Japan Business Outlook: Economy
Quarterly business sentiment index in which firms judge conditions in the Japanese economy as a whole against the previous quarter, by enterprise size and by industry.
| Indicator | Q3-2026 | Q2-2026 | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | Q4-2023 | Q3-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Large enterprises3 | ||||||||||||||
| Large enterprises, all industries3 | ||||||||||||||
| Large enterprises, all industries: current quarter | 2.9 | -4.5 | 8 | 6.9 | 1.5 | -6.2 | 3.1 | 4.2 | 5.5 | 5.8 | 8 | 7.4 | 13.3 | |
| Large enterprises, all industries: outlook for next quarter | 2.4 | -1.4 | 6 | 4 | 1.2 | -1.1 | 2.1 | 2.3 | 4.7 | 5.7 | 7.4 | 4.2 | 8.1 | |
| Large enterprises, all industries: outlook two quarters ahead | 1.8 | 1.8 | 5.8 | 4.5 | 2.1 | 1.3 | 3.5 | 3.3 | 3.9 | 5.4 | 5.8 | 3.7 | 6.1 | |
| Large enterprises, manufacturing3 | ||||||||||||||
| Large enterprises, manufacturing: current quarter | 3.8 | -6.4 | 6.1 | 4.4 | 0.7 | -7.5 | -1.3 | 2 | 3.4 | 3.2 | 1.9 | 5 | 10.8 | |
| Large enterprises, manufacturing: outlook for next quarter | 2 | -3.6 | 4.4 | 1.4 | 1 | 1.1 | -1.4 | 1.1 | 5.5 | 5.3 | 4.7 | 2.6 | 6.4 | |
| Large enterprises, manufacturing: outlook two quarters ahead | 0.2 | 0.7 | 5 | 2.6 | 1.5 | 2.6 | 1.2 | 2.5 | 4.3 | 7.4 | 5.3 | 2.8 | 6.1 | |
| Large enterprises, non-manufacturing3 | ||||||||||||||
| Large enterprises, non-manufacturing: current quarter | 2.5 | -3.6 | 8.8 | 8.1 | 1.8 | -5.7 | 5.2 | 5.3 | 6.5 | 7 | 10.9 | 8.5 | 14.5 | |
| Large enterprises, non-manufacturing: outlook for next quarter | 2.6 | -0.4 | 6.7 | 5.2 | 1.3 | -2.1 | 3.8 | 2.9 | 4.4 | 5.9 | 8.7 | 4.9 | 8.9 | |
| Large enterprises, non-manufacturing: outlook two quarters ahead | 2.6 | 2.4 | 6.1 | 5.4 | 2.4 | 0.6 | 4.6 | 3.7 | 3.7 | 4.5 | 6 | 4.2 | 6.1 | |
| Medium-sized enterprises3 | ||||||||||||||
| Medium-sized enterprises, all industries3 | ||||||||||||||
| Medium-sized enterprises, all industries: current quarter | -4.3 | -14.3 | 4.3 | 5.2 | -3.7 | -12 | -2.3 | 1.4 | 2.2 | 0.3 | 6.8 | 5.2 | 10.9 | |
| Medium-sized enterprises, all industries: outlook for next quarter | -0.7 | -9.1 | 5.6 | 1.6 | -3 | -9.3 | -0.8 | -0.6 | 2.4 | 2.2 | 8.8 | 0.8 | 8.5 | |
| Medium-sized enterprises, all industries: outlook two quarters ahead | -2 | -3.2 | 5.2 | 1.9 | -2.2 | -4.9 | 1.5 | 1.7 | 3.4 | 3.7 | 7.9 | 3.2 | 4.8 | |
| Medium-sized enterprises, manufacturing3 | ||||||||||||||
| Medium-sized enterprises, manufacturing: current quarter | -2.6 | -17.5 | 0.7 | 4.5 | -6 | -15.3 | -8.7 | -3.8 | 1.9 | -4.9 | 1.5 | 4.2 | 9.7 | |
| Medium-sized enterprises, manufacturing: outlook for next quarter | 2 | -11.7 | 4.3 | -1.8 | -1.8 | -7.4 | -4 | -3.2 | -1.9 | 2.1 | 10 | -0.8 | 5.9 | |
| Medium-sized enterprises, manufacturing: outlook two quarters ahead | -1 | -0.9 | 2.8 | -0.3 | -1 | -1.7 | 1.1 | 1 | 3 | 4.3 | 9.3 | 3.1 | 2.5 | |
| Medium-sized enterprises, non-manufacturing3 | ||||||||||||||
| Medium-sized enterprises, non-manufacturing: current quarter | -4.8 | -13.4 | 5.2 | 5.4 | -3.1 | -11.2 | -0.6 | 2.8 | 2.3 | 1.6 | 8.2 | 5.4 | 11.3 | |
