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▽Major Advanced Countries’ Mining/Manufacturing Production ▽U.S. Fiscal Balance/GDP Growth Rate- 3 Year Periods After Recessions
※dotted line is forecast image (as % of GDP)
(2010/1=100) 15 (%) GDP growth rate (left axis)
GDP成長率(1期ラグ) (GDP比、%) -15
116 fiscal balance (right axis)
財政収支(右目盛)
114 10 -10
112 米国U.S. 5 -5
110
Euro Zone
ユーロ圏 0 0
108 recessionary
景気後退期(推定) phase
(estimate) -5 5
106
104 -10 11/73~
73年11月~ 7/81~
81年7月~ 7/90~
90年7月~ 3/01~
01年3月~ 12/07~
07年12月~足元 10
102
100 ▽Japan’s Corporate Sector Contribution in Economic Expansion Phases
98 Economic Real GDP Corporate Sector Contribution Contribution - Other
96 Average Growth Capital Investment Personal Consumption
Expansion
94 Rate for Period Net Exports Government Expenditure
Cycles Private Inventory etc.
92 Japan
日本 2/83~6/85 5.3% 3.9% 1.4%
90 recessionary
景気後退期
phase 11/86~2/91 5.7% 2.0% 3.7%
88 (estimate)
(推定) 10/93~5/97 2.4% 0.2% 2.3%
86 1/99~11/00 0.9% 0.6% 0.3%
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Note: BRIC countries real GDPs are based on the IMF’s PPP valuations
Source: Bloomberg. Sources: Bloomberg, IMF, each country’s government statistics
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2011 forecast
2011年秋予測 downward to about 8.5%.
2012 forecast
2012年秋予測
7.5
– Along the same lines, Japan’s long-term
2012 2013 2014 2015 2016 2017
Source: Bloomberg growth forecast prior to the Lehman shock
was pegged at just under 2%, but has
▽Change in Japan Growth Rate Forecast ▽Real GDP Growth Rate and Per Capita GDP (PPP) recently been lowered to 1%.
(all IMF autumn forecasts) – Earlier forecasts for mid to long-term Korean
2017
2007
2009
2011
2013
2015
(China,
(中国、年) year)
growth were around 5%, but since have been
16 45,000 cut to about 4%. It seems that countries
(%) 2009年秋予測
2009 forecast GDP成長率
GDP growth rate per capita GDP
1人当たりGDP (
2.5 14 40,000 一 facing the prospects of lower growth are more
2010年秋予測
2010 forecast (China)
(中国) (Korea)
(韓国)
( 12 than just a few.
2011 forecast
2011年秋予測 G 35,000 人
10 当 Reduced confidence in growth may be
(GDP growth rate, %)
2012 forecast
2012年秋予測 D
2005
2007
2009
2011
2013
2015
2017
2012 2013 2014 2015 2016 2017 (Korea, year)
(韓国、年) GDP. China has been following a similar path,
and as mentioned above, is not likely to avoid
Source: IMF Note: Years after 2012 are forecasted. Source: IMF a lower growth rate.
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demand demand
-3
Household debt situation improves
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2010
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banks, financial markets began to return
(※)2012-13 are IMF estimates Sources: Eurostat, IMF from their previous lull.
Source: Eurostat – Such political cooperation as the creation of
▽Unemployment Rate 160 ▽Labor Costs a central supervising body for banks, etc.,
30 (2001Q1=100) aimed at stabilizing financial markets will
ギリシャ
Greece 155
Spain
スペイン continue.
25 Spain
スペイン 150
France
フランス
Italy
イタリア
145 Labor costs falling
Italy
イタリア
20 France
140
Greece
ギリシャ
– With austerity measures continuing, it is
フランス 135
Germany
ドイツ
difficult to expect a self-sustained recovery
Germany
ドイツ 130 led by domestic demand occurring.
15
125 – Although there is no evidence of an
10
120 improving economy, Greek labor costs have
115 been declining.
110 – Europe’s economy is expected to begin to
5 105 pick-up and emerge from its downturn from
(%) 100 spring of 2013 driven by exports centering
0 95 on Germany as a by-product of an improving
08Q2
10Q1
11Q4
07Q1
07Q2
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10年
11年
12年
13年
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2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
economy.
