Table of Contents

1. Are you more or less optimistic about your country's economy compared to last quarter?	1
1b. Rate your optimism about your country's economy on a scale from 0-100, with 0 being the least optimistic and 100
being the most optimistic.	2
2. Are you more or less optimistic about the financial prospects for your company compared to last quarter?	3
2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least
optimistic and 100 being the most optimistic.	4
3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?	5
3a. During the past quarter, which items have been the most pressing concerns for your company's top management team? - Other specified	6
3b. Other than your answers to 3a, please write any new challenges or emerging risks that your firm anticipates in the next year.	7
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[Unweighted - Winsorized]	8
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months
for:   [Unweighted - Sorted]	9
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[All Companies - Winsorized - Revenue Weighted - Sorted]	10
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[All Companies - Winsorized - Employee Weighted - Sorted]	11
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[Public Companies - Winsorized - Revenue Weighted]	12
5a. How much cash and marketable securities does your firm hold (as a percentage of total assets)?	13
Cash & marketable securities held - Comparison of today to one year ago	14
5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? (uncertain responses included)	15
5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? (uncertain responses excluded)	16
5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - NO	17
5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - YES	19
5c. As your firm decides how much cash to hold, do you have an explicit "target" or "range" for the amount of cash and
marketable securities to hold?	21
5c. Firm has an explicit "target" or "range".  How quickly do you alter your cash holdings to hit the target/range?	22
5c. What best describes your cash target? (choose best one or two)	23
5c. Selected specific dollar (or other currency) amount of Cash - Explain:	25
5c. Selected other target - Specified:	26
5d. What portion of your balance sheet cash is held in risk-free versus risky assets?	27
6a. How would you rate the degree of political uncertainty or political risk in your country?	28
6b. Has political uncertainty led your firm to be more cautious...	29
6c. Which political uncertainties are the source of your caution? (choose up to 5)	30
6c.Which political uncertainties are the source of your caution? - Other specified:	31
7. Has political uncertainty in the United States affected the willingness of companies in your country to do business in the
U.S. or with U.S. companies?	32
8a. How do you think trade alliances between countries affect...	33
8b. How do you think trade alliances between countries affect number of workers your company employs?	34
9a. If the Japanese government increases the consumption tax to 10% in April 2017, how will this affect ...	35
9b. Briefly, why would this be a NEGATIVE effect on your company?	36
10. On May 16, 2016, Nikkei 225 was 16,023 yen. Please complete the following:	38
Revenue Weighted: 10. On May 16, 2016, 2015, Nikkei 225 was 16,023 yen. Please complete the following:	39
Employee Weighted: 9. On May 16, 2016, Nikkei 225 was 16,023 yen. Please complete the following:	40
In 2015, what was your company's... (millions of yen)	41
Return on assets (ROA=operating earnings/assets)	42
Manufacturing capacity utilized	43
Manufacturing capacity utilized (Revenue Weighted)	44
Industry	45
Sales Revenue	47
Weighted Sales Revenue (Millions)	48
Number of Employees	49
Weighted Number of Employees	50
Where are you personally located?	51
Where are you personally located? - Other specified	52
Ownership	53
Foreign Sales	54
In what region of the world are most of your foreign sales?	55
What is your company's credit rating? 	56
Year of birth	59
Month of birth	60
Your job title (e.g., CFO, Asst. Treasurer, etc):	61

 1 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

1. Are you more or less optimistic about your country's economy compared to last quarter?

	 	Number	Percent	95% CI
	1=More optimistic	2	6.3 %	± 8.9 %
	0=No change	14	43.8 %	± 18.2 %
	-1=Less optimistic	16	50.0 %	± 18.3 %
	Total	32	100.0 %

	Mean = -0.4
	SD = 0.6

	Missing Cases = 0
	Response Percent = 100.0 %

2 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

1b. Rate your optimism about your country's economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

	Minimum = 20

	Maximum = 90

	Mean = 47.8

	Median = 45

	Standard Deviation (Unbiased Estimate) = 15.6

	95 Percent Confidence Interval Around The Mean = 41.9 - 53.7

4 Groups

	 1 = 40
	 2 = 45
	 3 = 52.5

Valid Cases =27
Missing Cases =5
Response Percent = 84.4%

3 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

2. Are you more or less optimistic about the financial prospects for your company compared to last quarter?

	 	Number	Percent	95% CI
	1=More optimistic	5	15.6 %	± 13.3 %
	0=No change	15	46.9 %	± 18.3 %
	-1=Less optimistic	12	37.5 %	± 17.8 %
	Total	32	100.0 %

	Mean = -0.2
	SD = 0.7

	Missing Cases = 0
	Response Percent = 100.0 %

4 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

	Minimum = 20

	Maximum = 90

	Mean = 55.8

	Median = 52.5

	Standard Deviation (Unbiased Estimate) = 15.7

	95 Percent Confidence Interval Around The Mean = 49.7 - 61.8

4 Groups

	 1 = 50
	 2 = 50
	 3 = 70

Valid Cases =26
Missing Cases =6
Response Percent = 81.3%

5 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?

