[Sources]Geographical Survey Institute, MLIT “Land Survey of Prefectures, Shi, Ku, Machi and Mura”MIC “Population Census”, “Establishment and Enterprise Census” and “Employment Status Survey”Japan National Tourism Organization “Visitor Arrivals and Japanese Overseas Travelers”

Small and Medium Enterprise Agency “White Paper on Small and Medium Enterprises in Japan”Toyo Keizai, Inc. “Foreign Affiliated Companies in Japan – A Comprehensive Directory”CAO “Annual Report on Prefectural Accounts”BOJ materials

METI “Census of Manufactures” and “Census of Commerce”MOF “Trade Statistics of Japan”MEXT “Basic Survey of Schools”

Note: Percentage represent the proportion to the national total[Sources]Geographical Survey Institute, MLIT “Land Survey of Prefectures, Shi, Ku, Machi and Mura”MIC “Population Census”, “Establishment and Enterprise Census” and “Employment Status Survey”

TMG Bureau of Industrial and Labor Affairs “Survey on the Tourism in Tokyo – Number of tourists and other data”TMG Bureau of Industrial and Labor Affairs researchToyo Keizai, Inc. “Foreign Affiliated Companies in Japan – A Comprehensive Directory”CAO “Annual Report on Prefectural Accounts”TMG “Census of Manufactures”

BOJ materialsMETI “Census of Commerce”Tokyo Customs “Trade Statistics”MEXT “Basic Survey of Schools”

Population127,767,994

2005

Number of Factories442,5622008

Number of Stores (Wholesale, Retail)

1,472,6582007

Annual Sales of Goods (Wholesale, Retail)

548.2371 trillion yen2007

Value of Manufactured Goods Shipments337.8640 trillion yen

2008

Export Value54.1824 trillion yen

2009

Import Value51.3776 trillion yen2009 (preliminary)

Number of Factories40,137 9.1％

2008

Value of Manufactured Goods Shipments

10.4819 trillion yen 3.1％2008

Export Value12.0438 trillion yen 22.2％

2009 (preliminary)

Import Value15.2205 trillion yen 29.6％

2009 (preliminary)

Number of Universities773FY2009

Ratio of Tertiary Industry Persons Engaged in Work68.8％2007

Number of Establishments of the Information and Communications Industry

61,2522006

Services Production Value119.91 trillion yen

FY2007

Number of Stores (Wholesale, Retail)

149,965 10.2％ 2007

Annual Sales of Goods (Wholesale, Retail)

182.2113 trillion yen 33.2％2007

Number of Universities136 17.6％FY2009

Ratio of Tertiary Industry Persons Engaged in Work80.7％2007

Number of Establishments of the Information and Communications Industry22,361 36.5％

2006

Services Production Value27.1168 trillion yen 22.8％

FY2007

Number of Establishments5,722,559

2006

Number of Foreign-affiliated Firms3,1622009

Gross Domestic Product (Nominal)

520.2915 trillion yenFY2007

Number of Foreign Travelers to Japan8.35 million

2008

Number of Foreign Travelers to Tokyo5.34 million

2008

National Income Per Person3,059,000 yen

FY2007

Gross Prefectural Domestic Product of Tokyo (Nominal)

92.3005 trillion yen 17.7％FY2007

Prefectural Income Per Person4,540,000 yen 148.4％

FY2007

Land Area377,947k㎡

2009

Number of Enterprises1,515,835

2006

Number of Enterprises Capitalized at 1 Billion Yen or More

5,9452006

Number of Foreign-affiliated Firms2,356 74.5％

2009

Number of Enterprises Capitalized at 1 Billion Yen or More2,895 48.7％

2006

Loans Outstanding of Banks (Domestically Licensed)

416.6167 trillion yenend of December 2009

Loans Outstanding of Banks (Domestically Licensed)

171.7187 trillion yen 41.2％ end of December 2009

Number of Employed Persons61,505,973

2005

Population12,576,601 9.8％

2005

Land Area2,188k㎡ 0.6％

2009

Number of Employed Persons (based on workplace)　8,205,300 13.3％

2005

Daytime Population14,977,580

2005

Ratio of Small and Medium Enterprises99.7％2006

Number of Establishments678,769 11.9％

2006

Number of Enterprises255,400 16.8％

2006

Ratio of Small and Medium Enterprises99.0％2006

(Tokyo Port, Haneda Airport, and Narita Airport)

(Tokyo Port, Haneda Airport, and Narita Airport)

２ Industry and Employment in Tokyo - A Graphic Overview 2010 ３Industry and Employment in Tokyo - A Graphic Overview 2010

Tokyo Is the Hub of Japan’s Economic ActivityTokyo Is the Hub of Japan’s Economic ActivityOverview of Tokyo’s Economy

Tokyo

Japan

Tokyo’s gross production output corresponds to the scale of certain entire countries. Per-capita income is also extremely high compared to other prefectures. Because large numbers of companies, schools and other entities are concentrated in Tokyo, the district experiences a major influx of work and school commuters from other prefectures. This swells the daytime population to some 15 million persons. Although over half of the business establishments in Tokyo are small-scale operations with 4 or less employees, measured by the number of employees, large-scale establishments with 300 or more employees comprise 20% of the total.

Recent years have seen a decrease in Tokyo’s construction, manufacturing and other secondary industries in terms of both output and number of employees, while tertiary industries (especially the service sector) are recording growth. By number of business establishments, the largest groups are the wholesale and retail trade industry, followed by the Accommodations, eating and drinking services. Information and communications industry is also heavily concentrated in Tokyo, with about half of all of the nation’s business companies in these sectors located in Tokyo. By demographics, there is a rapid decline in the birthrate and an advance in the aging of the population underway, with the percentage of senior citizens in Tokyo growing high by global standards as well. The total fertility rate in Tokyo has been in a recovery trend after bottoming out in 2005, although continuing to lag far behind the nationwide average.

