Income declared by companies in Japan in fiscal 2022 grew 7 percent from the previous fiscal year to more than 85 trillion yen.

It marked the highest figure since fiscal 1967, when the earliest available records were kept. The previous high was set in fiscal 2021.

Japan's National Tax Agency said more than 3.12 million companies declared income totaling 85.01 trillion yen, or about 560 billion dollars, in the year ending in March 2023.

By industry, income reported by manufacturers stood at about 25.5 trillion yen, or about 168 billion dollars, up 3.2 percent in yen terms from the previous fiscal year.

The figure for wholesalers increased 19.3 percent to 8.46 trillion yen or about 56 billion dollars, while the number for ryokan Japanese-style inns, eating and drinking establishments rose 27.3 percent to 849.9 billion yen or about 5.6 billion dollars.

Miyamae Koya, a senior economist at SMBC Nikko Securities, said the weaker yen helped increase companies' earnings mainly in the manufacturing industry and significantly push up inbound tourism-related consumption.

He also said the weaker yen also increased firms' costs, but he added he thinks many of them managed to earn larger revenues thanks to a recovery in economic activities from slumps during the coronavirus pandemic.

Miyamae noted that it will be important for companies to boost investment on human resources through wage hikes and other means. He said that will help increase consumption and expand the economy in the mid- and long term.