(※) 2012-13 are Marubeni Research Institute estimates
Sources: Japan Ministry of Finance, Japan Foreign Trade Council – However, there are fears that the economy could be
Source: CEIC database
pushed downward if reconstruction demand peaks out
▽Mining/Manufacturing Production Index ▽LDP’s Main Economic/Fiscal Policies and if the deterioration in Japan-China relations
8 Policy Area Objectives/Content remains prolonged.
■New (command) Headquarters for Japan's Economic Revitalization, development of a
"recapture of ¥50 trillion in national income project".
New administration’s public sector
6 investment plans
■T op proirity: Escaping from deflation, yen appreciation. Achieve a nominal economic
4 (estimate)
(予測指数)
growth rate of 3%. – The new administration wants more collaborative ties
Overall ■Carry out 5 years of concentrated reform to become the "world's easiest place for
with the Bank of Japan, and might revert to revising
companies to do business" and a "country where it is possible for individuals to
2 maximize there employment and income opportunities".
the central bank law in order to carry out stronger
■Recycle overseas investment earnings domestically and vice-versa to create a growth
monetary easing policies to stamp out deflation.
0 linkage and become an "industry investment powerhouse country". – The formation of the 2013 fiscal year budget has been
■Set 2% inflation target. With a view toward reivising the central bank law, implement delayed so that it can be significantly enlarged as part
-2 Delation aggressive monetary easing policies. of the new government’s first stage emergency
Yen Depreciation ■Create a "public-private foreign bond fund" through cooperation betweent the finance economic measures.
ministry, the BOJ and the private sector.
-4 – The new administration has a 3 year, 15 trillion yen
■Early implementation of "first phase emergency economi measures (large scale
budget of ¥10 trillion?).
($150 billion) public works investment plan (National
(前期比%)
(vs. prior period, %) Infrastructure Reinforcement Plan) aimed at
-6 ■Establish a "Basic National Infrastructure Reinforcement Law" (additional ¥15 trillion
reconstruction (Northeast Japan) and large scale
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4Q
2Q
3Q
4Q
2Q
3Q
4Q
13年
10.1Q
11.1Q
12.1Q
10年
11年
12年
improved external/domestic demand
– In 2013 both the domestic and overseas demand climate
China will likely improve, so the economic growth rate should
rise to somewhere in the 8% range.
▽Main Economic Indicators – Although the new government will in all likelihood pursue
(vs. same period previous year) Jan.-Mar. Apr.-June July-Sept. Oct.-Nov. an economic growth strategy, achieving significant
growth may prove difficult as the potential growth rate has
Fixed Asset Investment 20.9% 19.9% 20.7% 21.6%
Japan shifted to a lower level (economic stage).
Investment Public Expenditure -2.4% 12.9% 23.3% 25.6% A shift from an era of high growth to a medium
Residential Investment 27.0% 17.4% 19.0% 27.3% growth stage
Consumer Goods Sales 15.2% 13.9% 13.5% 14.7% – Since China’s open reforms began in 1978 it has
Consumption achieved an average annual growth rate of 10% (10%
Motor Vehicle Sales -3.9% 10.0% 4.4% 6.8% Exports to GDP Ratio
range) for more than 30 years .
Exports 7.6% 10.5% 4.5% 6.9% – However, limits are beginning to appear in China’s high
China growth model which was spurred by exports and
Trade Imports 7.1% 6.5% 1.6% 1.0%
investment from new economic reforms and market
Net Exports -261.6% 47.3% 24.7% 63.7% opening measures as well as its population bonus. There
Mining/Manufacturing Production 16.6% 9.5% 9.1% 9.9% is now some concern that China is falling into the middle
Steel Production 0.3% 1.6% 2.1% 11.5% income country trap.
Produciton – As a solution to this problem, raising incomes, expanding
Electricity Generation 6.5% 1.2% 2.1% 7.5% Japan the consumer market and promoting deregulation and
PMI (manufacturing) 51.5 51.3 49.7 50.4 liberalization in the economy are all necessary. In other
words, China must shift to a self-sustainable economic
Sources: China Central Statistics Bureau, United Nations Population growth model. This is the biggest challenge for the new
Bureau, World Bank government.
