Polled Replied

effect effect say

Al 28 25 47 486 280

l

Manufacturers 45 22 33 223 139

Non-Manufacturers 12 28 60 263 141

3b. What is the desirable dollar/yen level for your business?

Sectors 90 yen 90-95 95-100 100-105 105-110 110 yen Polled Replied

or less yen yen yen yen or more

All 3 4 21 47 17 8 486 264

Manufacturers 3 4 16 41 25 10 223 134

Non-Manufacturers 4 4 27 52 8 5 263 130

PASSING ON COSTS

4a. Do you think your company will still need to pass on increased labour and electricity costs? (Pick one)

Sectors Still Have fully Hard to Polled Replied

necessary passed on say

All 46 6 48 486 281

Manufacturers 51 4 45 223 139

Non-Manufacturers 40 8 51 263 142

4b. Will you be able to pass on increased costs of labour and electricity? (Pick one)

Sectors Able to Difficult Hard to Polled Replied

pass on to pass on say

costs costs

All 11 57 32 486 280

Manufacturers 9 61 30 223 138

Non-Manufacturers 13 53 34 263 142

CAPITAL SPENDING

5a. How do you see capital spending for the current fiscal year progressing as of end-Sept compared with initial plans? (Pick one.)

Sectors Some plans In line Mulling Some plans Polled Replied

front-load with plans over postponed

ed whether to

proceed

All 2 75 19 4 486 277

Manufacturers 2 70 20 8 223 137

Non-Manufacturers 1 79 19 1 263 140

5b. How does your capital spending implemented from April to Sept compare with the same period last year? (Pick one)

Sectors Increased Increased Flat Decreased Decreased Polled Replied

by 10% or by 1-10% by 1-10% by 10% or

more more

All 13 14 52 12 9 486 274

Manufacturers 14 15 50 13 8 223 135

Non-Manufacturers 12 13 54 12 9 263 139

Reporting by Tetsushi Kajimoto and Izumi Nakagawa; Editing by Edwina Gibbs

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