Percentage totals for a given question may not come to exactly 100%, due to rounding. The "polled" and "replied" figures are in
absolute terms. A total of 493 companies responded to the latest survey.
1. What measures do you hope the BOJ board will adopt at its April 27-28 meeting? (Pick as many as apply)
Maintain Change the Revise their Widen long Change the Eliminate Maintain Polled Replied
current 2% inflation joint statement term yields negative interest Yield Curve financial
policy target with government rate policy Control (YCC) system
stability
All 32% 16% 10% 11% 23% 7% 52% 400 209
Manufacturers 35% 21% 6% 12% 21% 8% 48% 200 113
Non-manufacturers 28% 10% 14% 10% 26% 6% 57% 200 96
2. Would the normalization of monetary policy (rate rises, elimination of YCC) be a plus or minus for your company? (Pick one)
Plus Minus Neither Polled Replied
All 12% 27% 61% 400 223
Manufacturers 14% 31% 55% 200 116
Non-manufacturers 9% 23% 67% 200 107
3. Did the financial system instability caused by the failure of U.S.-based Silicon Valley Bank have any affect your business? (Pick one)
Significant Small None Polled Replied
All 0% 5% 94% 400 234
Manufacturers 1% 4% 95% 200 122
Non-manufacturers 0% 6% 94% 200 112
4. For those that indicated "significant" or "small", what impact did you experience, (Pick as many as apply)
Revised business Difficulty Transferred Experienced fund Other Polled Replied
plans due to issuing savings to raising
global recession corporate a major difficulty for
concern bonds bank start ups
All 46% 0% 8% 15% 38% 400 13
Manufacturers 67% 0% 0% 17% 17% 200 6
Non-manufacturers 29% 0% 14% 14% 57% 200 7
5. Japan on May 8 will downgrade the seriousness of COVID-19 to the same level as seasonal flu. Will this prompt any change in your
remote working policy? (Pick one)
Never implemented Remote working Plan to end Plan to continue Plan to continue Polled Replied
remote working already halted remote working remote working remote working,
but scaled back
All 14% 14% 0% 42% 29% 400 237
Manufacturers 10% 15% 0% 46% 26% 200 123
Non-manufacturers 19% 13% 1% 37% 30% 200 114
6. For those that answered "continue" or "continue but scaled back", what are the reasons for doing so? (Pick as many as apply)
Work policy Infection Increased Move to smaller Other Polled Replied
improvement prevention measures productivity office
All 91% 19% 39% 11% 4% 400 166
Manufacturers 91% 20% 38% 11% 2% 200 91
Non-manufacturers 91% 19% 40% 12% 5% 200 75
7. How are current business conditions at your company? (Pick one)
Good Not so good Bad Polled Replied
All 22% 67% 11% 400 239
Manufacturers 12% 73% 15% 200 124
Non-manufacturers 32% 60% 8% 200 115
8. How do you expect business conditions to be by the end of July? (Pick one)
Good Not so good Bad Polled Replied
All 21% 71% 8% 400 239
Manufacturers 15% 77% 8% 200 124
Non-manufacturers 27% 65% 8% 200 115
(Reporting by Tim Kelly; Editing by Kim Coghill)