5Industry and Employment in Tokyo - A Graphic Overview 20104 Industry and Employment in Tokyo - A Graphic Overview 2010

Tokyo’s Enormous Daytime Population

Source: CAO “Annual Report on Prefectural Accounts”

2

High Concentration of Information and Communications Industry Companies in Tokyo

Comparison of number of enterprises to thenational figures by industry (2006)

Source: MIC “Establishment and Enterprise Census”

5

Majority of Tokyo Business Establishments Small in Scale

Breakdown of the number of establishmentsand employees by size of employees (2006)

Source: MIC “Establishment and Enterprise Census”

3

Trend toward Service Economy in TokyoTokyo nominal gross production (FY2007),

growth rate correlation chart (FY1997-2007) by industryNumber of employed persons by industry

Source: TMG “Annual Report on Prefectural Accounts”Note: Computed on working region baseSource: TMG “Annual Report on Prefectural Accounts”

Breakdown of number of establishments by industry (2006)

Source: MIC “Establishment and Enterprise Census”

4

Rapid Advance in Declining Birthrate/ Aging Population

Population by sex and ageSenior citizen ratio of population by country Total fertility rate by country

Source: MIC “Population Census”; National Institute of Population and Social Security Research “Household Projection for Japan Prefectures” (Estimated in May, 2007)

Note: Values from 2015 are projectionsSource: MIC “Population Census”; National Institute of Population and Social Security

Research “Household Projection for Japan Prefectures” (Estimated in May, 2007) “Household Projection for Japan” (Estimated in Dec, 2006); United Nations“World Population Prospects, the 2008 Revision”

Source: TMG, MHLW “Vital Statistics”; National Institute of Population and Social Security Research “Demographic Statistics Information Packet”; United Nations “Demographic Yearbook”

6

Tokyo’s Massive Economic Scale Corresponds to Certain Nations

Note: Figures for Tokyo and Australia on fiscal year basis.Source: CAO“Annual Report on Prefectural Accounts”

GDP by country (nominal) (2007) Gross prefectural product (nominal) and income per person by prefecture (FY2007)

1

Although Tokyo’s Economic Activity Is Brisk, the Birthrate Is Declining and the Population Is GrayingOverview of Tokyo’s Economy Tokyo’s Economic Base and Characteristics

0

2,000

4,000

6,000

8,000

14,000

16,000

US

A

Japa

n

Chi

na

Ger

man

y

UK

Fra

nce

Can

ada

Rus

sia

Indi

a

Kor

ea

Aus

tral

ia

Tok

yo

Hol

land

Tur

key

(Billion US dollars)

14,011

4,3833,382 3,323 2,799 2,593

1,427 1,277 1,142 1,049 947 808 778 647

0

20

40

60

80

100

120

0

1,000

2,000

3,000

4,000

5,000

(1,000 yen)(Trillion yen)

92.3

4,540

3,588

3,2842,973

3,0102,746

2,408

3,384

2,8233,107

38.9 37.232.0

21.1 19.7 19.1 18.5 18.5 16.9

Gross prefectural product (nominal)

Income per person (right axis)

Tok

yo

Osa

ka

Aic

hi

Kana

gawa

Sai

tam

a

Chi

ba

Hyo

go

Fuk

uoka

Hok

kaid

o

Shi

zuok

a

30

0

10

20

-30

-20

-10

0 5 10 15 20 25 30(Trillion yen)

（％）Service activities

Finance and insurance

Real estate

Public administration

Transport and communications

Mining ConstructionManufacturing

Agriculture, forestry and fishingElectricity, gas and water supply

Wholesale and retail trade

Primary industriesSecondary industriesTertiary industriesGovernment, Nonprofit FY1997 98 99 2000 01 02 03 04 05 06 07

2,716

2,239

1,431

733

3,301

1,964

1,023574

Agriculture,forestry and fishing

Real estate

Public administration

Service activities

Transport and communicationsFinance and insurance

Wholesale and retail trade

Construction Manufacturing

Mining industries

Electricity, gas and water supply

9,000(1,000 people)

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

Total678,769

establishmentsWholesale and retail trade

25.6

Finance and insurance1.4

Transport and postal activities 3.0

Real estate and goods rental and leasing8.0

Accommodations,eating and drinking services

15.3

Living-related and personal services,services for amusement and hobbies 7.5

Education, learning support 2.5Medical, health care and welfare 5.4

Other 0.5

Construction 6.4

Manufacturing 9.3Information andcommunications 3.3

Services, n.e.c. 5.1

Scientific research, professionaland technical services 6.8

85～8980～8475～7970～7465～6960～6455～5950～5445～4940～4435～3930～3425～2920～2415～1910～145～90～4

Male5,910,000

Female5,760,000

85～8980～8475～7970～7465～6960～6455～5950～5445～4940～4435～3930～3425～2920～2415～1910～145～90～4

Male6,030,000

Female6,040,000

85～8980～8475～7970～7465～6960～6455～5950～5445～4940～4435～3930～3425～2920～2415～1910～145～90～4

Male6,200,000

Female6,490,000

80 8060 6040 4020 200 0 (10,000 people) (10,000 people) (10,000 people)

80 8060 6040 4020 200 0 80 8060 6040 4020 200 0

0

5

10

15

20

25

30

35（％）

Japan 33.7Germany 31.0Tokyo 30.7Korea 26.8

Sweden 23.6UK 22.1USA 20.6China 19.2

1955 65 75 85 95 2005 15 25 350.5

1.0

1.5

2.0

2.5Projections

Japan 1.37

Tokyo 1.09Korea 1.26

Germany 1.37

Sweden 1.88UK 1.90

USA 2.10

1.00

1.26

1.02

1.32

1.05

1.34

2.442.43

2.132.03

1.961.94

1.70

1970 75 80 85 90 95 2000 05 06 07 08

0 20 40 60 80 100（％）

Establishments679,000

Employees8.239 million

1 to 457.0

Dispatched or subcontracted employee only 0.1300 or more 0.4

20.710 to 19

11.6 7.2 3.1

10.5 5 to 911.1

12.9 20 to 4917.5

50 to 29926.2

300 or more21.7

0 20 30 5010 40

Total of all industriesConstruction

ManufacturingInformation and communications

Transport and postal activitiesWholesale and retail trade

Finance and insuranceReal estate and goods rental and leasingScientific research, professional and technical servicesAccommodations, eating and drinking services

Living-related and personal services, and amusement servicesEducation, learning support

Medical, health care and welfare Service, n.e.c.

