Japan SME Business Conditions DI (SMRJ)
Business conditions DI (year-on-year, quarter-on-quarter original and seasonally adjusted, and current level), sales DI and ordinary profit DI of small and medium enterprises.
| Indicator | Q2-2026 | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | Q4-2023 | Q3-2023 | Q2-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Business conditions DI (vs previous quarter, seasonally adjusted)2 | -17.5 | -11.4 | -14.8 | -14 | -16 | -14.5 | -15.8 | -14.2 | -15.3 | -12.3 | -15.7 | -14 | -12.3 | |
| Manufacturing | -15.4 | -10.1 | -15.2 | -14.4 | -16.9 | -14.2 | -15.8 | -15.1 | -13.9 | -14 | -14 | -14.1 | -11.8 | |
| Non-manufacturing2 | -18.1 | -11.7 | -14.6 | -13.8 | -15.7 | -14.4 | -15.8 | -13.9 | -15.6 | -11.8 | -16.2 | -13.8 | -12.6 | |
| Construction | -16.5 | -6.5 | -7.3 | -7.8 | -6.5 | -9.8 | -10.3 | -9.7 | -10.5 | -8.8 | -11.3 | -11.4 | -10.4 | |
| Non-manufacturing excluding construction3 | -18.5 | -12.9 | -16.2 | -15.1 | -17.7 | -15.5 | -16.9 | -14.8 | -16.8 | -12.5 | -17.4 | -14.3 | -13 | |
| Wholesale | -11.5 | -7.6 | -14.6 | -12.5 | -14 | -10.6 | -12.5 | -11.8 | -11.4 | -10.1 | -12.6 | -8.9 | -10.6 | |
| Retail | -25.5 | -19.9 | -23.3 | -22.7 | -24.7 | -23.3 | -24 | -22.6 | -23.5 | -21 | -24.6 | -23.2 | -23 | |
| Services | -14.5 | -8.8 | -11.3 | -9.9 | -13.3 | -10.7 | -12.5 | -9.7 | -12.8 | -6.5 | -12.8 | -8.6 | -6.1 | |
| Business conditions DI (vs previous quarter, original)2 | -14.7 | -18.9 | -11.2 | -13.5 | -12.3 | -22.6 | -11.6 | -13.9 | -11.5 | -21.2 | -10.4 | -13.8 | -8.8 | |
| Manufacturing | -13.3 | -16.9 | -9.8 | -15.4 | -14.3 | -21.3 | -10.2 | -16.1 | -11.4 | -21.7 | -7.6 | -15.1 | -9.6 | |
| Non-manufacturing2 | -15.1 | -19.5 | -11.6 | -12.8 | -11.6 | -22.9 | -12.1 | -13.1 | -11.5 | -21.1 | -11.3 | -13.2 | -8.7 | |
| Construction | -16.8 | -10.8 | -4.5 | -6.4 | -6.5 | -14.2 | -7.3 | -8.3 | -10.7 | -13.2 | -7.9 | -10 | -11.1 | |
| Non-manufacturing excluding construction3 | -14.7 | -21.4 | -13.2 | -14.2 | -12.8 | -24.8 | -13.1 | -14.2 | -11.8 | -22.8 | -12.1 | -14 | -8.1 | |
| Wholesale | -9.2 | -15.2 | -9.7 | -12.6 | -11 | -18.8 | -6.9 | -12.1 | -8.2 | -19.5 | -5.4 | -9.7 | -7.4 | |
| Retail | -22.5 | -27.7 | -19.2 | -22.8 | -20.7 | -31.6 | -19.3 | -22.9 | -19.4 | -30.1 | -18.9 | -23.7 | -19 | |
| Services | -10 | -17.9 | -9.4 | -8.1 | -7.4 | -20.8 | -9.6 | -8.2 | -6.8 | -17.9 | -8.2 | -7.5 | -0.3 | |
