Most Japan firms want BOJ to discontinue large-scale monetary stimulus

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TOKYO — Sixty-four percent of Japanese companies want the central bank to discontinue its policy of massive

monetary easing this fiscal year due to pain from the weak yen, with roughly a quarter calling for it to take action now, a

Reuters survey shows.

Below are the questions and answers in the April 26-May 13 poll, conducted for Reuters by Nikkei Research. Answers are

denoted in percentages. Percentage totals for a given question may not come to exactly 100% due to rounding. The poll and reply

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figures are in absolute terms. A total of 236 companies responded to the survey.

1. Given the yen’s weakening, do you think the BOJ should change its policy of monetary easing?

Yes No need Polled Replied

All 60% 40% 499 221

Manufacturers 63% 37% 250 117

Non-manufacturers 57% 43% 249 104

2. For those who answered yes to Q1, what changes would you like to see? (Pick as many as you want)

Ditch Raise Abolish Alter/scrap 2% Alter/scra Others Polled Replied

negative interest fixed-rate inflation target p govt-BOJ

rates rates operations accord

All 58% 35% 16% 25% 4% 4% 499 129

Manufacturers 56% 30% 11% 30% 4% 4% 250 71

Non-manufacturers 60% 41% 21% 19% 3% 3% 249 58

3. How much longer should current large-scale monetary stimulus continue?

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Must head Until H1 Until fiscal Until Gov Next Polled Replied

to exit fiscal year end in Kuroda fiscal

right now year end March leaves in year or

in Sept April later

All 24% 23% 17% 20% 16% 499 220

Manufacturers 23% 24% 20% 21% 13% 250 117

Non-manufacturers 25% 21% 15% 18% 20% 249 103

4. What’s your plan for capital expenditure this fiscal year? (Pick one)

Big increase Small increase Flat Small decrease Big decrease Polled Replied

All 15% 24% 47% 7% 7% 499 229

Manufacturers 17% 23% 42% 8% 9% 250 121

Non-manufacturers 13% 24% 52% 6% 5% 249 108

5. What’s the biggest factor affecting your capital expenditure plans? (Pick one)

Curbing capex Curbing Curbing Raising Raising capex Raising capex due Others Polled Replied

due to weak capex due capex due capex due due to energy to refurbishing

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yen, cost to Ukraine to China’s to pausing saving/automa demand for old

increase crisis slowdown of COVID-19 tion facilities

All 16% 3% 1% 5% 22% 33% 21% 499 217

Manufacturers 18% 3% 1% 3% 20% 36% 18% 250 116

Non-manufacturers 14% 2% 1% 6% 25% 29% 24% 249 101

6. How is China’s “zero-COVID” policy affecting your business? (Pick one)

Big negative Somewhat No impact Somewhat Big positive Polled Replied

impact negative impact positive impact impact

All 10% 53% 36% 2% 0% 499 230

Manufacturers 13% 62% 23% 2% 0% 250 123

Non-manufacturers 7% 42% 50% 1% 0% 249 107

7. For those who have been affected negatively, what kind of negative impacts have you seen? (Pick as many as you want)

Decline in China’s A pause in output Stagnation in Business stagnation due to Others Polled Replied

domestic demand at Chinese factories logistics curbs on business trips

All 31% 40% 69% 17% 7% 499 144

Manufacturers 35% 46% 74% 18% 5% 250 92

Non-manufacturers 23% 29% 60% 13% 10% 249 52

8. For those who have been negatively affected, have you adopted countermeasures?

Yes No Polled Replied

All 25% 75% 499 140

Manufacturers 30% 70% 250 89

Non-manufacturers 16% 84% 249 51

(Reporting by Tetsushi Kajimoto; Editing by Edwina Gibbs)

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