Percent Fall: Ministry Official and September Period

percent fall: Among manufacturers, the transportation equipment sector including the auto-related industry was the worst performer in terms of profit decreases, with the pandemic denting global demand, a ministry official told reporters, according to The Japan Times. In the nonmanufacturing sector, the service sector such as accommodation led the decline as people refrained from nonessential outings amid the virus spread. Pretax profits of domestic companies covered in the ministry's quarterly survey plunged 32.0 percent to 15.14 trillion 140 billion from a year earlier, the sharpest drop since a 32.4 percent fall in the July to September period in 2009 in the aftermath of the global financial crisis, according to the Finance Ministry. ; Profits were down for the fourth consecutive quarter, the ministry said. The official said the significant decrease in corporate profits reflected the severe trend of the entire economy due to the virus pandemic, adding, We'll keep monitoring its influence closely. Although the virus outbreak clouded the prospects for the economy, capital spending by all nonfinancial sectors for purposes such as building factories as well as adding equipment and software rose 4.3 percent to 16.35 trillion, following a 3.5 percent drop in the previous period. Corporate sales in Japan sank 3.5 percent from the previous year to 359.56 trillion, falling for the third successive quarter, while those of manufacturers grew 2.9 percent, helped by increased demand for industrial machinery. ( As reported in the news.

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