(※)2012-13 are Marubeni Research Institute Estimates
Marubeni Research Institute 9
I. World Economic Outlook
6. Brazil Russia: Investment Recovery Expected in Brazil, Europe to Impact Russia
14 (前年比寄与度、%)▽Brazil’s Real GDP Growth Rate calendar 12 ▽Russia’s Real GDP Growth Rate calendar(暦年)
year
(degree of contribution (暦年)
12 vs. prior period, %) year 8
7.5 4.3 4.3 3.8
10 4
8 3.7
6 2.7 4.0 0
4 -4
2 -8 external demand
外需
0
-2 1.5 -12 domestic demand
内需
-4 domestic external -16 実質GDP
real GDP
内需 外需 GDP
real GDP (vs. prior period,
(前年比 %) %)
-6 demand demand
-20
2010
2011
2012
2013
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2010
2011
2012
2013
(※) 2012-13 are IMF estimates. Sources: CEIC database, IMF (※) 2012-13 are IMF estimates. Sources: CEIC database, IMF
09/1
11/4
07/1
07/4
07/7
08/1
08/4
08/7
09/4
09/7
10/1
10/4
10/7
11/1
11/7
12/1
12/4
12/7
07/10
08/10
09/10
10/10
11/10
12/10
Source: CEIC database Source: CEIC database
Brazil: Recovery in Investment Key to Economic Revival Russia: Sluggish European economy to pull Russia’s down
– Since 2011, Brazil has faced the problems of a high real, high labor costs, the peaking – Although the Russian economy has been supported by personal consumption and
out of inward foreign investment and delayed action on monetary easing action. fixed capital formation, domestic demand has been dull. Energy-related prices,
Although the government eventually cut interest rates and introduced measures to Russia’s main export category, are weak, and the sluggish European economy, its
curb the real’s rise, the economy has continued to slow. main export destination, will affect exports, so it is likely that the Russian economy
– And although there was a pick up in the economy due to fiscal stimulus focusing on will be headed for a slowdown.
consumption and led by increased auto sales, the recovery was short-lived and not – With supply limitations and continued high food prices inflation continues. However,
self-sustainable. as the employment climate is good a large drop off in personal consumption is not
– An expected improvement in external economies, including the bottoming out of the expected.
Chinese economy, and the return of capital investment spurred by monetary easing – A recovery in the world economy should diminish the effects of Russia’s sluggish
should push the Brazilian economy to a moderate recovery. consumption and help prop up the economy.
Marubeni Research Institute 10
I. World Economic Outlook
7. ASEAN: Stable Growth Buoyed by Domestic Demand
▽Real GDP Growth Rates ① ▽Consumer Prices
Stable growth supported by domestic demand
– Steady growth continues driven by personal
consumption from expanding middle classes. In terms
of the GDP growth rate, after coming in at 4.5% in 2011
it shoutd hit 5.4% in 2012 and 5.8% in 2013.
– Due to the slowdown in the U.S. and Chinese
economies, exports have been sluggish and inward
investment from overseas has slowed, which has had
somewhat of a suppressive effect on the ASEAN
economies as a whole. However, even in such
countries as Thailand and Malaysia, whose economies
are highly dependent on overseas exports, fiscal
stimulus measures helped boost consumption and
domestic demand bolstered the economy leading to
steady growth in general.
【Indonesia】 Maintained solid growth in 2012 on the back
of domestic demand. 2013 should also see stable
Sources: CEIC database, IMF Source: CEIC database
growth led by domestic demand, however, there is
(※) 2012-13 are IMF estimates
some concern over rising inflationary pressures.
【Philippines】 Expanded public investment gave the
▽Real GDP Growth Rate ② ▽Total Exports (value) economy a boost. Remittances from overseas and
strong personal consumption continue to drive
growth.
【Thailand】 Experienced a V-shaped economic recovery
on the back of flood reconstruction measures. In
2013 there will be limits to how much external
demand can push up the Thai economy, and fiscal
stimulus aimed at boosting consumption will shrink
with a slight negative effect on the economy.
【Malaysia】 Even though external demand fell, fiscal
stimulus measures boosted consumption allowing
the economy to maintain steady growth. However,
the likely reduction of these measures in the near
future should have some effect on the economy in
the coming year.
【Vietnam】 Due to the impact of monetary tightening,
inflation is showing signs of calming. With an
Source: CEIC database
expansion of public investment foreseen in 2013, the
Sources: CEIC database, IMF economy is expected to accelerate.