| Medium-sized enterprises, non-manufacturing: outlook for next quarter | -1.3 | -8.5 | 6 | 2.6 | -3.3 | -9.9 | 0.1 | 0.1 | 3.5 | 2.2 | 8.4 | 1.3 | 9.3 | |
| Medium-sized enterprises, non-manufacturing: outlook two quarters ahead | -2.3 | -3.8 | 5.9 | 2.5 | -2.5 | -5.8 | 1.6 | 1.8 | 3.5 | 3.6 | 7.5 | 3.3 | 5.5 | |
| Small and medium enterprises3 | ||||||||||||||
| Small and medium enterprises, all industries3 | ||||||||||||||
| Small and medium enterprises, all industries: current quarter | -19.2 | -28.2 | -11.6 | -7 | -19.3 | -23.6 | -17.7 | -11.7 | -13.5 | -13.1 | -4.9 | -5.8 | 0.5 | |
| Small and medium enterprises, all industries: outlook for next quarter | -13.6 | -25.4 | -4.4 | -9.7 | -14.9 | -18.1 | -13.5 | -14 | -8.9 | -12.1 | 0.8 | -11.2 | -1.4 | |
| Small and medium enterprises, all industries: outlook two quarters ahead | -13.8 | -14.1 | -3.3 | -5.6 | -13.6 | -13 | -9.2 | -9.1 | -10.1 | -7.8 | 1.8 | -6.8 | -4.2 | |
| Small and medium enterprises, manufacturing3 | ||||||||||||||
| Small and medium enterprises, manufacturing: current quarter | -16 | -29.5 | -17.3 | -15.5 | -28.2 | -32.5 | -22.8 | -20.9 | -23.2 | -24.3 | -14.9 | -12.4 | -13.1 | |
| Small and medium enterprises, manufacturing: outlook for next quarter | -10.6 | -30.6 | -3.7 | -13.7 | -21 | -20.3 | -14.7 | -17.9 | -12.5 | -12.8 | -2.4 | -12.1 | -0.9 | |
| Small and medium enterprises, manufacturing: outlook two quarters ahead | -15.3 | -15.1 | -1.6 | -6.9 | -18.5 | -15.2 | -8.8 | -9.7 | -9.4 | -5.5 | -0.5 | -9.6 | -2.9 | |
| Small and medium enterprises, non-manufacturing3 | ||||||||||||||
| Small and medium enterprises, non-manufacturing: current quarter | -19.7 | -27.9 | -10.5 | -5.4 | -17.6 | -21.9 | -16.8 | -10 | -11.7 | -11 | -3 | -4.5 | 3.1 | |
| Small and medium enterprises, non-manufacturing: outlook for next quarter | -14.2 | -24.4 | -4.5 | -8.9 | -13.8 | -17.7 | -13.3 | -13.3 | -8.3 | -12 | 1.3 | -11 | -1.5 | |
| Small and medium enterprises, non-manufacturing: outlook two quarters ahead | -13.5 | -13.9 | -3.6 | -5.4 | -12.7 | -12.5 | -9.3 | -9 | -10.2 | -8.3 | 2.3 | -6.3 | -4.4 |
Latest reading
The latest reading is 2.9, for Q3 2026. That is +7.4 from Q2 2026 and +1.4 from a year earlier. The series on this page is quarterly and runs from Q2 2004 to Q3 2026.
- Latest
- 2.9
- Q3 2026
- vs previous period
- +7.4
- Q2 2026
- vs a year earlier
- +1.4
About this data
Quarterly business sentiment index in which firms judge conditions in the Japanese economy as a whole against the previous quarter, by enterprise size and by industry. BSI is the share of firms reporting an increase minus the share reporting a decrease. The survey is run jointly by the Ministry of Finance and the Cabinet Office and covers firms with capital of 10 million yen or more. The next-quarter and two-quarters-ahead figures are the outlook recorded by the same survey round, not realised outcomes. Source: Ministry of Finance and Cabinet Office, Business Outlook Survey for Enterprises.