	 	Number	Percent	95% CI
	Economic uncertainty	19	61.3 %	± 18.2 %
	Currency risk	14	45.2 %	± 18.6 %
	Employee productivity	10	32.3 %	± 17.5 %
	Weak demand for your products/services	9	29.0 %	± 16.9 %
	Geopolitical / health crises	7	22.6 %	± 15.6 %
	Government policies	6	19.4 %	± 14.8 %
	Employee morale	4	12.9 %	± 12.5 %
	Difficulty attracting / retaining qualified employees	4	12.9 %	± 12.5 %
	Cost of benefits	4	12.9 %	± 12.5 %
	Regulatory requirements	3	9.7 %	± 11.0 %
	Deflation	2	6.5 %	± 9.2 %
	Access to capital	2	6.5 %	± 9.2 %
	Rising input or commodity costs	2	6.5 %	± 9.2 %
	Corporate tax code	1	3.2 %	± 6.6 %
	Cost of borrowing	1	3.2 %	± 6.6 %
	Rising wages and salaries	1	3.2 %	± 6.6 %
	Data security	0	0.0 %	± 0.0 %
	Inflation	0	0.0 %	± 0.0 %
	Other	2	6.5 %	± 9.2 %
	Total	91

	Number of Cases = 31
	Number of Responses = 91
	Average Number Of Responses Per Case = 2.9
	Number Of Cases With At Least One Response = 31
	Response Percent = 100.0 %

6 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

3a. During the past quarter, which items have been the most pressing concerns for your company's top management team? - Other specified

Energy	投資回収リスクへの対応	
Retail/Wholesale	人手不足(求人難)	

7 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

3b. Other than your answers to 3a, please write any new challenges or emerging risks that your firm anticipates in the next year. 

Energy	現時点ではなし	
Healthcare/Pharm	Health issues for the key staff	
Manufacturing	お客様の変化（中国製 業の動向）	
Manufacturing	各国の選挙・投票に伴う政策変更	
Manufacturing	原油価 の変動	
Manufacturing	競争要�� の多様化拡大	
Mining/Construction	Weak Chinese Economy	
Other	委員会等設置会社への移行動向を見据えながら�-	
 	��応判断がひとつ。建設コストの上昇は一服感��-	
 	�あるものの2020年までには更なる上昇が懸念	
Retail/Wholesale	市� �リスク、中国リスク、為替リスク、商品価� �の低-	
 	迷継続	
Retail/Wholesale	所得の低下による消費マインドの低下	
Retail/Wholesale	社会保険適用範囲の拡大、消費税増税、熊本地-	
 	震発生に伴う増税・建築費の高騰	
Retail/Wholesale	資源価� �の低位での上げ下げ	
Retail/Wholesale	Increased tensions with China are harming trade with and manufacturing security	
 	in that country	
Services, Consulting	中国経済の更なる停滞による海外需要の低迷	
Services, Consulting	各種規制強化と消費税上げに伴う需要の減少	
Services, Consulting	重複ですが能力ある人材不足	

8 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?   [Unweighted - Winsorized] 

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Cash on the balance sheet	4.0	5.1	1.4 - 6.5	4.5	-5	14.2	16

Marketing/advertising spending	3.8	11.1	-1.9 - 9.4	0	-10	27.4	16

Dividends	2.6	4.7	0.2 - 5.1	0	0	13	14

Capital spending	2.0	11.0	-3.3 - 7.4	0	-21.4	26.2	22

Wages/Salaries	1.9	2.0	0.9 - 2.8	2	-1.7	5	15

Research and development spending	1.8	2.8	0.3 - 3.2	0	0	8.6	17

Productivity (output per hour worked)	1.5	1.9	0.5 - 2.5	0	0	4.7	13

Number of offshore outsourced employees	1.2	3.0	-0.5 - 2.8	0	-4.6	6.9	13

Technology spending	1.1	2.1	-0.3 - 2.4	0	0	4.7	14

Number of domestic full-time employees	0.1	2.5	-1.0 - 1.3	0	-4.6	5.6	13

Share repurchases	0.0	0.0	0.0 - 0.0	0	0	0	14

Prices of your products	-0.3	3.5	-2.1 - 1.6	0	-6.8	6.7	24

Earnings	-1.1	19.4	-9.2 - 7.0	3	-39.1	36.2	9

Number of domestic temporary employees	-1.8	3.8	-3.8 - 0.3	0	-8.3	2	9

Revenue	-3.2	8.5	-6.6 - 0.2	-3	-18.5	12.5	17

9 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months for:   [Unweighted - Sorted]

(N=32)

	Mean & SD	Positive	Zero	Negative
	  	1	0	-1	
	0.6	12	4	1
Wages/Salaries	0.6	70.6%	23.5%	5.9%