(※) 2012-13 are IMF estimates
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08Q1
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09Q1
09Q3
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11Q1
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12Q3
2010
2011
2012
2013
07Q1
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08Q1
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09Q1
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10Q4
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11Q2
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12Q2
12Q3
2012
2013
2010
2011
(※) 2012-13 are IMF estimates. Sources: Korea National Statistical Office, IMF
(※) 2012-13 are IMF estimates. Sources: Reserve Bank of India, IMF
▽India’s Wholesale Prices/Fiscal Balance 1000 (兆ウォン)
▽Korea’s Housing Prices/Outstanding Debt
(2011年6月=100) 110
(trillion won) (June 2011 = 100)
12 プライマリーバランス
primary balance 15 105
(vs. GDP, %)
(対GDP比%) 800
wholesale price index (right axis)
卸売物価指数(右軸)
8 10 100
4 5 600 95
0 0 400 90
other household debt
その他家計負債
-4 -5 85
200 housing related debt
住宅関連負債
(%) Seoul House Price Index
ソウル住宅産価格指数(右軸) 80
-8 -10
0 75
07/10
08/7
08/10
09/7
09/10
10/10
11/4
11/10
12/4
12/10
07/1
07/4
07/7
08/1
08/4
09/1
09/4
10/1
10/4
10/7
11/1
11/7
12/1
12/7
09Q2
06Q1
06Q2
06Q3
06Q4
07Q1
07Q2
07Q3
07Q4
08Q1
08Q2
08Q3
08Q4
09Q1
09Q3
09Q4
10Q1
10Q2
10Q3
10Q4
11Q1
11Q2
11Q3
11Q4
12Q1
12Q2
12Q3
Source: CEIC database Sources: CEIC database, Korea National Statistical Office
India: Limitations due to high inflation and fiscal deficit, structural economic Korea: Although a shift in economic policy is expected, dependence on external
reforms essential demand remains
– Due to high inflation and the government deficit, the government has not been able to carry out – As the Korean economy is dependent on external demand the economy has been slowing as
effective economic stimulus measures even as the economy decelerates. So, economic growth exports have become sluggish due to the slowdown in the world economy. Further clouding the
continues to remain dull. picture is that the relatively cheap won that exports have been dependent on, is showing signs of
– The government embarked on such economic reforms as the easing of restrictions on foreign reversing course.
investment (retail industry, etc.), and the reduction of domestic subsidies (fuel, etc.). Stock prices – Also, household debt has risen so it is hard to imagine a situation in which personal consumption
are rising on the possibility of a reduction in the fiscal deficit and improved productivity in the expands. The current external demand driven economic structure will continue into the near future,
economy. so as the world economy recovers Korean exports should pick up and lead the economy back up.
– While there is currently little room for monetary easing, the prerequisite for a full economic – One of the major challenges facing the new administration is correcting the large disparities
recovery would be an upturn in the world economy as well as accelerated investment in the (income gap, etc.) in the economy and shift away from the preferential treatment allotted the large,
economy and a recovery in domestic production based on progress on economic reform. major corporations in the economy.
Marubeni Research Institute 12
I. World Economic Outlook
9. Middle East/Africa: Democracy Movements at Midpoint, World Investment in Africa
Robust
▽ODA and FDI to Africa
Democracy movements at midpoint
▽The Middle East/North Africa Following the “Arab Spring” ($100 million)
(億ドル) – The “Arab Spring” movements were triggered by the
700 December 2010 pro-democracy demonstrations in
Country How Democratization Started Current Situation ODA
600 ODA Tunisia and swiftly spread to other countries in the
Demonstrations break out in An interim parliament and president are put in place in Middle East and North Africa.
Decemebr 2010, President 2011. a new constitution is drawn up with parliamentary FDI
直接投資
Tunisia 500 – First in Tunisia and then in Libya and Yemen, old
Ben Ali goes into exile in and presidential elections schedule for 2013. However, regimes fell with subsequent efforts made to amend
January. enactement of the constitution is postponed. 400 their constitutions and hold new parliamentary and
Demonstrations break out in In June of 2012 the Muslim Brotherhood is declared free presidential elections, while in Egypt a civilian
January 2011. In February and legitimate, their leader Mr. Morsi enters the election 300 president emerged for the first time.
President Mubarak resigns. and becomes the first civilian president. Morsi announces – However, in Tunisia ratification of a new constitution
plans to exapnd presidential powers leading to an 200 has been delayed. In Egypt the expansion of
Egypt outbreak of demonstrations. The supreme constitutional 100 presidential authority has led to large-scale
court invalidates part of the parlianetary elections. demonstrations, and Syria is currently in a state of
President Morsi vows to hold parliamentary elections in 0 civil war. These pro-democracy movements are
the 1st half of 2013. However, their is strong opposition 2005 2006 2007 2008 2009 2010 now at their midpoint.
to a new Islamist leaning constitution, confusion reigns
Sources: UNCTAD, OECD.
