Companies that made tough decisions about exiting businesses, closing factories and revamping management led to a doubling of corporate earnings last quarter, now at the highest level since 2007.
Net income jumped to about ¥5.5 trillion at more than 1,280 of the largest listed nonfinancial firms, the most since the Great Recession six years ago, based on data compiled by Bloomberg. The figure was up from ¥2.25 trillion a year ago, the fastest jump since 2010.
Companies showing profit surges include Panasonic Corp., which has cut 71,000 jobs; Mazda Motor Corp., which is shifting car production to Mexico; and Toyota Motor Corp., which overhauled management and halted new factory construction.