| Business conditions DI (vs same quarter a year earlier)2 | -18.7 | -17.6 | -17.5 | -16.8 | -16.3 | -21.4 | -18 | -17.1 | -15.7 | -18.3 | -14.8 | -13.7 | -10.5 | |
| Manufacturing | -16.6 | -15.9 | -17.8 | -19.6 | -17.9 | -20.8 | -20.2 | -19.7 | -18.8 | -19.9 | -15.1 | -15.1 | -11.5 | |
| Non-manufacturing2 | -19.3 | -18.2 | -17.4 | -15.9 | -15.8 | -21.7 | -17.3 | -16.3 | -14.7 | -17.8 | -14.6 | -13.2 | -10.1 | |
| Construction | -19.6 | -11.3 | -8.7 | -9.4 | -8.5 | -14.8 | -9.7 | -11.7 | -11.8 | -14.5 | -12.9 | -15.6 | -13.7 | |
| Non-manufacturing excluding construction3 | -19.3 | -19.7 | -19.3 | -17.3 | -17.4 | -23 | -18.8 | -17.2 | -15.3 | -18.5 | -14.9 | -12.8 | -9.4 | |
| Wholesale | -15.2 | -15.1 | -15.6 | -15.1 | -13.8 | -16.2 | -13.7 | -14.3 | -12.4 | -15.1 | -10.3 | -7.9 | -6.7 | |
| Retail | -27 | -26.5 | -28.4 | -26.2 | -26.8 | -31.2 | -29.2 | -26.9 | -25 | -28.4 | -26.4 | -25.4 | -21.5 | |
| Services | -14.5 | -15.4 | -13.2 | -11.1 | -11.1 | -18.4 | -12.2 | -10.5 | -8.8 | -11.7 | -7.2 | -4.2 | -0.9 | |
| Business conditions DI (level in the current quarter)2 | -21.2 | -22.3 | -20 | -20.5 | -20.5 | -26.6 | -21.2 | -21.5 | -20.4 | -26.4 | -20.2 | -21.7 | -19 | |
| Manufacturing | -22.3 | -23.2 | -23.9 | -25.7 | -26 | -29.4 | -25.9 | -28.2 | -26.7 | -30 | -22.3 | -25.4 | -21.7 | |
| Non-manufacturing2 | -20.9 | -22.1 | -18.7 | -18.7 | -18.7 | -25.7 | -19.7 | -19.3 | -18.3 | -25.3 | -19.4 | -20.5 | -18.1 | |
| Construction | -16.9 | -10.3 | -6.1 | -9.2 | -8.4 | -12.3 | -7.8 | -10 | -11.7 | -16 | -12 | -15.1 | -13.4 | |
| Non-manufacturing excluding construction3 | -21.7 | -24.5 | -21.4 | -20.7 | -20.8 | -28.5 | -22.1 | -21.3 | -19.7 | -27.2 | -20.9 | -21.7 | -19.1 | |
| Wholesale | -19.2 | -21.4 | -19.6 | -23.2 | -18.6 | -24.3 | -17.8 | -23.3 | -19.2 | -27 | -18.1 | -20.7 | -18.2 | |
| Retail | -31.1 | -33 | -32.9 | -31.6 | -31.4 | -36.6 | -34.7 | -33 | -30.8 | -36.9 | -33.2 | -33.7 | -30.5 | |
| Services | -15.3 | -19 | -13.3 | -12.3 | -13.5 | -23.3 | -13.8 | -12.3 | -11.6 | -19.9 | -12.2 | -12.8 | -10.8 | |
| Sales DI (vs previous quarter, seasonally adjusted)2 | -11.1 | -6.7 | -11.3 | -8.9 | -11.9 | -8.2 | -11.8 | -10 | -10.4 | -8.6 | -10.6 | -7.3 | -6.1 | |
| Manufacturing | -7.1 | -4 | -11.9 | -9.3 | -11.9 | -9.7 | -12.3 | -11.3 | -10.7 | -10.5 | -10.5 | -9.6 | -6.8 | |
| Non-manufacturing2 | -12.4 | -7.6 | -11.2 | -8.6 | -12 | -7.8 | -11.8 | -9.6 | -10.4 | -8 | -10.6 | -6.6 | -5.8 | |
| Construction | -11.4 | -6.7 | -9.4 | -8.5 | -8.8 | -7.5 | -9.3 | -8.4 | -8.4 | -10 | -9.5 | -10.8 | -8.8 | |