Focus is on Africa, the last of the emerging
over a voter referendum to ratify the constitution. markets
Civil war commences from In July of 2012 elections for a constitutional assembley – About half of the world’s top 20 fastest growing
February 2011. In October are instituted. In August authority was given to a ▽Japan’s ODA/FDI to Africa economies are in Africa, and with the benefit of a
Libya Libya's former leader Qaddaffi provisional national council、A cabinet was formed in population bonus through 2050 Africa’s economic
is killed. November. They will serve until a constitution has been ($100 million, minus outflows)
(億ドル、マイナスは流出超) growth potential is huge.
enacted and a general election carried out. 30 – U.S. and European companies have been quick to
Demonstrations start in In February 2012 Mr. Hadi appointed president. The see Africa’s attractiveness and have been investing
ODA
ODA
Yemen
February 2011. President constituion is to be amended in 2nd half of 2013 and 25 aggressively despite the risks involved. In recent
Saleh steps down in parliamentary and presidential elections to be carried out FDI
直接投資 years the amount foreign direct investment in Africa
November. in February 2014. 20 has overtaken the amount of ODA going to the
Demonstrations begin to occur Civil war continues between the Assad regime and the continent.
Syria in March 2011, turns into a opposition factions.
15 – On the other hand, the level of ODA going to Africa
state of civil war. 10 from Japan still far exceeds the amount of private
Bahrain Anti-government In response to calls of political and economic reform by investment flowing into the continent, which is a
Jordan demonstrations the citizenry, government says it will amend the 5 cause for concern.
Morroco constitution – In June of 2013 the Tokyo International Conference
Oman Anti-government In Oman, part of the king's authority has been transferred 0 on African Development (TICAD V), a conference
Kuwait demonstrations to congress in respons to various pre-democracy on international cooperation between Japan and
Algeria requests.
-5 Africa convened every 5 years, will be held . It is
2005 2006 2007 2008 2009 2010 expected that this conference will help activate
Sources: Japan’s Foreign Ministry, various media reports
Sources: UNCTAD, Bloomberg, BOJ Japanese investment in Africa.
Paper/Pulp The domestic market for paper and paperboard peaked in 2000. Such major products as IT/Telecom The IT network and cloud computing environment is expanding. Smart phones and tablet
printing and publishing paper continue to be pressed by cheap imports. Cardboard devices continue to diversify applications, and the networking of smart phones, smart TVs,
demand will be sluggish as reconstruction demand winds down. Industry leaders are etc., creating smart appliances through LTE (wireless standard) for practical use is
aggressively making moves overseas to capture growth markets in Asia and other advancing. More advanced technology related to information security management,
regions. backup and other risk management needs is growing.
Steel With the expansion of public investment and repair of aging infrastructure、and a demand Textiles Despite a tough climate for personal consumption, there is expected to be demand for
rush for big ticket items like homes before the consumption tax is raised, construction apparel using functional materials, In terms of industrial textiles, although home sales are
demand will likely increase, however auto-related steel demand will be weak. An expected to recover, auto production is forecasted lower, so demand for auto-related
oversupply of steel will continue in East Asia. The rising cost of electricity will especially textiles should weaken. Demand for carbon fiber should be firm driven by the expansion
hurt electric arc furnaces, so the management environment in the industry will be severe. of wind power plants and use in aviation applications.
Electric Such fuel imports as LNG and heavy oil, etc., for use in electric power are at high levels. Industrial Due to the sluggish growth of the Chinese economy metal and mineral resource prices
On the other hand, gasoline demand continues to slightly shrink. In the short-term the have been on the weak side. Exports to Europe remain subdued. Large inventories of
Power/ restarting of nuclear power plants and revisal of renewable energy feed-in-tariffs in the
Plants construction machinery in such major markets as China are one of the main causes of
Energy coming year will be issues. In the mid to long-term the focus will be on government action suppressed demand. Infrastructure repair needs in developed countries is high, so
toward increased liberalization of the market and creating a fair competitive environment testing equipment demand should rise, and overall demand for industrial plants and
through reform of the electric power structure. equipment in emerging economies should continue to increase.