	0.5	9	6	1
Cash on the balance sheet	0.6	56.3%	37.5%	6.3%

	0.5	6	7	0
Productivity (output per hour worked)	0.5	46.2%	53.8%	0.0%

	0.4	14	2	6
Earnings	0.9	63.6%	9.1%	27.3%

	0.4	5	9	0
Research and development spending	0.5	35.7%	64.3%	0.0%

	0.4	5	9	0
Dividends	0.5	35.7%	64.3%	0.0%

Number of offshore outsourced	0.2	4	8	1
employees	0.6	30.8%	61.5%	7.7%

	0.2	2	7	0
Technology spending	0.4	22.2%	77.8%	0.0%

	0.2	6	6	3
Marketing/advertising spending	0.8	40.0%	40.0%	20.0%

	0.1	5	8	3
Capital spending	0.7	31.3%	50.0%	18.8%

	0.1	5	5	4
Prices of your products	0.8	35.7%	35.7%	28.6%

	0.1	3	12	2
Number of domestic full-time employees	0.6	17.6%	70.6%	11.8%

	0.0	0	9	0
Share repurchases	0.0	0.0%	100.0%	0.0%

Number of domestic temporary	-0.2	1	9	3
employees	0.6	7.7%	69.2%	23.1%

	-0.3	8	2	14
Revenue	0.9	33.3%	8.3%	58.3%

10 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All Companies - Winsorized - Revenue Weighted - Sorted] 

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Earnings	5.7	11.7	0.7 - 10.7	5	-39.1	36.2	15

Capital spending	3.8	10.9	-1.4 - 9.0	0	-21.4	26.2	19

Cash on the balance sheet	3.0	4.6	0.6 - 5.3	4	-5	14.2	26

Dividends	2.7	5.1	0.4 - 5.0	0	0	13	17

Research and development spending	1.5	2.5	0.4 - 2.7	0	0	8.6	13

Prices of your products	0.9	3.9	-1.0 - 2.9	0	-6.8	6.7	21

Technology spending	0.6	1.7	-0.4 - 1.6	0	0	4.7	15

Share repurchases	0.0	0.0	0.0 - 0.0	0	0	0	20

Marketing/advertising spending	-1.2	5.2	-3.9 - 1.6	0	-10	27.4	11

Revenue	-3.1	6.8	-5.7 - -0.4	-3	-18.5	12.5	11

11 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All Companies - Winsorized - Employee Weighted - Sorted]

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Wages/Salaries	2.0	2.2	0.9 - 3.1	2	-1.7	5	13

Productivity (output per hour worked)	1.3	2.1	0.1 - 2.4	0	0	4.7	15

Number of offshore outsourced employees	0.8	3.4	-1.1 - 2.7	0	-4.6	6.9	14

Number of domestic full-time employees	-1.1	2.4	-2.3 - 0.1	0	-4.6	5.6	12

Number of domestic temporary employees	-3.9	4.4	-6.1 - -1.6	0	-8.3	2	16

12 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [Public Companies - Winsorized - Revenue Weighted] 

	Mean	SD	95% CI	Median	Minimum	Maximum

Earnings	4.8	13.1	-1.5 - 11.1	5	-39.1	36.2

Cash on the balance sheet	3.9	5.0	1.0 - 6.8	5	-5	14.2

Dividends	2.7	5.1	0.4 - 5.0	0	0	13

Share repurchases	0.0	0.0	0.0 - 0.0	0	0	0

Revenue	-2.6	6.7	-5.4 - 0.3	-3	-18.5	10

13 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

5a. How much cash and marketable securities does your firm hold (as a percentage of total assets)?

	Mean	SD	Median	Total

% today	17.6	18.4	12	27

% one year ago	16.1	17.5	11	27

% held outside of headquarter country	21.5	26.8	10	20

14 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

Cash & marketable securities held - Comparison of today to one year ago

	 	Number	Percent	95% CI
	+1=More today	16	59.3 %	± 18.5 %
	0=No difference	8	29.6 %	± 16.0 %
	-1=More last year	3	11.1 %	± 10.8 %
	Total	27	100.0 %

	Mean = 0.5
	SD = 0.7

	Missing Cases = 5
	Response Percent = 84.4 %

15 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? (uncertain responses included)

	 	Number	Percent	95% CI
	No	16	51.6 %	± 18.4 %
	Yes	4	12.9 %	± 12.2 %
	Not sure	11	35.5 %	± 17.4 %
	Total	31	100.0 %

	Missing Cases = 1
	Response Percent = 96.9 %

16 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? (uncertain responses excluded)

	 	Number	Percent	95% CI
	No	16	80.0 %	± 20.0 %
	Yes	4	20.0 %	± 18.4 %
	Total	20	100.0 %

	Missing Cases = 1
	Response Percent = 95.2 %

17 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - NO

	Why not? (Check all that apply)	Number	Percent	95% CI
	Do not need cash reserves as a source of funds	8	50.0 %	± 27.6 %
	Need cash as liquidity buffer (e.g., in case credit markets tighten)	5	31.3 %	± 25.5 %
	Currently have few attractive investment opportunities	5	31.3 %	± 25.5 %
	Save cash as dry powder for future investment opportunities	5	31.3 %	± 25.5 %
	Lack excess cash to deploy	4	25.0 %	± 23.9 %
	Holding cash until economic uncertainty declines	3	18.8 %	± 21.5 %
	We are borrowing instead of using our cash on hand	2	12.5 %	± 18.2 %
	Holding cash to save for potential future liabilities	1	6.3 %	± 13.4 %
	Currently unfavorable tax ramifications	0	0.0 %	± 0.0 %
	Want to avoid repatriation tax on cash held overseas	0	0.0 %	± 0.0 %
	Other	0	0.0 %	± 0.0 %
	Total	33