16.810.1

14.848.0

11.116.6

20.522.3

28.619.819.620.5

14.916.4

(Tokyo nominal gross production)

（％）

6.3

7.95.3

3.5

20.1

18.3

26.3

30.5

26.5

(1975) (2005) (Forecasted figures for 2035)

（％）

24.2

Note: Tokyo population figures are total population minus those whose age is unknown.Source: MIC “Population Census”

Daytime Population14.98 million

Daytime Population14.98 millionPopulation

12.42 millionPopulation

12.42 million Including “Labor forcestatus not reported”

Working or schoolingfrom other prefectures

3.05 million

Working or schoolingin Tokyo

6.88 million

Neither workingnor schooling3.97 million

Working or schoolingin other prefectures

0.49 million

90 years oldor more

90 years oldor more

90 years oldor more

(Gro

wth

rat

e)

The value of trade in the greater Tokyo area had continued to increase, but leveled off in 2008 due to the worldwide economic slump. Among trade partners, the proportion represented by Asia, particularly China, continues to increase in recent years. Commodity distribution within domestic borders is also active, with transported cargo volume within the Tokyo metropolitan area exceeding that in the Chukyo and Hanshin metropolitan areas. Haneda Airport boasts the 4th highest level of number of passengers in the world, where Narita Airport conversely has a high level of freight volume. The number of foreign travelers to Japan, primarily those from Asia, has been increasing, but entered a decline in 2009 under the impact of the global recession, appreciation of the yen, the H1N1 virus pandemic and other factors. Despite the number of tourists visiting Tokyo decreasing slightly in 2008, the value of tourism consumption continued to increase.

A number of key financial functions are concentrated in Tokyo, with the Tokyo Stock Exchange boasting one of the largest market values of any securities exchange in the world. Out of total non-Japanese workers nationwide, 1/4 are based in Tokyo, and are spread across numerous sectors. The transmission and receiving of vast amounts of information using the Internet has become possible in recent years, resulting in progress made in the exchange of people, products and finance and solidifying the place of informatization as a source of new industry creation and high value-added. Looking at the utilization of information by sector, Japan exhibits high levels relative to the rest of the world in the transportation and logistics sectors, but also a significant delay in certain sectors that include education, human resources and corporate management. Japan’s contents and other information and communications-based industries are concentrated in Tokyo, which is the cornerstone of the nation’s informatization-based networks.

7Industry and Employment in Tokyo - A Graphic Overview 20106 Industry and Employment in Tokyo - A Graphic Overview 2010

Note: Greater Tokyo Area (Tokyo, Chiba, Kanagawa, Ibaraki, Tochigi, Gunma, Saitama, Yamanashi)Source: Tokyo Customs “Trade Trends in the Greater Tokyo Area”

Note: Tokyo metropolitan area (Tokyo, Saitama, Chiba, Kanagawa), Chukyo metropolitan area (Aichi, Mie, Gifu), Hanshin metropolitan area (Kyoto, Osaka, Hyogo, Nara)Source: MLIT “Survey on Regional Cargo and Passenger Flow”

2

Deviation of information and communicationsutilization according to sector (2009)

Informatization Has Rapidly Progressed and ExpandedInternet diffusion rate based on population and number ofbroadband usage agreements by line type (Nationwide)

Note: Figures for internet diffusion rate based on population are those as of the end of each year　　　 FTTH: Optic fiber cable　　DSL: Digital subscriber line　　　 CATV: Cable television　　FWA: Fixed wireless access systemSource: MIC “White Paper: Information and Communications in Japan”, “Communications Usage Trend Survey”

Note: Deviation values calculated based on the utilization rate of information and communications system services in each sectorSource: MIC “White Paper: Information and Communications in Japan”

5

Tokyo Is a Center of International ExchangeNumber of passengers and cargovolume at major airports (2008)

Breakdown of deposits, loans and bills cleared by prefecture;Stock trading value by stock exchange

Source: Airports Council International “Annual Traffic Date”, Narita International Airport Corporation “Monthly Traffic Statistics”

Number of foreign travelers to Japanby country/region (Nationwide)

Note: 2009 figures are estimatesSource: Japan National Tourism Organization “Statistics ‒ Foreign Visitors to Japan”, “JNTO International Tourism Statistics for Japan”

Total number of tourist visits and value of tourismconsumption by region of residence

Breakdown of number of non-Japanese workers by industry (2009)

Source: TMG “Survey on Tourism in Tokyo - the Number of tourists and other data”

2

The Global Role Played by Tokyo’s Financial FunctionsNationwide comparison of number of establishments and number of persons engaged by medium groups of information and communications industry (2006)

Source: BOJ “Deposits and Loans Market”, JBA materials, TSE “Monthly Statistics Report”

Market value of world’s securities exchanges(top 10 exchanges; as of November 2009)

Source: WFE “Focus“

Note: As of October 31, 2009 Services, n.e.c. include the construction design and designing industries and legal offices.Source: MHLW “Report on Foreign Employment” Source: MIC “Establishment and Enterprise Census”

3 Non-Japanese Workers Particularly Present inAccommodations, Eating and Drinking Services Industry4

Deeping Level of Commodity Distribution to Rest of Asia

Note: Greater Tokyo Area (Tokyo, Chiba, Kanagawa, Ibaraki, Tochigi, Gunma, Saitama, Yamanashi)Source: Tokyo Customs “Trade Trends in the Greater Tokyo Area”

Trade value (Greater Tokyo Area)

Breakdown of import export value by trading partner(country/region) (Greater Tokyo Area, preliminary figures for 2008)

Transported cargo volume within and outsidethe three major metropolitan areas (FY2007)1

Tokyo: A Global Stage Where People, Products and Finance MingleOverview of Tokyo’s Economy Tokyo’s Economic Base and Characteristics

0

10

20

30

40

50

60

70(Trillion yen)

1998 99 01 02 03 04 05 06 07 082000

Trade value

Import Value

Export Value

65.6

41.1

22.3

18.8

35.3

30.3

0 20 40 60 80 100Export Value

200830.3 trillion yen

199822.3 trillion yen

Import Value

200835.3 trillion yen

199818.8 trillion yen

（％）

17.8

USA.31.4

China18.5

7.0 6.9

Taiwan7.4

Germany5.3

15.6 6.7

6.5 4.6 44.8

30.2 10.1 4.2 3.8 48.2

Other 52.114.2 6.24.6 4.4

46.0

Malaysia 3.5

Saudi Arabia AustraliaUAE

Other area

Hanshinmetropolitan area

Tokyometropolitan area

0.50.4

2.2

3.91.6

0.4

4.8 4.7 7.5

Chukyometropolitan area

Number of passengers

Volume of cargo

0 2 4 6 8 10

Atlanta (US): 1stO’Hare (US): 2nd

Heathrow (UK): 3rdHaneda (JPN): 4th

Charles de Gaulle (FR): 5th

Narita (JPN)

