With Japan's quarterly reporting period almost over, one analyst summed up the general feeling about companies' profit performance.

"The results season was probably a disappointment," said Jonathan Allum, a strategist at SMBC Nikko Capital Markets Ltd. in London.

It's difficult to disagree. Most firms have posted net income that fell short of analyst expectations, according to data compiled by Bloomberg. And beyond the bottom-line numbers, the word from some of Japan Inc.'s biggest names hasn't been good.