Japan SME Business Conditions (JFC)
Monthly survey of around 900 small and medium-sized enterprises that borrow from the JFC's SME unit, mostly manufacturers, running since January 1974: sales and profit DIs with their outlook, the share of firms in profit or loss over the past and next three months, selling and purchase price DIs, and inventory, employment, capacity, overtime, cash position and bank lending attitude DIs.
| Indicator | 08-2026 | 07-2026 | 06-2026 | 05-2026 | 04-2026 | 03-2026 | 02-2026 | 01-2026 | 12-2025 | 11-2025 | 10-2025 | 09-2025 | 08-2025 | 07-2025 | 06-2025 | 05-2025 | 04-2025 | 03-2025 | 02-2025 | 01-2025 | 12-2024 | 11-2024 | 10-2024 | 09-2024 | 08-2024 | 07-2024 | 06-2024 | 05-2024 | 04-2024 | 03-2024 | 02-2024 | 01-2024 | 12-2023 | 11-2023 | 10-2023 | 09-2023 | 08-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales DI (seasonally adjusted) | -1.9 | -2.1 | 1.5 | -6.1 | -0.9 | 0.1 | -3.8 | -9.9 | 0.9 | -3.3 | -1.8 | -0.6 | -9.1 | -1 | -6.6 | -1.5 | -1.9 | -3.3 | 1.6 | -2.2 | -1 | -3.4 | -2.1 | -1 | -5.1 | -3.1 | -2.5 | -3.9 | -4.6 | -4.2 | -6 | -3.3 | -8.8 | -1.4 | -2.8 | -3.4 | 1.3 | |
| Sales outlook DI (seasonally adjusted) | 6.6 | -0.7 | 1.9 | -2.4 | -1.8 | 2.1 | 4.5 | 0.2 | 0.9 | -2.2 | -3.5 | -2.4 | -2.7 | -3.8 | -4.1 | -2.8 | -0.7 | 1.8 | 1.5 | 2.9 | -2.2 | -3.7 | 0.9 | 0.2 | -4 | -1.2 | 0 | 1.7 | -0.7 | -1.4 | -1.9 | -0.9 | -1.3 | 2.9 | 1 | 2.7 | 1.3 | |
| Profit DI (seasonally adjusted) | -1.2 | 0.1 | -0.7 | -4.9 | -1.4 | 3.3 | 1.3 | -4.1 | 2.3 | 1 | 0.7 | -0.1 | -1.7 | -0.4 | 0 | 1.2 | 0.3 | 2.4 | 0.1 | -1.9 | -2.5 | -0.8 | 0.4 | -1 | -3.8 | -1 | -3 | -4.9 | -1.3 | -3.3 | -0.3 | -0.2 | -3.1 | -0.9 | -0.2 | 0.3 | 2.2 | |
| Profit level over the past three months3 | ||||||||||||||||||||||||||||||||||||||
| Past three months: firms in profit (seasonally adjusted) | 50.4 | 46.4 | 47.7 | 45.3 | 44.5 | 48.6 | 44.1 | 44 | 45.1 | 45.5 | 45.8 | 44.7 | 44.3 | 44.9 | 46.1 | 47 | 46 | 45.2 | 44.3 | 45.4 | 44.7 | 43.1 | 44.7 | 45.1 | 47.2 | 42.8 | 44 | 42.5 | 44.6 | 43.9 | 45.4 | 43.5 | 46.2 | 46 | 46.3 | 47.2 | 46.8 | |
| Past three months: firms making a loss (seasonally adjusted) | 15.3 | 19.9 | 18.8 | 19.2 | 18.3 | 16.2 | 18.8 | 19.7 | 17.2 | 16.3 | 18.9 | 20.2 | 20.7 | 20.9 | 18.9 | 20.7 | 18.5 | 18.5 | 18.9 | 17.5 | 19.1 | 19.4 | 18 | 19.6 | 20.5 | 19 | 19.6 | 20.9 | 20.9 | 19.6 | 18.3 | 18.6 | 18.7 | 19.9 | 18.2 | 17.2 | 15.8 | |
