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Impairment loss of five trading companies amounts to JPY 1.23 trillion.
Sogo Shosha (GTCs)
Total impairment loss of Japan’s five trading companies increased nearly 80% from the previous year to JPY 1.23 trillion in the March 2016 results.
Official land price records a marginal rise first time in eight years.
Real estate
The official land price as of January 2016 showed a marginal 0.1% rise over the previous year - for the first time in eight years. In Tokyo, the rate of rising prices increased for the three consecutive years in the residential, commercial and industrial areas, reflecting 1)growing property investments amid the large scale monetary easing by Bank of Japan, 2) low interest rates and house acquisition support policy, 3) inflastructure improvements in Bay areas for the 2020 Olympics. The Tokyo prices influenced the prices of other major cities.
Some electronic part manufacturers have a hard time.
Electronic parts
Several major Japanese electronic part manufacturers recorded a declined net result during 3 months to December 2015, compared to the same period of the previous year. Sales of automobile and medical instrument parts continued to grow during the period, while sales of smartphone parts and optronics related parts (such as polarization plates for liquid clystal) were lower than expected. Nitto Denko’s net profit declined 8% to JPY 24.2 billion, partly affected by the production adjustment made by its major customer, Apple Inc. Kyocera’s final result declined 71% to JPY 8.7 billion, after booking JPY 23 billion impairment loss on tangible assets on electronic device business...
Profit margin of listed companies seen hitting record.
Listed companies
The profit margin of listed Japanese companies is expected to ascend to the highest in the current fiscal year, surpassing the previous record seen before the 2008 financial crisis. According to Nikkei, aggregate pretax margin of listed companies (total 1,530 companies, excluding financial institutions and others) is expected to reach 6.6%, topping the 6.5% logged in the year ended March 2007. They have projected a combined pretax profit of JPY 34.07 trillion for the full fiscal year, up 6.9% from the record set last year. They are not only enjoying favorable conditions, such as the weak yen and cheap crude oil, but having effects of markups supported by unique technologies and offerings and expansions via mergers and acquistions. Still, compared with US companies, the profit margins of Japanese companies lag behind, and they have to hone their earning power further to achieve sustained growth.
Five automobile manufacturers post record high earnings in 6 months to Sept 2015.
Toyota’s group sales in 6 months to September 2015 stood at JPY 14 trillion (+8.9%) and operating profit at JPY 1.58 trillion (+17.1%). Both figures are record-high, reflecting stellar car sales in the North American market and a weak yen. Similarly, Nissan, Honda, Fuji Heavy and Suzuki posted record-high earnings as semiannual results, with good performance in the overseas markets, while domestic car sales were stagnant. Mitsubishi and Mazda posted declined earnings due to grown costs attributable to the recall of Takata air bags (i.e. collection and replacement), in spite of sales growth. Daihatsu posted a declind earnings due to shrunk mini car sales during the period.
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