Chemicals Ethylene production has been slack since peaking in 2007. Industrial use chemical Construction/ According to the Research Institute of Construction and Economy forecasts construction
shipments are down in such major demand industries as motor vehicles and electric demand will be up 2.0% in fiscal 2013 compared with the previous year (fiscal 2012’s
machinery. Japanese exports are on a downward path as China and the Middle East Cement estimate is +4.1%). Government construction spending will likely fall compared to fiscal
expand production. Against rising global cost competitiveness, the key to survival is 2012, but private residential investment, including reconstruction demand should see a
production efficiency, slimming down overcapacity and targeting higher value-added moderate recovery from a demand rush by consumers to beat the raising of the
regions, meaning expanding overseas using a strategy of selection and concentration. consumption tax. However, a shit to overseas investment by the private sector could
have reverse effects offsetting the demand rush.
Electric Digital household appliance sales are sluggish. The market for PCs, game consoles, TVs, Distribution Personal consumption is expected to grow 1.1% in 2013 compared to 2012 (2012’s
etc., are shrinking as smart phones and tablet devices become alternatives. Centered on estimate is +1.7%). Due to the commoditization of tablet devices, the analysis and
Machinery Europe, demand for office equipment is weak. In terms of electrical machinery and accumulation of product and service information by customers and customer information
semiconductors used in industry, demand is brisk in products like the i-phone, however, by the service industry is both growing and becoming easier, leading to activated
Japanese manufacturers are increasingly struggling in the face of overseas competition. services. Retailers no longer waits for customer, but go to them. The virtual distance and
Attention is now turning to smart energy related equipment.. physical distance to the customer is shrinking.
Motor Domestically, in lieu of the end of lower taxes on the purchases of eco-cars it is likely that Food Food product sales are expected be up 1.1% in 2013 compared to 2012 (+0.2% in 2012).
sales will drop. Additionally, the strong yen may continue to be a burden calling for a With the increase in elderly, dual income and single households the market for the
Vehicles reconsideration of the domestic production structure. A recovery in the U.S. and ready-to-eat meals and online supermarkets will grow. Price reduction (including
Southeast Asian auto markets continues, however, reduced Japanese auto production in development of private brands) in anticipation of the hike in the consumption tax is
China is a concern. Due to slumping sales in Europe, a global realignment of the spreading, Within this climate employee cutbacks and restructuring will take place. In the
industry is starting to take place. mid-term, being able to respond to a “shrinking market” will be key.
Marubeni Research Institute 14
II. Industry/Commodity Market Outlook
2. Listed Firms (Japan) Ordinary Earnings to Recover, But Still Lower Than 2007
It is estimated that listed firms’ ordinary profits will rise by 19%, a total of about 2.8 trillion yen ($298 billion) in fiscal 2013. In particular, this will be driven by a solid U.S.
car market and by the effects of structural reforms in the Japanese electrical and precision machinery industries in fiscal 2011-12 (however, this is based on the
assumption that additional restructuring costs will not occur).
Still, compared to 2007 ordinary company profits by industry in Japan will still be generally lower. For example, profits in the steel and non-ferrous metal industry will be
73% lower than in 2007 due to a rise in raw material prices for steel and non-ferrous metals and an easing in steel demand in East Asia. On the other hand, domestic-
related demand in “telecommunications”, “food products”, and “retail” is on an upward trend.
Ordinary Company Profits by Major Industry
Compared
to fiscal (¥100 million) Motor
自動車 Vehicles (¥100 million)
電機・精密 Instruments
Electronics/Precision (¥100 million)
Steel/Non-Ferrous
鉄鋼・非鉄 Metals
(億円) (億円) (億円)
2007
60,000 60,000 60,000
50,000 50,000 50,000
Profits Decreased
通信
Telecom 食品 Products
Food 小売
Retail
(¥100
(億円) million) (¥100
(億円)million) (¥100
(億円) million)
Profits Increased
Note:
● All information and viewpoints contained in this material are the work of the Marubeni Research Institute based on data available at
the time of release. The Marubeni Research Institute is not responsible for any subsequent changes or notification of changes in the
information and/or positions taken in this report.
● The data used in this report is basically public information and as such the Marubeni Research Institute cannot vouch for either the
accuracy or thoroughness of such information. Any conclusions made or action taken based on the contents of this report is strictly up
to the discretion of the user of this report with all outcomes the sole responsibility of the user.