Citigroup-日本宏观经济简评-09.27

September 27, 2007 12页

Japan: Issues and Prospects

Japan Small Firms Put a Drag on the Economy

􀂾 According to the latest corporate survey, small and
medium-sized companies are significantly less willing to
invest this year as compared to last year. This probably
reflects difficult business conditions that are caused by higher
input costs, sluggishness in consumer spending and a lack of
pricing power.
􀂾 Per-capita wage is also declining at small firms, limiting
growth in economy-wide per-capita wage. This is one of the
reasons for sluggishness in private consumption.
􀂾 Business conditions at small firm may deteriorate further, as
the public loan guarantee system is amended in October.