Japanese corporate profit plans show resilience despite global geopolitical risks, says Mizuho Securities economist Ryosuke Katagi. The Bank of Japan tankan survey released Wednesday shows companies of all industries and all sizes project their current profits to fall 6.5% this fiscal year, compared with a 2.4% drop expected in the previous March survey. The revision follows normal seasonal patterns, Katagi says. The figure aligns with the June 2025 projections for the previous fiscal year, indicating that the Middle East conflict has not severely affected earnings outlooks so far, he says. "These revisions require careful attention as this fiscal year's corporate earnings will affect the 2027 spring wage negotiations," he adds. (megumi.fujikawa@wsj.com)