Memphis (US): 1stHong Kong (PRC): 2nd

Shanghai (PRC): 3rdIncheon (ROK): 4th

Anchorage (US): 5th

Narita (JPN)Haneda (JPN)

9.06.9

6.76.7

6.1

3.4

370366

260242

234

21085

(10 million people)

(10,000 tons)0 50 100 150 200 250 300 350 400

0

100

200

300

400

500

600

700

800

900(10,000 people)

2000 01 02 03 04 05 06 07 08 09

475.7

835.1

679.0

163.0

45.070.0

100.6

102.4

158.7

18.221.2

111.919.314.7

24.372.635.291.3

106.4

Australia

UKOther

USAChina

Taiwan

Korea

Hong Kong

0

100

200

300

400

500

600 45　

40　

35　

30　

25　

20　

15　

10　

5　

0　

(Total number of touristvisits: 1 million) (100 billion yen)

2004 05 06 07 08

Tourism consumption(right axis)

Total number of tourist visitsOverseas residents

Non-Tokyo prefectural residents

Tokyo residents

34.5

370.2

166.7

199.3

4.24.5 4.8 5.3

441.55.3

430.5

203.7

221.5

44.4 44.8

Tokyo 31.1

41.2

69.7

Tokyo Stock Exchange 95.8

Osaka Securities Exchange 3.4

Jasdaq SecuritiesExchange 0.8

3.9 16.6

9.14.3

3.9 38.1

9.1 Other 45.0

Kanagawa 5.6

Aichi5.2

Osaka9.8

Saitama 4.0

Fukuoka 3.3

0 20 40 60 80 100（％）

Deposits:599.6 trillion yen

(as of end of Dec.2009)

Loans:416.6 trillion yen

(as of end of Dec.2009)

Bills cleared: 373.5 trillion yen

(2009)

Stock trading value: 390.2 trillion yen

(2009)

115.8

32.9 30.5 28.1 27.2 26.2 22.616.1 13.9 13.0

0

20

40

60

80

100

120

New

Yor

k

Tok

yo

Nas

daq

Eur

onex

t

Lond

on

Sha

ngha

i

Hon

g K

ong

Tor

onto

Mad

rid

(Sao

Pau

lo)

Bov

espa

(100 billion US dollars)

8.0

3.9 9.8 11.3 7.5 13.2 15.5

8.8 10.4

Manufacturing38.9

12.0 15.5Accommodations,

eating and drinking services

26.5

Education, learning support Services, n.e.c.

Other industries18.9

0 20 40 60 80 100

Tokyo139,000 people

Nationwide563,000 people

（％）

FTTH

CATV

DSL

FWA

57.8

75.3

408

1,159

1,442

1

3195

565 210

500

1,000

1,500

2,000

2,500

3,000

3,500(10,000 usage agreements) (100 million tons) （％）

0

10

20

30

40

50

60

70

80

2002 03 04 05 06 07 08

Internet diffusion rate based on population (right axis)

Number of broadband usage agreements

2025303540455055606570

JapanKorea

USASingapore

UKDenmark

Sweden

38.934.2 38.7 38.6 35.8

51.7

47.4 47.5 50.3

61.5

（％）

Number of establishmentsNumber of employees

All information and communications industry80

Communications

Broadcasting

Information services

Internet based services

Video picture, sound information,

character informationproduction and

distribution

49.140

0

36.649.3

45.637.8

12.7

11.7 32.1

28.3

49.971.1

60.3

Hong KongKorea

Information and communicationsWholesale and retail trade

Med

ical

, hea

lth c

are

and

wel

fare

Edu

catio

n/hu

man

reso

urce

s

Em

ploy

men

t/lab

our

Adm

inis

trativ

e s

ervi

ces

Cor

pora

tem

anag

emen

t

Cul

ture

/arts

Env

ironm

ent/e

nerg

y

Tran

spor

tatio

n/lo

gist

ics

Saf

ety/

secu

rity

E-c

omm

erce

Japan has expanded overseas on the strength of the trust placed in its outstanding technology, with the ratio of its technology trade balance for patents, technology supply and other areas having reached 3.5-fold. The number of Japanese patents has climbed to top world levels, with that volume displaying redoubled growth in recent years. Examining the status of research by companies, universities and other entities, it is clear that these efforts are truly advancing in the fields of information technology and life sciences, with research expenditures in both those sectors having roughly doubled from 10 years ago. Tokyo, which hosts large numbers of corporate headquarters, universities and research institutes, accounts for a majority of all patents registered nationwide and comprises the key hub for technology development. In recent years, hand in hand with the heightened sense of crisis over global warming, keen attention is also coming to focus on environmental and energy conservation technologies.

With eco-business endeavors spreading to vast range of industries, this has become a promising market for the future. Japan uses less energy for production activities than other countries, and also boasts outstanding energy-conservation technology. New demand is being generated to effectively address the needs of a society characterized by fewer children and more senior citizens. Robot technology is no longer limited to industrial use, with development efforts steadily expanding into health care, welfare, disaster prevention, lifestyle services and numerous other fields. Japan is also the world leader in patents for domains that support robot technology. Tokyo, meanwhile, features a heavy concentration of creative industries that produce animation, fashion and other intellectual properties, and is a key focus of high added value and vitality.