	Number of Cases = 16
	Number of Responses = 33
	Average Number Of Responses Per Case = 2.1
	Number Of Cases With At Least One Response = 16
	Response Percent = 100.0 %

18 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - NO - Other specified

--- No Response ---

19 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - YES

	On what would accumulated cash reserves be deployed?
	(Check all that apply)	Number	Percent	95% CI
	Capital spending or investment	2	50.0 %	± 92.0 %
	Increase employee benefits/pay	2	50.0 %	± 92.0 %
	Cover operating losses	1	25.0 %	± 79.7 %
	Marketing and advertising	1	25.0 %	± 79.7 %
	Research and development	1	25.0 %	± 79.7 %
	Dividends or share repurchases	1	25.0 %	± 79.7 %
	Pay down debt/line of credit	1	25.0 %	± 79.7 %
	Lending	0	0.0 %	± 0.1 %
	Acquisitions	0	0.0 %	± 0.1 %
	Allow more lenient payment terms by customers	0	0.0 %	± 0.1 %
	Pension plan funding	0	0.0 %	± 0.1 %
	Purchase inventory	0	0.0 %	± 0.1 %
	Purchase raw materials	0	0.0 %	± 0.1 %
	Increase hiring	0	0.0 %	± 0.1 %
	Other	0	0.0 %	± 0.1 %
	Total	9

	Number of Cases = 4
	Number of Responses = 9
	Average Number Of Responses Per Case = 2.3
	Number Of Cases With At Least One Response = 4
	Response Percent = 100.0 %

20 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - YES - Other specified

--- No Response ---

21 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

5c. As your firm decides how much cash to hold, do you have an explicit "target" or "range" for the amount of cash and marketable securities to hold?

	 	Number	Percent	95% CI
	No target	12	41.4 %	± 18.7 %
	Yes, flexible target/range	14	48.3 %	± 19.0 %
	Yes, somewhat tight target/range	3	10.3 %	± 11.4 %
	Yes, strict target/range	0	0.0 %	± 0.0 %
	Total	29	100.0 %

	Missing Cases = 1
	Response Percent = 96.7 %

22 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

5c. Firm has an explicit "target" or "range".  How quickly do you alter your cash holdings to hit the target/range?

(N=17)

			Moderate		
	Mean & SD	Slowly	speed	Fast	Very fast
	  	1	2	3	4	
	2.6	0	6	9	0
... if you fall below your target or range:	0.5	0.0%	40.0%	60.0%	0.0%

	2.1	2	9	4	0
... if you drift above your target or range:	0.6	13.3%	60.0%	26.7%	0.0%

23 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

5c. What best describes your cash target? (choose best one or two)

	 	Number	Percent	95% CI
	Cash/sales revenue	7	46.7 %	± 28.6 %
	Cash/total assets	4	26.7 %	± 25.4 %
	Cash / short-term liabilities,	3	20.0 %	± 23.0 %
	Cash/current assets	2	13.3 %	± 19.5 %
	Specific dollar (or other currency) amount of Cash - Explain:	2	13.3 %	± 19.5 %
	Cash / operating expenses	1	6.7 %	± 14.3 %
	Cash to cover a specific number of days/months - Explain:	1	6.7 %	± 14.3 %
	Cash / market value of firm  	0	0.0 %	± 0.0 %
	Other target	3	20.0 %	± 23.0 %
	Total	23

	Number of Cases = 15
	Number of Responses = 23
	Average Number Of Responses Per Case = 1.5
	Number Of Cases With At Least One Response = 15
	Response Percent = 100.0 %

24 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

5c. Selected cash to cover a specific number of days/months - Explain:

--- No Response ---

25 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

5c. Selected specific dollar (or other currency) amount of Cash - Explain:

Manufacturing	経験上の流動性必要額	
Manufacturing	運転必要分＋投資準備＋リスク対応	

26 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

5c. Selected other target - Specified:

Mining/Construction	売上がゼロでも３年は社員の給料を出せる額	

27 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

5d. What portion of your balance sheet cash is held in risk-free versus risky assets?

	Mean	SD	Median	Total

% of cash held in risk-free assets	76.9	31.2	92.5	26

% in risky assets	23.1	31.2	7.5	26

28 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

6a. How would you rate the degree of political uncertainty or political risk in your country?

	 	Number	Percent	95% CI
	1=Small	20	62.5 %	± 17.8 %
	2=Moderate	11	34.4 %	± 17.4 %
	3=Large	1	3.1 %	± 6.4 %
	Total	32	100.0 %

	Mean = 1.4
	SD = 0.6

	Missing Cases = 0
	Response Percent = 100.0 %

29 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

6b. Has political uncertainty led your firm to be more cautious...

