Based on the Financial Statements Statistics of Corporations by Industry, Quarterly. Excluding "finance and insurance." Figures from 2009/Q2 exclude "pure holding companies." Notes: 2. Shaded areas in the left chart indicate recession periods. Notes: 3. Figures for 2018 in the right chart are Q1 - Q3 averages on a seasonally adjusted annualized basis (BOJ staff estimates). Source: Ministry of Finance.
10  Chart 11  II.