Large Japan firms plan to raise capital spending

Aug 07 (NHK) - Large companies in Japan expect to spend more on factories and equipment in the current fiscal year.

A survey shows that manufacturing firms are especially bullish, but also contains a view that the impact of the coronavirus pandemic could be a drag on their plans.

The government-backed Development Bank of Japan polled 1,823 firms in late June.

It found the companies plan to boost investment by 12.6 percent this fiscal year compared to fiscal 2020. That was when spending decreased for the first time in nine years due to the pandemic.

Among manufacturers, the electric machinery sector stands out. Firms in the field plan to spend 39.1 percent more as they invest in semiconductors and data centers as part of their digitalization efforts.

A 14.9 percent rise is seen in the chemicals sector, as companies plan to spend more on materials for electric vehicles.

But many non-manufacturing companies are having a hard time recovering from the pandemic. Relatively weak growth of 8.2 percent is seen in the service sector that includes the tourism and hotel industries.

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