(N=32)

	Yes	No	Total	
	14	16	30
Making acquisitions	46.7%	53.3%	100.0%

	12	19	31
Spending	38.7%	61.3%	100.0%

	12	19	31
Spending or Hiring	38.7%	61.3%	100.0%

	10	21	31
Hiring	32.3%	67.7%	100.0%

30 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

6c. Which political uncertainties are the source of your caution? (choose up to 5) 

	 	Number	Percent	95% CI
	The potential for tax reform	17	53.1 %	± 18.4 %
	Proposed regulations	13	40.6 %	± 18.1 %
	Threat of terrorism	11	34.4 %	± 17.5 %
	Trade alliances [e.g., Trans-Pacific Partnership]	11	34.4 %	± 17.5 %
	Social policies [socioeconomic or racial activism, etc.]	10	31.3 %	± 17.1 %
	Government gridlock or dysfunction	9	28.1 %	± 16.6 %
	Environmental / climate policies	8	25.0 %	± 16.0 %
	U.S. involvement in the Middle East	6	18.8 %	± 14.4 %
	Upcoming elections	5	15.6 %	± 13.4 %
	Minimum wage	2	6.3 %	± 8.9 %
	Protests against current administration	2	6.3 %	± 8.9 %
	Nuclear deal with Iran	2	6.3 %	± 8.9 %
	Immigration policy	1	3.1 %	± 6.4 %
	Other	4	12.5 %	± 12.2 %
	Total	101

	Number of Cases = 32
	Number of Responses = 101
	Average Number Of Responses Per Case = 3.2
	Number Of Cases With At Least One Response = 28
	Response Percent = 87.5 %

31 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

6c.Which political uncertainties are the source of your caution? - Other specified:

Manufacturing	日米同盟の変質	
Other	米国大統� �選挙	
Retail/Wholesale	エネルギー資源価� �の動向	
Retail/Wholesale	Threat of Increase in Consumption Tax	

32 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

7. Has political uncertainty in the United States affected the willingness of companies in your country to do business in the U.S. or with U.S. companies?

	 	Number	Percent	95% CI
	-1=No	9	28.1 %	± 16.5 %
	0=Not sure	10	31.3 %	± 17.0 %
	+1=Yes	13	40.6 %	± 18.0 %
	Total	32	100.0 %

	Mean = 0.1
	SD = 0.8

	Missing Cases = 0
	Response Percent = 100.0 %

33 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

8a. How do you think trade alliances between countries affect...

(N=32)

	Mean & SD	Negative	No effect	Positive	Total
	  	-1	0	+1	  	
	0.8	1	5	23	29
your country's economy?	0.5	3.4%	17.2%	79.3%	100.0%

	0.6	0	11	17	28
your company overall?	0.5	0.0%	39.3%	60.7%	100.0%

34 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

8b. How do you think trade alliances between countries affect number of workers your company employs?

	 	Number	Percent	95% CI
	-1=Negative	1	3.6 %	± 6.4 %
	0=No effect	20	71.4 %	± 17.9 %
	+1=Positive	7	25.0 %	± 15.3 %
	Total	28	100.0 %

	Mean = 0.2
	SD = 0.5

	Missing Cases = 4
	Response Percent = 87.5 %

35 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

9a. If the Japanese government increases the consumption tax to 10% in April 2017, how will this affect ...

(N=32)

		Very				Very	
	Mean & SD	negative	Negative	No effect	Positive	positive	Total
	  	-2	-1	0	+1	+2	  	
	-0.6	0	20	6	2	0	28
The Japanese economy?	0.6	0.0%	71.4%	21.4%	7.1%	0.0%	100.0%

	-0.6	2	12	12	1	0	27
Your company?	0.7	7.4%	44.4%	44.4%	3.7%	0.0%	100.0%

36 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

9b. Briefly, why would this be a NEGATIVE effect on your company?

Energy	顧客の消費意欲の減退につながるため	
Manufacturing	国内売上の減少	
Manufacturing	購買力の衰退	
Mining/Construction	景気が低下し、建設投資が減少する可能性-	
 	あるから。	
Other	消費の減少	
Retail/Wholesale	消費マインドの低下	
Retail/Wholesale	生活防衛意識が強まることによる売上減、複数税��-	
 	�への対応ｺｽﾄ	
Services, Consulting	コストアップ	
Services, Consulting	顧客の売り上げが落ち、それが当社の売り上�-	
 	��減につながりやすいから	
Tech [Soft/Hard/Bio]	対応コストの増大とコストの転嫁ができない	

37 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

9b. Briefly, why would this be a POSITIVE effect on your company?

--- No Response ---

38 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

10. On May 16, 2016, Nikkei 225 was 16,023 yen. Please complete the following:

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

In 10 years, I expect Nikkei 225 will be: There
is a 1-in-10 chance Nikkei 225 will be less than:	10952.4	3368.6	9511.6 - 12393.2	10000	5000	16000	21

In 10 years, I expect Nikkei 225 will be:
Expected return:	19704.5	3261.1	18341.8 - 21067.3	19500	15000	30000	22

In 10 years, I expect Nikkei 225 will be: There
is a 1-in-10 chance it will be greater than:	26714.3	7288.0	23597.2 - 29831.4	25000	19000	50000	21

In 1 year, I expect Nikkei 225 will be: There is
a 1-in-10 chance Nikkei 225 will be less than:	12977.3	2332.4	12002.6 - 13951.9	13500	9000	17000	22

In 1 year, I expect Nikkei 225 will be:
Expected return:	16913.0	1787.9	16182.3 - 17643.7	17500	12000	19000	23

In 1 year, I expect Nikkei 225 will be: There is
a 1-in-10 chance it will be greater than:	20250.0	2180.8	19338.7 - 21161.3	20000	16000	25000	22

