Major Japan firms expect FY 2023 net profit to rise 4% to record high

Major Japanese companies are expected to see a 4.0 percent rise in combined net profit to 42.9 trillion yen ($307 billion) this fiscal year, on course to log a record profit for the third consecutive year led by the auto sector, according to the latest tally by a securities house.

The projected profit for the current fiscal year through March 2024 will eclipse an aggregated net profit of 41.3 trillion yen in the last fiscal year, according to SMBC Nikko Securities’ data on earnings forecasts at about 1,400 listed companies on the Tokyo stock market.

Among the market’s 33 sectors, net profit in...