Stagnation and Structural Adjustments of Nonmanufacturing Industries during the 1990s

Research and Statistics Department
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Research and Statistics Department: Bank of Japan

No 1999-02, Bank of Japan Research Papers from Bank of Japan

Abstract: Since the burst of the financial bubble at the beginning of the 1990s, the Japanese economy has seen several signs of recovery only to find them elusive before consolidating its growth. Among the factors which apparently weakened this recovery process, particularly after 1993, is the stagnation of nonmanufacturing industry. The operating profits-to-sales ratio of the nonmanufacturing industry, for example, has kept declining and thus shown a stark contrast with the ratio of the manufacturing industry, which improved from 1993 to 1997. Moreover, the recovery of the business fixed investment of the nonmanufacturing industry has lagged far behind that of the manufacturing industry since 1993. This clearly goes against expectations from past experience, which indicate a faster investment recovery in the nonmanufacturing industry than in the manufacturing industry.

Date: 1999-02
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