In three months, I expect Nikkei 225 will be:
There is a 1-in-10 chance Nikkei 225 will be
less than:	14045.5	1617.7	13369.5 - 14721.4	14750	10000	16500	22

In three months, I expect Nikkei 225 will be:
Expected return:	16717.4	766.1	16404.3 - 17030.5	16500	15000	18000	23

In three months, I expect Nikkei 225 will be:
There is a 1-in-10 chance it will be greater than:	18500.0	1123.3	18030.6 - 18969.4	18000	17000	21000	22

39 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

Revenue Weighted: 10. On May 16, 2016, 2015, Nikkei 225 was 16,023 yen. Please complete the following:

	Mean	SD	95% CI	Median	Minimum	Maximum

In 10 years, I expect Nikkei 225 will be: There is a 1-in-
10 chance Nikkei 225 will be less than:	12802.4	3311.3	11432.8 - 14171.9	13000	5000	16000

In 10 years, I expect Nikkei 225 will be: Expected
return:	19159.7	1596.9	18509.0 - 19810.4	18500	15000	25829

In 10 years, I expect Nikkei 225 will be: There is a 1-in-
10 chance it will be greater than:	23966.0	3962.1	22327.2 - 25604.7	25000	19000	39144

In 1 year, I expect Nikkei 225 will be: There is a 1-in-
10 chance Nikkei 225 will be less than:	14087.9	2145.4	13252.1 - 14923.6	14000	9000	17000

In 1 year, I expect Nikkei 225 will be: Expected return:	17220.4	1304.0	16719.1 - 17721.6	17500	12550	19000

In 1 year, I expect Nikkei 225 will be: There is a 1-in-
10 chance it will be greater than:	19751.4	1353.2	19224.2 - 20278.5	20000	16000	24876

In three months, I expect Nikkei 225 will be: There is a
1-in-10 chance Nikkei 225 will be less than:	14588.7	1101.8	14159.4 - 15017.9	15000	10000	16500

In three months, I expect Nikkei 225 will be: Expected
return:	16790.3	705.5	16519.1 - 17061.5	16500	15000	18000

In three months, I expect Nikkei 225 will be: There is a
1-in-10 chance it will be greater than:	18458.6	1018.7	18061.7 - 18855.4	18000	17000	21000

40 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

Employee Weighted: 9. On May 16, 2016, Nikkei 225 was 16,023 yen. Please complete the following:

	Mean	SD	95% CI	Median	Minimum	Maximum

In 10 years, I expect Nikkei 225 will be: There is a 1-in-
10 chance Nikkei 225 will be less than:	11807.6	3504.4	10333.1 - 13282.1	10000	5000	16000

In 10 years, I expect Nikkei 225 will be: Expected
return:	19059.5	1883.7	18304.4 - 19814.7	19000	15000	25829

In 10 years, I expect Nikkei 225 will be: There is a 1-in-
10 chance it will be greater than:	24029.3	3942.9	22370.3 - 25688.3	25000	19000	39144

In 1 year, I expect Nikkei 225 will be: There is a 1-in-
10 chance Nikkei 225 will be less than:	13780.8	2211.2	12894.4 - 14667.2	14000	9000	17000

In 1 year, I expect Nikkei 225 will be: Expected return:	17089.4	1209.1	16625.7 - 17553.2	17250	12550	19000

In 1 year, I expect Nikkei 225 will be: There is a 1-in-
10 chance it will be greater than:	19874.4	1622.6	19224.0 - 20524.9	20000	16000	24876

In three months, I expect Nikkei 225 will be: There is a
1-in-10 chance Nikkei 225 will be less than:	14638.8	1045.1	14219.9 - 15057.8	15000	10000	16500

In three months, I expect Nikkei 225 will be: Expected
return:	16780.2	662.8	16525.9 - 17034.4	16500	15000	18000

In three months, I expect Nikkei 225 will be: There is a
1-in-10 chance it will be greater than:	18427.0	1244.4	17928.2 - 18925.9	18000	17000	21000

41 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

In 2015, what was your company's... (millions of yen)

	Mean	SD	Median	Total

2015 Capital expenditure	66615	122515	11200	23

2015 Assets	1799575	3984653	290500	22

42 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

Return on assets (ROA=operating earnings/assets)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% Approximate ROA in 2015	4.4	6.2	2.1 - 6.6	4.1	-10	15	29

% Expected ROA in 2016	5.1	5.8	2.9 - 7.2	5	-15	18	28

43 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

Manufacturing capacity utilized

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in last half of 2015	88.9	8.0	83.3 - 94.4	87.5	80	100	8

% of capacity utilization planned for the first half of 2016	88.0	9.1	81.7 - 94.3	85	80	100	8

44 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

Manufacturing capacity utilized (Revenue Weighted)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in last half of 2015	86.3	8.0	80.6 - 92.0	84	80	100	8

% of capacity utilization planned for the first half of 2016	85.6	8.6	79.6 - 91.7	80	80	100	8

