Impact of Surging Crude Oil Prices Spreading in Japan: Survey
Posted on: Friday, 15 July 2005, 12:00 CDT
Jul. 15--TOKYO -- The impact of soaring crude oil prices is increasingly being felt by a wide range of Japanese industries, involving sectors that do not heavily rely on crude oil such as steel, automobile and electronic machinery makers, a government survey found Friday.
The latest survey by the Economy, Trade and Industry Ministry said the percentage of companies seeing adverse effects "to some extent" from oil price hikes rose from 40 percent in the previous survey in March to 60 percent in the latest survey in June among sectors less reliant on crude oil than firms in industries such as chemicals and textiles.
In the industries heavily reliant on crude oil, the percentage of firms saying they were affected "seriously" or "to some extent" by the price hikes remained unchanged from March at around 90 percent, according to the poll.
The METI survey, conducted between June 21 and July 12, covered 156 firms in 12 industry sectors.
Of those polled, 73 were listed firms. Those companies said crude oil price increases would push their earnings down 15 percent on average, but 80 percent of them indicated they expect to post a profit in fiscal 2005, overcoming the challenges through cost-cutting efforts.
An increasing number of companies said they are concerned about indirect and secondary adverse effects of high-flying oil prices, as price increases could slow the U.S. and Chinese economies and increase costs for utilities and goods distribution services.
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Source: Kyodo News International, Tokyo
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