9Industry and Employment in Tokyo - A Graphic Overview 20108 Industry and Employment in Tokyo - A Graphic Overview 2010

Source: METI “Trends in Research & Development Activities Pertaining to Industrial Technology in Japan”

Source: Japan Accreditation Board for Conformity Assessment materials

Note: “3R”stands for reduce ,reuse and recycleSource: METI materials

2

Number of patent applications to major countries(Cumulative total for 2001-2005)

Japan’s Stellar Energy Conservation Technology, Expanding Eco-business

3 Information Technologies and Craftsmanship SupportSociety with Fewer Children and More Senior Citizens

GDP-based primary energy supply volume index by region (2005)

Note: Index treats Japan as 1 based on values reached by dividing primary energy supply volume by GDP.Source: METI materials

Note: Number of patent applications to Japan, the United States, Europe, China and Korea. (Listed are the fields with number of 200,000 cases or more only)Source: Japan Patent Office “Survey on Trends of Patent Applications”

Expenditures or R&D by selected objective(Nationwide)

State of establishments belong to creative industry (2009)

Source: MIC “Survey of Research and Development”

Breakdown of registrations by prefecture (2008)

Note: Registrations by Japanese nationalsSource: Japan Patent Office “Patent Administrative Annual Report”

Estimates of robot technology (RT) future market scale (Nationwide, FY2007)

Source: Japan Robot Association “Survey Concerning Robot Technology Ramifications and Market Analysis”

High Concentration of Creative Industries in TokyoBreakdown of number of companies by sales scale, business management method and creative industry(2009)State of concentration of creative industries by fields (2009)

Note: Listed are the regions where the rate of establishments by fields placed in areas is top 20%Source: TMG Bureau of Industrial and Labor Affairs research

Note: All company sales (including non-creative industries)Source: TMG Bureau of Industrial and Labor Affairs research

4

Tokyo Spearheads National Commitment to Technology

Source: MIC “Survey of Research and Development”

Technology balance of payments (Nationwide) Number of new patent registrations by region Number of ISO14001 (environmental management system standard)certified organizations

Environmental business market scale (Nationwide, FY2007)

1

Tokyo Using Advanced Technology to Create New ValueOverview of Tokyo’s Economy Tokyo’s Economic Base and Characteristics

1995 2000 01 02 03 04 05 06 070

5

10

15

20

25(10,000 patents) （％）

80

70

60

50

40

30

20

10

0

Share registered in own country(Japan, right axis)

Japan

USA

Europe

Germany

Korea

France

UKChina

67.323.1

62.7

14.5

14.0

10.6

5.13.3

2.41.2

14.1

10.0

8.7

3.02.11.1

0.9 0.20

5,000

10,000

15,000

20,000

25,000

30,000

35,000

0

1

2

3

4 (Times)(100 million yen)

FY1997 98 99 2000 01 02 03 04 05 06 07 08

Technology exports (receipt value)

Technology imports (payment value)

Technology trade balance ratio(technology exports/technology imports)

(right axis)

1.9

3.7

4,384

8,316

7,105

6,000

24,82322,255

FY1998 99 2000 01 02 03 04 05 06 07 080

5

10

15

20

25

30

35

(100 billion yen)

Information technology

Life sciences

Energy

Environment Nanotechnology/materialsSpace exploration

Oceanology0.9

16.8

15.811.1

3.9 3.5

30.327.4

11.110.2

9.9

2.20.92.6

Tokyo 51.8 15.3

3.5

26.3

37.0

47.7 13.0 22.84.43.7

6.9 5.2 20.92.0

2.5

3.7Osaka 21.8

Gifu 2.5

Hyogo 3.7 Fukuoka 2.1

Other 39.810.7 6.2

5.7

2.3

（％）

11.9

Shizuoka1.9

Kyoto 2.4

Kanagawa 5.9

Aichi8.7

Saitama 4.7

0 20 40 60 80 100

Patents（151,765）

Utility models（7,187）

Designs（25,986）

Trademarks（82,469）

Artwork

Performing arts

Music

Movies, video, photographs

Television & radio

Animation

Fashion

Design (graphic)

Design (industrial)

Advertising

Publishing

Technical arts

020406080100（％）

0 20 40 60 80 100（％）

6.7

1.5

4.5

2.0

4.3

1.5 11.9 25.4 10.4 11.9 23.9 11.9 3.0

1.3 9.9 17.8 23.0 16.4 16.4 9.2 5.9

8.0

25.2 23.5 13.9 4.30.9

2.6

3.5 20.8 22.9 13.2 9.7 16.7 7.6 5.6

3.8 5.7 5.7 20.8 26.4 Under 5 million yen 32.13.81.9

13.0 15.2 13.0 17.4 2.2 6.5

9.0 15.0

300 million yen or more 40.4

21.0

21.2 18.3 5.8 4.8 3.01.0

22.0 7.0 12.0

21.2 18.2 21.2 3.0 7.612.1 12.1

16.4 23.9 14.9 17.94.5 6.0 14.9

6.7 6.7 33.3 36.7

42.4

28.0 7.0 44.0 13.0 2.0 6.0

26.0 12.5 36.5 20.2 4.82.2

10.9 37.0 4.3Orders primarily from

original contractors, etc. 45.7

37.3 40.3 4.53.04.5

15.8 2.6 59.9 17.1 1.33.3

24.0 6.0 4.02.0Orders primarily directly from clients 64.0

13.9 7.8 53.9 14.8 9.6

50.0 2.1 34.7 7.6 4.90.7

52.8 9.4 9.4 20.8Other7.5

10.6 25.8 6.1 6.1 9.1

10.0 No response 33.313.36.7

4.5 4.529.9 10.4 13.4

5 to under 10 million yen33.3

In-house development, production & sales37.3

Joint development, production & sales with other companies10.4

30 to under 50 million yen12.0

50 to under 100 million yen28.3

100 to under 300 million yen29.6

No response4.8

10.03.3

0 10 20 30 40 50 60 70 80 90(Trillion yen)

FY2015 (forecasts)83.3 trillion yen

FY200759.4 trillion yen

Creating environmental value 32.6

Eco-friendly products 1.3 Wastewater andsewage treatment 1.2

25.7 2.8 0.6 1.8 1.124.5

Waste treatment & recycling 29.5

Environment repair and creation 3.5

3.6 0.5

0.5

1.3Renewable/energy conservation

8.7 Other2.2

Other1.3

Global warming related “3R” related Natural symbiosis & pollution related

Applications

(10,000 cases)

Japan share43.4

18.0

33.5

18.3

31.9

14.2

30.2

18.0

29.219.7

26.8

13.9

25.2

11.5

24.8

7.1

23.3

10.2

0

20

40

60

Lifestyle services

Craftsmanship & RT products

Safety, security andpublic services

0

2

4

6

8

10

2005 10 15 20 25 30

(Trillion yen)