45 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

Industry

	 	Number	Percent	95% CI
	Manufacturing	10	31.3 %	± 17.0 %
	Retail/Wholesale	6	18.8 %	± 14.3 %
	Services, Consulting	4	12.5 %	± 12.1 %
	Technology [Software/Hardware/Biotech]	2	6.3 %	± 8.9 %
	Banking/Finance/Insurance/Real Estate	2	6.3 %	± 8.9 %
	Mining/Construction	2	6.3 %	± 8.9 %
	Energy	1	3.1 %	± 6.4 %
	Healthcare/Pharmaceutical	1	3.1 %	± 6.4 %
	Agriculture, Forestry, & Fishing	0	0.0 %	± 0.0 %
	Transportation & Public Utilities	0	0.0 %	± 0.0 %
	Public Administration	0	0.0 %	± 0.0 %
	Communication/Media	0	0.0 %	± 0.0 %
	Other Industry	4	12.5 %	± 12.1 %
	Total	32	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

46 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

Industry (Other specified)

--- No Response ---

47 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	7	23.3 %	± 15.2 %
	$25-$99 million	1	3.3 %	± 6.4 %
	$100-$499 million	2	6.7 %	± 8.9 %
	$500-$999 million	2	6.7 %	± 8.9 %
	$1-$4.9 billion	7	23.3 %	± 15.2 %
	$5-$9.9 billion	3	10.0 %	± 10.7 %
	More than $10 billion	8	26.7 %	± 15.9 %
	Total	30	100.0 %

	Missing Cases = 2
	Response Percent = 93.8 %

48 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 4461.2

	Median = 3000

	Variance (Unbiased Estimate) = 20827073.6

	Standard Deviation (Unbiased Estimate) = 4563.7

	Standard Error Of The Mean  = 833.2

	95 Percent Confidence Interval Around The Mean = 2828.1 - 6094.3

	99 Percent Confidence Interval Around The Mean = 2315.7 - 6606.7

	Skewness = 0.5

	Kolmogorov-Smirnov Statistic For Normality = 8.4

Quartiles

	 1 = 62
	 2 = 3000
	 3 = 11000

Valid Cases =30
Missing Cases =2
Response Percent = 93.8%

49 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	5	16.7 %	± 13.4 %
	100-499	4	13.3 %	± 12.2 %
	500-999	3	10.0 %	± 10.7 %
	1,000-2,499	1	3.3 %	± 6.4 %
	2,500-4,999	1	3.3 %	± 6.4 %
	5,000-9,999	3	10.0 %	± 10.7 %
	Over 10,000	13	43.3 %	± 18.1 %
	Total	30	100.0 %

	Missing Cases = 2
	Response Percent = 93.8 %

50 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 6265.0

	Median = 7500

	Variance (Unbiased Estimate) = 30429853.4

	Standard Deviation (Unbiased Estimate) = 5516.3

	Standard Error Of The Mean  = 1007.1

	95 Percent Confidence Interval Around The Mean = 4291.0 - 8239.0

	99 Percent Confidence Interval Around The Mean = 3671.6 - 8858.4

	Skewness = 0.0

	Kolmogorov-Smirnov Statistic For Normality = 9.0

Quartiles

	 1 = 300
	 2 = 7500
	 3 = 12000

Valid Cases =30
Missing Cases =2
Response Percent = 93.8%

51 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

Where are you personally located?

	 	Number	Percent	95% CI
	Kanto	21	72.4 %	± 17.5 %
	Chubu	4	13.8 %	± 12.2 %
	Tohoku	2	6.9 %	± 8.9 %
	Kinki/Kansai	2	6.9 %	± 8.9 %
	Hokkaido	0	0.0 %	± 0.0 %
	Chugoku	0	0.0 %	± 0.0 %
	Shikoku	0	0.0 %	± 0.0 %
	Kyushu (incl. Okinawa)	0	0.0 %	± 0.0 %
	U.S.	0	0.0 %	± 0.0 %
	Canada	0	0.0 %	± 0.0 %
	Central/Latin America	0	0.0 %	± 0.0 %
	Europe	0	0.0 %	± 0.0 %
	Asia	0	0.0 %	± 0.0 %
	Other	0	0.0 %	± 0.0 %
	Total	29	100.0 %

	Missing Cases = 3
	Response Percent = 90.6 %

52 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

Where are you personally located? - Other specified

東京

53 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

Ownership

	 	Number	Percent	95% CI
	Public	20	66.7 %	± 17.8 %
	Private	10	33.3 %	± 17.0 %
	Government	0	0.0 %	± 0.0 %
	Nonprofit	0	0.0 %	± 0.0 %
	Total	30	100.0 %

	Missing Cases = 2
	Response Percent = 93.8 %

54 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

Foreign Sales

	 	Number	Percent	95% CI
	0%	6	18.8 %	± 14.3 %
	1-24%	11	34.4 %	± 17.4 %
	25-50%	7	21.9 %	± 15.2 %
	More than 50%	8	25.0 %	± 15.9 %
	Total	32	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

55 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

In what region of the world are most of your foreign sales?