| Past three months: profit minus loss-making firms | 35.1 | 26.5 | 28.9 | 26.1 | 26.2 | 32.4 | 25.3 | 24.3 | 27.9 | 29.2 | 26.9 | 24.5 | 23.6 | 24 | 27.2 | 26.3 | 27.5 | 26.7 | 25.4 | 27.9 | 25.6 | 23.7 | 26.7 | 25.5 | 26.7 | 23.8 | 24.4 | 21.6 | 23.7 | 24.3 | 27.1 | 24.9 | 27.5 | 26.1 | 28.1 | 30 | 31 | |
| Profit level expected over the next three months3 | ||||||||||||||||||||||||||||||||||||||
| Next three months: firms expecting a profit (seasonally adjusted) | 48.1 | 40.1 | 43.7 | 42 | 41.3 | 47.8 | 43.6 | 41.7 | 42.3 | 44.2 | 45.5 | 42.3 | 40.5 | 41.8 | 42.2 | 44.2 | 43.9 | 45.8 | 41.8 | 41.3 | 42.1 | 41.2 | 43 | 43.8 | 44.3 | 41.9 | 43.4 | 41.5 | 40.2 | 42.9 | 43.5 | 44.4 | 44.8 | 43.3 | 43.4 | 45.1 | 44.6 | |
| Next three months: firms expecting a loss (seasonally adjusted) | 14.9 | 17.6 | 18.6 | 18.3 | 20 | 14.5 | 15.8 | 18.2 | 17.4 | 16.6 | 17 | 16.8 | 19 | 18.1 | 17.8 | 18.7 | 16.6 | 15.8 | 16.7 | 16.6 | 17.3 | 16.5 | 15.8 | 18.1 | 16.5 | 16.8 | 15.7 | 17.4 | 18.6 | 16.3 | 16.7 | 15 | 17.1 | 19.3 | 16 | 14.6 | 13.2 | |
| Next three months: profit minus loss-making firms | 33.2 | 22.5 | 25.1 | 23.7 | 21.3 | 33.3 | 27.8 | 23.5 | 24.9 | 27.6 | 28.5 | 25.5 | 21.5 | 23.7 | 24.4 | 25.5 | 27.3 | 30 | 25.1 | 24.7 | 24.8 | 24.7 | 27.2 | 25.7 | 27.8 | 25.1 | 27.7 | 24.1 | 21.6 | 26.6 | 26.8 | 29.4 | 27.7 | 24 | 27.4 | 30.5 | 31.4 | |
| Selling prices DI | 22.9 | 24.6 | 21.3 | 26.1 | 19.4 | 9.5 | 9.3 | 10 | 8.2 | 8.5 | 9.3 | 7 | 6.1 | 6.3 | 6.6 | 8 | 12.4 | 10.7 | 6.9 | 8.6 | 11.1 | 10.8 | 10.3 | 9.4 | 11.7 | 13.2 | 12.5 | 15 | 13.6 | 8.5 | 7.4 | 4.7 | 7 | 8.1 | 11.1 | 11.6 | 10.5 | |
| Purchase prices DI | 44.1 | 49.2 | 59.7 | 57.6 | 50.6 | 24.6 | 23.3 | 20.8 | 22.7 | 22.2 | 20.3 | 16 | 17 | 17.6 | 18.6 | 21.2 | 26.4 | 26.8 | 22.3 | 26.7 | 25.8 | 26 | 21 | 22.7 | 31.3 | 35.5 | 31.2 | 33.6 | 30.7 | 23.3 | 21.2 | 18.4 | 23.1 | 23 | 26.6 | 30.2 | 26.5 | |
| Finished goods inventory DI (seasonally adjusted) | -8.3 | -10.8 | -8.2 | -7.6 | -10.2 | -11.5 | -8.5 | -12.6 | -11.2 | -12 | -12.9 | -13.8 | -12.4 | -12.9 | -12.7 | -14.9 | -10.7 | -12.6 | -13.1 | -14.6 | -15 | -15.6 | -14.1 | -13.9 | -14.1 | -14.1 | -14.1 | -13.8 | -14.6 | -14.8 | -14.9 | -14.3 | -12.6 | -14.7 | -13.5 | -12.8 | -15.9 | |