3,062

280

2000 01 02 03 04 05 06 07 08 09End March

0500

1,0001,5002,0002,5003,0003,500

(Certification)Japan = 1

1.0 1.9 2.0 2.4 3.1 3.2

6.0 6.07.9 8.6

3.0

17.4

0

5

10

15

20

Japa

n

EU

US

A

Aus

tral

ia

Can

ada

Kor

ea

Tha

iland

Mid

dle

East

Indi

a

Chi

na

Rus

sia

Wor

ld

Sales Business Management Method

4.0 30.0 20.0 10 to under 30 million yen26.0 4.0 8.0

In-house and joint investment types Commissioning type

0 establishments1～499 establishments500～999 establishments1,000 or more establishments

Edogawa-ku

Koto-kuChuo-kuMinato-ku

Chiyoda-ku

Meguro-ku

Shinagawa-ku

Ota-ku

Setagaya-ku

Suginami-ku

Nerima-ku

Itabashi-kuKita-ku

Toshima-ku

Nakano-kuShinjuku-ku

Shibuya-ku

Bunkyo-kuTaito-ku

Sumida-ku

Katsushika-ku

Adachi-ku

Arakawa-ku

Publications

Arts

Industrial arts

Television/radio

Film/video/photographyMusicDesign (graphic)Design (industrial)Design (other)

Fashion

Japanese animation

Performing arts SoftwareGameArchitecture

Chiba 2.9

Com

pute

r te

chno

logy

Opt

ical

equ

ipm

ent

Sem

icon

duct

ors

Mea

surin

g

Med

ical in

strum

ents

Tran

spor

tatio

n

Telec

omm

unica

tions

Audi

o-vi

sual

tech

nolo

gy

Elec

trica

l mac

hiner

y,El

ectri

cal s

yste

ms a

ndEl

ectri

city &

ene

rgy

Note: The map is made of the address with in a town. If establishments are placed in a same town, they are indicated in one “●” on the map.

Source: TMG Bureau of Industrial and Labor Affairs research

While the Japanese economy has deteriorated rapidly since the fall of 2008, this deterioration exhibited a bottoming out during the 1st quarter of 2009. However, economic recovery has been slow. The ordinary income of corporate enterprises halts at approximately 2/3 the peak experienced during the 1st quarter of 2007. The stock market, while ceasing to decline, is also moving at a low level. Despi te falling in the months following February, the yen exchange ratio is rebounding upwards, placing considerable pressure on the business performance of export industries. Trade continues to exhibit moderate improvement. Production swung upwards in March 2009 nationally and in June 2009 in Tokyo, and tends to pick up moderately.

On one end, the investment volition exhibited by enterprises continues to be sluggish, with weak trends visible in machinery orders and a rising office vacancy rate. Given the weakness in corporate activity, corporate prices and corporate service prices continue to decline with sluggish personal consumption having resulted in a remarkable drop in Tokyo’s consumer price index during the latter half of 2009. Concern surrounding prolonged deflation, therefore, prevails. Despite sales of automobiles increasing as a result of government policy, retail sales at large retail stores, which have continued to stagnate for some time, exhibited a wider rate of decrease. Additionally, retail sales at convenience stores fell into negative territory starting July 2009. The number of new houses and sales of condominiums dropped precipitously during the year.

11Industry and Employment in Tokyo - A Graphic Overview 201010 Industry and Employment in Tokyo - A Graphic Overview 2010

Note: Values are seasonally-adjusted, and exclude finance and insurance industry.Source: MOF “Financial Statements Statistics of Corporations by Industry”

Note: Represents month-end valuesSouse: ©Nikkei Inc. materials

2

Office vacancy rate and average advertised rent (5 major wards)

Sluggishness Continues in Stock Market; Yen Exchange Ratio Rising

3 Weak Corporate Activity despite Moderate Improvement in Production

Yen exchange rate in the foreign exchange market

Note: Tokyo market; Dollar vs. yen spot: 17:00 monthly averageSource: BOJ materials

Note: 5 major words are Chiyoda-ku, Chuo-ku, Minato-ku, Shinjuku-ku and Shibuya-ku. Average advertised rent for 2008 and 2009 are Oct-Dec averages. Vacancy rates are as of December of every year.Source: CB Richard Ellis K.K. “Office Market Report”

Domestic corporate goods price index, corporate serviceprice index, consumer price index (23-ku area/nationwide)

Note: Value of imports figures of Tokyo for 2009 and December are preliminarySource: MOF “Trade Statistics of Japan”

Production, shipments, and inventory indices

Note: 2009 and December figures are preliminary. Values for years are original, and values for months are seasonally-adjusted.Source: TMG “Industrial Indices” METI “Indices of Industrial Production”

Trade value (Nationwide)

Note: Private-sector machinery orders, excluding volatile ones for ships and those from electric power companiesSource: CAO “Orders Received for Machinery”

Insufficient Demand Perpetuating Depression in Prices

Number of new housing starts by nature of use

Note: Consumer price index is the total excluding fresh foods.Source: BOJ “Domestic Corporate Goods Price Index”, “Corporate Service Price Index” and MIC “Consumer Price Index”

Note: Same-store sales for department stores and supermarkets, all-store sales for convenience stores. Greater Kanto area consists of one metropolis (Tokyo) and ten prefectures (Ibaraki, Tochigi, Gunma, Saitama, Chiba, Kanagawa, Niigata, Yamanashi, Nagano and Shizuoka). Total sales of standard-sized cars, compact cars, and minivans for automobiles.Source: METI “Monthly Report on the Current Survey of Commerce” Kanto Bureau of Economy, Trade and Industry materials

Note: Company housing refers to buildings constructed by companies, etc. to house their employees, etc.Source: MLIT “Statistics on Construction Undertaken”

Number of condominiums on sale, contract ratio by area

Note: Contract ratio is contract ratio for month of sale.Source: Real Estate Economic Institute Co., Ltd. “Condominium Market Trends in the Greater Tokyo Area”

4Retail sales at large retail stores (23-ku area) and convenience stores (Greater Kanto area), number of automobile registrations (Tokyo)

Downturn in Consumption5

Deterioration of Japanese Economy Hits Bottom

Note: Figures represent initial preliminary estimates for quarter between October and December 2009Source: CAO “Annual Report on National Accounts”

