Policies to help improve business performance should be developed
(From The Japan Times December 2 issue)

企業の業績改善に向けた政策を

Firms listed on the first section of the Tokyo Stock Exchange have reported strong performances for the April-September period, helped by government subsidies for eco-friendly cars and electronic appliances, and strong exports to emerging economies. But they are likely to have a difficult time in the next half-year period because of the threat of prolonged deflation and a rise in the value of the yen.

According to Nikko Cordial Securities Inc., 1,167 firms on the first section, excluding financial firms, registered a total current account profit of ¥13.889,6 trillion in the first half of fiscal 2010, some 2.4 times more than a year before and close to the ¥14.502 trillion registered in the first half of fiscal 2008, just before the collapse of Lehman Brothers Holdings Inc. The total sales grew 10.7 percent from a year before to ¥239.283,2 trillion.

The firms are cautious about their performance in the October 2010 - March 2011 period. They expect total current account profit to grow 44.6 percent from a year before to ¥23.140,9 trillion, with the growth rate lower than in the previous half-year period. That amount would be about 70 percent of the current account profit posted for the October 2007-March 2008 period.

The termination of government stimulus measures will affect business performance. Subsidies for eco-friendly cars ended Sept. 7 and the eco-point system for electronic appliances will be scaled down this month. Auto sales in October declined 37.4 percent from September. Sales by electronic makers will also suffer.

Many firms are trying to overcome the effect of a strong yen by expanding overseas production. This could lead to hollowing of domestic industries. The government should pay attention to the fact that firms are expanding business activities abroad not only to cope with a strong yen but also due to their distrust of the government's economic policies. The government needs to develop policies that will make Japan's markets and business environment attractive to Japanese and foreign firms.

主要上場企業の2010年4−9月期の業績は、エコカーやエコ家電などの購入補助政策や新興国への輸出が追い風となり改善されたが、下期はデフレ長期化と円高の影響で厳しい状況となりそうだ。日興コーディアル証券によると、金融を除く東京証券取引所1部上場企業1167社が今年度上半期に前年比2.4倍、リーマンショック直前の業績に迫る13兆8896億円の経常利益をあげた。売上高は前年比10.7％増の239兆2832億円だ。

しかしエコカー補助金は9月に終了、10月の販売数は前月比37.4％減となった。家電エコポイント制度も今月から規模が縮小される。多くの企業が円高対策として進める海外生産への移行は、国内産業の空洞化を招く恐れがある。政府は海外進出が経済政策への不信の表れであることを認識し、国内外の企業にとって魅力ある市場とビジネス環境整備に努めるべきだ。