| Employment adequacy DI (seasonally adjusted) | 23.9 | 20.1 | 20 | 13.8 | 9.6 | 8.5 | 11.9 | 10.3 | 12.7 | 10.5 | 9.7 | 8.1 | 6.6 | 9.9 | 11 | 10.2 | 10 | 8.6 | 6.9 | 7.8 | 7.3 | 7.4 | 10 | 12.5 | 11.3 | 9.7 | 10.3 | 8.3 | 10.2 | 9.5 | 8.6 | 8.6 | 9.2 | 12.7 | 8.6 | 10.6 | 9.2 | |
| Production capacity adequacy DI (seasonally adjusted) | 1.7 | -0.5 | 1.4 | -4.5 | -4 | -7.9 | -1.4 | -9.8 | -4.2 | -4.9 | -6 | -5.4 | -7.1 | -8.3 | -6.2 | -7.3 | -6.1 | -7.8 | -9.1 | -8.1 | -7.3 | -6.7 | -7.2 | -7.2 | -6.8 | -6.5 | -6.3 | -7.7 | -7.7 | -6.3 | -5.8 | -5.9 | -7.3 | -4.5 | -5 | -7.1 | -6 | |
| Overtime hours DI (seasonally adjusted) | 1.7 | -4.5 | -4 | -1.1 | -5.7 | -8 | -6.6 | -7 | -6.5 | -7.2 | -9.5 | -7.8 | -10.3 | -12.2 | -8 | -7 | -7.1 | -10.7 | -11.2 | -13.1 | -10.5 | -12.2 | -10.7 | -12.2 | -12.4 | -12.8 | -10.9 | -15.8 | -14.9 | -12 | -10.4 | -9.4 | -13.3 | -9.7 | -8 | -9.1 | -10.2 | |
| Cash position DI (seasonally adjusted) | 5.7 | 5.8 | 5.7 | 4.1 | 5.8 | 5.1 | 4.1 | 3.2 | 4.5 | 3.2 | 5.4 | 3.6 | 3.7 | 3.8 | 5.8 | 5.6 | 5 | 6 | 5.4 | 1 | 2.6 | 4 | 5.3 | 5.9 | 4.6 | 5.5 | 4.6 | 5.2 | 5.4 | 5.1 | 5.9 | 5.9 | 8 | 8.6 | 6.5 | 6.5 | 7.2 | |
| Lending attitude of financial institutions DI | 28.6 | 27.2 | 28.3 | 24.3 | 26.9 | 28.4 | 27.3 | 26.6 | 27.1 | 25.8 | 27.7 | 26.9 | 27.7 | 27.8 | 28 | 27.9 | 28.1 | 28.1 | 24.1 | 26 | 26.7 | 24.3 | 30.2 | 27 | 26.5 | 26.8 | 27.4 | 26.7 | 29.2 | 28.6 | 30.5 | 28.5 | 27.1 | 29.2 | 28.6 | 31 | 29.4 |
Latest reading
Sales DI (seasonally adjusted) stood at −1.9 in Aug 2026. That is +0.2 from Jul 2026 and +7.2 from a year earlier. The series on this page is monthly and runs from Jan 1974 to Aug 2026.
- Latest
- −1.9
- Aug 2026
- vs previous period
- +0.2
- Jul 2026
- vs a year earlier
- +7.2
About this data
Monthly survey of around 900 small and medium-sized enterprises that borrow from the JFC's SME unit, mostly manufacturers, running since January 1974: sales and profit DIs with their outlook, the share of firms in profit or loss over the past and next three months, selling and purchase price DIs, and inventory, employment, capacity, overtime, cash position and bank lending attitude DIs. A diffusion index (DI) is the share of firms answering 'increase' or 'good' minus the share answering 'decrease' or 'bad'. Source: Japan Finance Corporation (JFC) Research Institute.