GDP by quarter (YoY comparison of seasonally-adjusted annual rates)

Ordinary income of corporate enterprises (Nationwide) Nikkei 225 stock average

Value of machinery orders (Nationwide)

1

Weak Recovery of Tokyo’s EconomyOverview of Tokyo’s Economy Trends in Tokyo’s Economy

-15

-10

-5

0

5

10

2001 02 03 04 05 06 07 08 09

ⅠⅡⅢⅣⅠⅡⅢⅣⅠⅡⅢⅣⅠⅡⅢⅣⅠⅡⅢⅣⅠⅡⅢⅣⅠⅡⅢⅣⅠⅡⅢⅣⅠⅡⅢⅣ

Nominal

Real6.0

3.8

0.5-0.4 -0.6

-2.3

-13.7-14.0

（％）15.9

9.310.7

4.4

2001 02 03 04 05 06 07 08 09

ⅠⅡⅢⅣⅠⅡⅢⅣⅠⅡⅢⅣⅠⅡⅢⅣⅠⅡⅢⅣⅠⅡⅢⅣⅠⅡⅢⅣⅠⅡⅢⅣⅠⅡⅢⅣ

(Trillion yen)

0

2

4

6

8

10

12

14

16

5

7

9

11

13

15

17

19(1,000 yen)

2001 02 03 04 05 06 07 08 09

7.8

18.1

7.6

10.5

2001 02 03 04 05 06 07 08 0980

90

100

110

120

130

140(Yen/US$)

133.53

89.52

0123456

0102030405060708090

(Trillion yen) (Trillion yen)

2006 07 08 09

75.2

18.3

14.6

-33.1 -31.9

12.0

-5.5

-45.7

-34.9

67.3 54.251.4 3.5

4.45.4

4.9Import Value

Import Value

Export Value

Export Value

-50-40-30-20-10

01020（％）

(Compared to previous year/ compared to same month of previous year)

2005 06 07 08 0960

70

80

90

100

110

120

130 2005 average = 100

100.0

96.8 97.5

117.7

99.6

89.7

81.080.9

77.176.7

76.4

80.5

74.273.2 Production (Tokyo)

Production (Nationwide)

Inventory (Tokyo)

Shipments (Tokyo)

2005 06 0807 09

2009

0

20

40

60

80

100

120

140(100 billion yen) (100 billion yen)

0

2

4

6

8

10

12

Monthly value (right axis)

123.6

84.8 7.3 7.5

0

5

10

15

20

25(1,000 yen/tsubo) （％）

02468

Vacancy rate (right axis)

Average advertised rent

3.6

15.0 14.2

7.0

1.7

6.6

2000 01 02 03 04 05 06 07 08 09

95

100

110

105

115

2005 average＝100

20092008

105.6

102.1

99.3

97.8

100.5

100.0

Domestic corporate goodsprice index (Nationwide)

Consumer price index(23-ku area)

Corporate service price index(Nationwide) 2005 06 0807 09

(Compared to previous year/ compared to same month of previous year)

-35-30-25-20-15-10

-505

101520（％）

Convenience stores

Automobiles

Department stores

Supermarkets1.7

-1.9

-13.9-10.9

-5.1

0.0

7.5

19.3

-3.3-5.2-5.5

-3.0

-9.5

-25.7

(10,000 houses) (10,000 houses)

2005 0706 08 09

-50-40-30-20-10

01020（％）

（％）(Compared to previous year/ compared to same month of previous year)

Number of dwellingsper month (right axis)

Companyhousing

Rented dwellings

Owned dwellings0

5

10

15

20

0

0.5

1.0

1.5

Dwellings for sale (detached houses, etc.)

Dwellings for sale (condominiums)

-0.9

-31.0-14.8

-47.9

-24.8

0.81.0

10.8

18.7

2000 01 02 03 04 05 06 07 08 090

10

20

30

40

50

60

70(1,000 units)

0

20

40

60

80

100Contract ratio in 23-ku area (right axis)

Contract ratio in areaother than 23-ku area

(right axis)

23-ku area

Area other than 23-ku area

35.3

10.3

81.380.4

67.6

16.4

3.3

71.3

2009

2009

2009

2009

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecJan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Jan Feb Mar Apr MayJun Jul AugSepOct NovDec Jan Feb Mar AprMayJun Jul AugSep Oct Nov Dec

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

The business conditions DI for small and medium enterprises, which worsened rapidly from fall 2008 onwards, gradually recovered after bottoming out in March 2009. However, the index continues to remain at a severe level. Cash position has also failed to improve, with capital investment also becoming progressively weaker. The number of corporate bankruptcies nationwide fell slightly under that demonstrated in 2008, substantiated by initial signs upon entering latter half of the year that this figure was slowing down. Tokyo, on the other hand, experienced a higher number of bankruptcies relative to the previous year. Due to the fallout from large-scale bankruptcies that occurred last year, total liabilities decreased substantially.

Despite a previous trend of improvement, the unemployment rate in Tokyo took an upward turn, with unemployed persons increasing. Among total job seekers, the number of those who were displaced from their previous position at the discretion of management nearly doubled from 2008. Additionally, the ratio of active job openings to applicants, which had exhibited a significant ongoing decrease since the beginning of the year, continues to remain at an extremely low level despite a marginal narrowing of the rate of decrease during the second half of the year. The number of job classified listings also dropped sharply from 2008 by one-half. The general deterioration in corporate earnings resulted in total cash earnings to decline relative to 2008, with non-scheduled hours worked also experiencing a significant decrease.