	 	Number	Percent	95% CI
	Asia/Pacific Basin	14	70.0 %	± 20.9 %
	Europe	3	15.0 %	± 13.4 %
	US/Canada	3	15.0 %	± 13.4 %
	Latin America	0	0.0 %	± 0.0 %
	Africa	0	0.0 %	± 0.0 %
	Total	20	100.0 %

	Missing Cases = 6
	Response Percent = 76.9 %

56 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	0	0.0 %	0.0 %
	AA+	0	0.0 %	0.0 %
	AA	0	0.0 %	0.0 %
	AA-	3	13.0 %	13.0 %
	A+	1	4.3 %	17.4 %
	A	4	17.4 %	34.8 %
	A-	7	30.4 %	65.2 %
	BBB+	0	0.0 %	65.2 %
	BBB	2	8.7 %	73.9 %
	BBB-	2	8.7 %	82.6 %
	BB+	0	0.0 %	82.6 %
	BB	3	13.0 %	95.7 %
	BB-	0	0.0 %	95.7 %
	B+	1	4.3 %	100.0 %
	B	0	0.0 %	100.0 %
	B-	0	0.0 %	100.0 %
	CCC	0	0.0 %	100.0 %
	CC	0	0.0 %	100.0 %
	D	0	0.0 %	100.0 %
	Total	23	100.0 %	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

57 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

What is your company's credit rating? 

N=23		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		23		17	6	
		100.0%		73.9%	26.1%	
						
AAA		0		0	0	
		0.0%		0.0%	0.0%	
						
AA+		0		0	0	
		0.0%		0.0%	0.0%	
						
AA		0		0	0	
		0.0%		0.0%	0.0%	
						
AA-		3		3	0	
		13.0%		17.6%	0.0%	
						
A+		1		1	0	
		4.3%		5.9%	0.0%	
						
A		4		4	0	
		17.4%		23.5%	0.0%	
						
A-		7		6	1	
		30.4%		35.3%	16.7%	
						
BBB+		0		0	0	
		0.0%		0.0%	0.0%	
						
BBB		2		0	2	
		8.7%		0.0%	33.3%	
				b	a	
						
BBB-		2		2	0	
		8.7%		11.8%	0.0%	
						
BB+		0		0	0	
		0.0%		0.0%	0.0%	
						
BB		3		1	2	
		13.0%		5.9%	33.3%	
						
BB-		0		0	0	
		0.0%		0.0%	0.0%	
						
B+		1		0	1	
		4.3%		0.0%	16.7%	
						
B		0		0	0	
		0.0%		0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

58 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

What is your company's credit rating? 

N=23		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
B-		0		0	0	
		0.0%		0.0%	0.0%	
						
CCC		0		0	0	
		0.0%		0.0%	0.0%	
						
CC		0		0	0	
		0.0%		0.0%	0.0%	
						
D		0		0	0	
		0.0%		0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

59 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

Year of birth

	 	Number	Percent	95% CI
	1934	1	3.6 %	± 6.4 %
	1948	1	3.6 %	± 6.4 %
	1952	1	3.6 %	± 6.4 %
	1954	3	10.7 %	± 10.8 %
	1955	2	7.1 %	± 8.9 %
	1956	2	7.1 %	± 8.9 %
	1957	2	7.1 %	± 8.9 %
	1958	2	7.1 %	± 8.9 %
	1959	2	7.1 %	± 8.9 %
	1960	2	7.1 %	± 8.9 %
	1961	2	7.1 %	± 8.9 %
	1962	1	3.6 %	± 6.4 %
	1966	1	3.6 %	± 6.4 %
	1970	2	7.1 %	± 8.9 %
	1971	1	3.6 %	± 6.4 %
	1972	1	3.6 %	± 6.4 %
	1983	1	3.6 %	± 6.4 %
	1985	1	3.6 %	± 6.4 %
	Total	28	100.0 %

	Missing Cases = 4
	Response Percent = 87.5 %

60 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

Month of birth

	 	Number	Percent	95% CI
	Jan	3	10.7 %	± 10.8 %
	Feb	3	10.7 %	± 10.8 %
	Mar	1	3.6 %	± 6.4 %
	Apr	5	17.9 %	± 13.4 %
	May	0	0.0 %	± 0.0 %
	Jun	1	3.6 %	± 6.4 %
	Jul	2	7.1 %	± 8.9 %
	Aug	5	17.9 %	± 13.4 %
	Sep	3	10.7 %	± 10.8 %
	Oct	1	3.6 %	± 6.4 %
	Nov	2	7.1 %	± 8.9 %
	Dec	2	7.1 %	± 8.9 %
	Total	28	100.0 %

	Missing Cases = 4
	Response Percent = 87.5 %

61 

Duke CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2016

Your job title (e.g., CFO, Asst. Treasurer, etc):

	 	Number	Percent
	CFO	3	10.3 %
	President	2	6.9 %
	代表取�� 役社長	2	6.9 %
	取�� 役	2	6.9 %

one response (3.4%) for each of the following:

              部門長代行
                president
                シニアエキスパート
                執行役員
                経理財務部シニアマネジャー
                管理本部長
                取�� 役上席執行役員経営本部長
                代表執行役　執行役専務　CFO
                企画財務本部長
                経営管理本部��
                財務企画部長
                管理責任者付
                GM
                内部監査室長
                経理部次長
                専務取�� 役
                財務経理担当
                代表取�� 社長
                Deputy GM
                財務部長

	Total	29	100.0 %

	Missing Cases = 3
	Response Percent = 90.6 %