Economy

Japanese Firms Mark Record Combined Profits in April-June

Yomiuri Shimbun file photo
The Finance Ministry in Chiyoda Ward, Tokyo

Jiji Press

11:30 JST, September 3, 2024

TOKYO (Jiji Press) — Japanese nonfinancial companies’ combined ordinary profits in April-June grew 13.2% from a year before to ¥35,768 billion, a record high since comparable data became available in April-June 1954, the Ministry of Finance said Monday.

In the first quarter of fiscal 2024, the combined profits rose for the sixth consecutive quarter, with both the manufacturing and nonmanufacturing sectors posting record-high profits on the back of the yen’s historic depreciation and progress in passing on higher costs to consumers.

Manufacturers’ profits rose 13% to ¥12,729.4 billion, reflecting brisk overseas sales of transportation equipment, as well as the yen’s weakening, which pushed up profits in yen terms.

Nonmanufacturers’ profits went up 13.3% to ¥23,038.6 billion, as services providers, including restaurants, saw their profits grow significantly thanks to a recovery in the number of customers and the effects of new store openings.