Around 64.5% of Japanese companies' overseas affiliates expect to see operating profits in 2022, bringing them almost on par with levels before the coronavirus pandemic, according to a recent survey.

In 2019, the number was at about 65%. Still, signs of long-term recovery were less promising, with just 45.4% of respondents saying they will expand their business in the next one to two years, down from a pre-COVID-19 48.9%, according to the survey by the Japan External Trade Organization.

About 60% of manufacturing businesses also said they planned to review their supply chains, and 57.5% said they will consider changing suppliers.