Business / Corporate

Japan corporate income hit record high in fiscal 2017

JIJI

The total income of profitable companies in Japan grew 14.3 percent in fiscal 2017 from a year before to a record ¥67.944 trillion, an estimate by the National Tax Agency showed Wednesday.

Corporate spending on items such as entertainment expenses rose 5.1 percent to ¥3.810 trillion — up for the sixth straight year.

The estimate was based on a survey of some 1.77 million companies across the country. The survey is conducted every year to estimate tax revenues.

Profitable companies totaled some 1 million, up 3.7 percent.

The number of loss-making companies fell 0.1 percent to some 1.68 million, or 62.6 percent of the total, down 0.9 percentage point. The proportion has been declining since peaking at 72.8 percent in fiscal 2009, after the global financial crisis of 2008.

Overall operating revenue increased 4.7 percent to ¥1.519 quadrillion.