Japan's listed firms on pace for 3rd straight year of record profits

Service sector booms on reopening, but manufacturers face mixed outlook

Department store group Isetan Mitsukoshi Holdings is among those with a bullish outlook for the rest of the year. (Photo by Makoto Okada)

HIONA SHIRAIWA, Nikkei staff writer

August 17, 2023 01:42 JST

TOKYO -- Top-tier listed companies in Japan are forecast to reach record net profits for the third straight year, as price hikes and the country's post-COVID economic recovery lift businesses focused on the domestic market.

Total profit is expected to grow 6% for the fiscal year ending March 2024, according to a Nikkei analysis of data compiled from 1,103 companies on the Tokyo Stock Exchange's Prime market.