Nominal wages: Q1 = March-May, Q2 = June-August, Q3 = September-November, Q4 = December-February. The figure for 2017/Q3 is the September-October average. 2. Figures for the software investment plans for fiscal 2017 are forecasts from the December 2017 Tankan survey. Sources: Ministry of Health, Labour and Welfare; Bank of Japan.
16  17  7  Chart 8  Corporate Profits Ratio of Current Profits to Sales 6.5  % Izanagi boom  6.0  Heisei boom  5.5  The mid-2000s Current  5.0 4.5 4.0 3.5 3.0 2.5 2.0 0  1 2 quarter  3  4  5  6  7  8  9  10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 periods after entering economic recovery phases  Note: Based on the Financial Statements Statistics of Corporations by Industry, Quarterly.