Upward revisions in earnings forecasts for this fiscal year by listed companies in Japan have been triple that of downward ones, as cautious views on the impact of the new coronavirus eased with the start of vaccinations in February, according to a credit research firm.
Improvement in their outlooks for the year to March 2021 helped pull the Nikkei stock index up above a 30-year high last month, Teikoku Databank said in a survey report.
Some 802 companies had revised their sales projections by the end of February, of which 604, or 75%, raised their guidance, while 198 reduced it, according to the survey. Manufacturers accounted for roughly half of the companies that revised their projections upward.