13Industry and Employment in Tokyo - A Graphic Overview 201012 Industry and Employment in Tokyo - A Graphic Overview 2010

Note: Figures to the right indicate moving average for 4th QuarterSource: TMG “Status of Capital Investment, Cash Flow etc. of Small and Medium Enterprises in Tokyo”

Source: TMG, MIC “Labour Force Survey”

3

Number of job classified listings (Kanto-Koshinetsu region)

Worsening Employment

4 Reduced Wages; Drop in Overtime Work Hours

Number of workers displaced at the discretion of management

Note: Represents the number of new job seekers who were previously employed and subsequently displaced at the discretion of managementSource: Tokyo Labor Bureau “Report on Employment Service”

Note: Total listings in pay magazines containing information on job classifieds information, free papers and job classified insertsSource: Association of Job Information of Japan materials

Number of corporate bankruptcies

Cash flow diffusion index for SMEs

Total liabilities of corporate bankruptcies

Source: Tokyo Labor Bureau, MHLW “Report on Employment Service”

Number of Bankruptcies in Tokyo Exceeded 3,000 for The Year

Wages earners' monthly total cash earnings

Note: Bankruptcies with liabilities of 10 million yen or moreSource: TMG “Enterprise Bankruptcies in Tokyo” (Tokyo Shoko Research, Ltd. Statistics)

Note: Bankruptcies with liabilities of 10 million yen or moreSource: TMG “Enterprise Bankruptcies in Tokyo” (Tokyo Shoko Research, Ltd. Statistics)

Note: Establishment with 5 or more employeesSource: TMG, MHLW “Monthly Labour Survey”

Monthly non-scheduled hours worked

Note: Establishment with 5 or more employeesSource: TMG, MHLW “Monthly Labour Survey”

２

Business of Small and Medium Enterprises Characterized by Ongoing Severity

Note: DI=% of “favorable” enterprises － % of “unfavorable” enterprisesSource: TMG “Business Conditions of Small and Medium Enterprises in Tokyo”

Note: DI=% of “comfortable” enterprises － % of “struggling” enterprisesSource: TMG “Status of Capital Investment, Cash Flow etc. of Small and Medium Enterprises in Tokyo”

Business conditions diffusion index for SMEs Percentage of actual capital investment by SMEsby industry

Unemployment rate

Ratio of active job openings to applicants

1

Severe Business Environment Surrounding Small and Medium Enterprises Continues to Persevere; Employment Situation Assumes Serious ProportionsOverview of Tokyo’s Economy Trends in Tokyo’s Economy

-80

-70

-60

-50

-40

-30

-20

-10

0（DI）

1 2 3 4 5 6 7 8 9 1011122007

1 2 3 4 5 6 7 8 9 10111208

1 2 3 4 5 6 7 8 9 10111209

-29

-71

-58

-50

-40

-30

-20

-10

0（DI）

-40.8

-39.1

Services Manufacturing

Overall

Wholesale

Retail

24.0

19.2

16.7

14.8

8.0

10.2

14.115.1

15.5

19.5

2002 03 04 05 06 07 08 09

ⅠⅡⅢⅣ ⅠⅡⅢⅣ ⅠⅡⅢⅣ ⅠⅡⅢⅣ ⅠⅡⅢⅣ ⅠⅡⅢⅣ ⅠⅡⅢⅣ ⅠⅡⅢⅣ

2002 03 04 05 06 07 08 09

ⅠⅡⅢⅣ ⅠⅡⅢⅣ ⅠⅡⅢⅣ ⅠⅡⅢⅣ ⅠⅡⅢⅣ ⅠⅡⅢⅣ ⅠⅡⅢⅣ ⅠⅡⅢⅣ 0

5

10

15

20

25

30（％）

2007

Ⅰ Ⅱ Ⅲ Ⅳ

08

Ⅰ Ⅱ Ⅲ Ⅳ

09

Ⅰ Ⅱ Ⅲ Ⅳ

-20

-10

0

10

20

30

40（％） (Compared to previous year/ compared to

same quarter of previous year)

Tokyo

Nationwide-4.9

3.6 2.7

-0.8-13.2

-17.2

-1.0

-15.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000(Number of bankruptcies) (Number of bankruptcies)

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2005 06 07 08 09

Yearly total

Nationwide

Tokyo

Number of bankruptciesfor each quarter (right axis)

12,998

2,349

15,480

3,005 615867

636

3,440

4,215

3,529

2007

Ⅰ Ⅱ Ⅲ Ⅳ

08

Ⅰ Ⅱ Ⅲ Ⅳ

09

Ⅰ Ⅱ Ⅲ Ⅳ

（％） (Compared to previous year/compared to same quarter of previous year)

Tokyo

Nationwide

0

2

4

6

8

10

12

14(Trillion yen) (10 billion yen)

0

100

200

300

400

500

600

700

800

2005 06 07 08 09

Yearly total

Nationwide

Tokyo

Total liabilities for eachquarter (right axis)

-200

-100

0

100

200

300

400

500

600

700

12.3

-14.2 -43.6 -3.8-4.6

-42.2

-79.7-65.7-28.4

7.76.9

2.6 135.2

689.6

549.7

128.1

22.141.6

6.7

2.0

0

10

20

30

40

3

4

5

6

(10,000 persons)

（％）

32.0

4.7

4.4

5.14.7

4.6

3.9

5.04.8

27.633.4 34.3

2005 06 07 08 09 Jan-Mar Apr-Jun Jul-Sep Oct-Dec

Number of unemployed person

2009 Nationwide

Tokyo

1.38

0.95

0.67

0.97

0.560.43

0.65

0.47

2005 06 07 08 09

2009

Nationwide

Tokyo

0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6(Times)

52.1

238.2

94.4130.9

-40.1

-62.4 -58.5

75.3

(Compared to same month of previous year)

2009

Monthlyaverage

0

50

100

150

200

250

（％）

(1,000 listings)

2007 08 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov DecJan FebMar AprMayJun Jul AugSepOct Nov Dec

09

-70-60-50-40-30-20-10

0

(Compared to previous year/compared to same month of previous year)

2009

Monthlyaverage

0

5

10

15

20

25

-200

20406080

100120140（％）

(1,000 people)

2007 08 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec09

7.0

15.2

-2.0

97.3 96.4

137.6

39.9

12.7 12.2

23.1

-3.9

43.4 41.131.5 35.0

74.1

55.1

27.333.6

-2.7-5.9

-4.5-2.4-3.8

0.8

0.3

(Compared to previous year/ compared to same month of previous year) 2009

Nationwide

Tokyo

NationwideTokyo

2006 07 08 090

20

40

60

80

-15

-10

-5

0

5（％）

(10,000 yen)

Tokyo

(Compared to previous year/ compared to same month of previous year) 2009

Nationwide

Tokyo

2006 07 08 090

-25-20-15-10-505

（％）

(Hours)

2

4

6

8

10

12 11.7

4.6

2.6

-15.2

-6.70.5

-14.4

-3.2-5.8

11.1 11.3 11.3

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec