Information Releases

Survey of Corporate Attitudes towards Performance Outlook for 2022

Companies anticipating increases in income and profit for 2022 down to 24.1%
— Rapid increase in downside factors of “crude oil/raw material prices” and “country risk” —


Economic activities in the domestic economy continue to be affected by the novel coronavirus (COVID-19) for over two years. In addition, companies face an increasingly challenging environment, such as the surge in crude oil prices because of the Russia-Ukraine situation.

Therefore, Teikoku Databank has conducted a survey of corporate attitudes towards the performance outlook for 2022. This survey was conducted in conjunction with the March 2022 TDB Trends Research..

*Survey period: March 17 – 31, 2022; Companies Surveyed: 24,561; Valid Responses: 11,765 (Response Rate: 47.9%) The survey of the performance outlook has been conducted every year since March 2009, and this is the 14th such survey.

*Details of this survey can be found on the dedicated Economic Trend Survey HP (

Primary points of survey results(summary)

  1. 1 24.1% of companies anticipate “increases in income and profit” in the performance outlook for 2022, down 3.3 points from the previous survey’s performance outlook for 2021 (in March 2021). On the other hand, 23.9% of companies anticipate “decreases in income and profit”, down 2.1 points from that in the performance outlook for 2021. Income tended to increase in the performance outlooks for 2022, but less so in terms of profit. In terms of anticipating increases in income and profit by type of business, that of “telecommunications”, including improvement of the internet communication environment, ranked top, at 45.5%. In terms of anticipating decreases in income and profit, “retail of drugs and medicines, miscellaneous daily goods” that expect an impact of NHI price revision had the highest percentage.
  2. 2 With respect to upside factors in the performance outlook for 2022, “convergence of infectious disease” regarding the novel coronavirus ranked top for the second consecutive year, at 40.2%. “Recovery of consumer spending” ranked second highest at 37.7%, down 5.2 points from the previous survey, followed by “crude oil and raw material price trends”, “an increase in public works”, and “income increase”. On the other hand, expectations of growth in overseas economies such as US and China receded substantially.
  3. 3 With respect to downside factors, “crude oil and raw material price trends” stood at 52.0%, up 31.2 points from the previous year, followed by “spread of infectious disease” (43.6%) and “further downturn in consumer spending” (30.5%). The percentage of companies that listed “country risk”, including political risk such as the Russia-Ukraine situation, stood at 25.1%, which approximately quadrupled from the previous year (6.3%).
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