| Non-manufacturing excluding construction3 | -12.6 | -7.9 | -11.7 | -8.6 | -12.5 | -7.9 | -12.2 | -9.7 | -10.8 | -7.6 | -10.8 | -5.6 | -5.2 | |
| Wholesale | -5.1 | -5 | -9.7 | -6.5 | -9.1 | -3.5 | -7.8 | -3.7 | -3.2 | -6.9 | -7.3 | -6.4 | -6.8 | |
| Retail | -19.8 | -15.3 | -18.6 | -16.9 | -18.3 | -15.5 | -20.3 | -18 | -18.6 | -16.8 | -17.2 | -13.2 | -14.4 | |
| Services | -8.6 | -2.7 | -6.7 | -3 | -9 | -3.2 | -7.2 | -4.8 | -6.3 | -0.7 | -6.5 | -0.1 | 1.9 | |
| Sales DI (vs previous quarter, original)2 | -6.2 | -21.7 | -3.4 | -7.3 | -6.1 | -24 | -3.1 | -8.7 | -4.5 | -25.4 | -0.4 | -6.4 | -0.3 | |
| Manufacturing | -3.1 | -18.4 | -0.6 | -10.5 | -7.5 | -24.5 | -0.6 | -12.5 | -6.3 | -26 | 2 | -10.8 | -2.6 | |
| Non-manufacturing2 | -7.2 | -22.8 | -4.3 | -6.2 | -5.7 | -23.9 | -4 | -7.5 | -4 | -25.2 | -1.2 | -5 | 0.5 | |
| Construction | -14.8 | -11.5 | -4.1 | -5.8 | -12 | -12.4 | -3.8 | -5.7 | -11.7 | -15.1 | -3.5 | -8.2 | -12.5 | |
| Non-manufacturing excluding construction3 | -5.6 | -25.2 | -4.4 | -6.3 | -4.3 | -26.2 | -3.9 | -7.8 | -2.4 | -27.2 | -0.7 | -4.4 | 3.2 | |
| Wholesale | 2 | -25.2 | 3.3 | -6.4 | -1.7 | -24.4 | 6 | -3.9 | 4.3 | -28.9 | 8 | -6.9 | 0.6 | |
| Retail | -13.9 | -31.7 | -8.8 | -16.7 | -11.7 | -32.5 | -9.7 | -18.1 | -11.9 | -34.7 | -5.4 | -13.9 | -7.5 | |
| Services | -0.8 | -20.3 | -2.4 | 1.3 | 0.6 | -22.1 | -1.6 | -0.9 | 3.4 | -21.2 | 1.2 | 3.2 | 11.6 | |
| Sales DI (vs same quarter a year earlier)2 | -8.3 | -11.7 | -10.2 | -8.7 | -8.1 | -12.9 | -11.3 | -9.7 | -8.1 | -10.7 | -4.4 | -0.6 | 1.7 | |
| Manufacturing | -3.7 | -8.8 | -9.3 | -9.2 | -9.2 | -12.9 | -13.3 | -13 | -13 | -12.9 | -5.3 | -2 | 1.8 | |
| Non-manufacturing2 | -9.7 | -12.7 | -10.5 | -8.4 | -7.7 | -12.9 | -10.6 | -8.6 | -6.4 | -9.9 | -4.2 | -0.1 | 1.7 | |
| Construction | -16.7 | -11.2 | -7.4 | -10.4 | -9.9 | -12 | -10 | -12.5 | -10.6 | -13.9 | -15.1 | -14.1 | -12.2 | |
| Non-manufacturing excluding construction3 | -8.2 | -13 | -11.1 | -8 | -7.3 | -13.1 | -10.7 | -7.9 | -5.6 | -9.1 | -1.9 | 2.7 | 4.5 | |
| Wholesale | 0.1 | -9.8 | -8.4 | -5.6 | -5.6 | -5.8 | -5.3 | -4.7 | -2.4 | -8.8 | -0.2 | 2.8 | 6.6 | |
| Retail | -17.8 | -21 | -20.6 | -17.8 | -16.5 | -21.8 | -22.2 | -19.3 | -16.8 | -20.8 | -13.9 | -11.1 | -8.8 | |
| Services | -2.8 | -7.7 | -4.7 | -1.3 | -0.9 | -8 | -3.2 | 0.1 | 2 | -0.5 | 6.7 | 13.2 | 14 | |
| Ordinary profit DI (vs same quarter a year earlier)2 | -25.4 | -22.5 | -22.6 | -22 | -21.9 | -27.8 | -23.9 | -23.1 | -23.2 | -25.2 | -22.7 | -22.9 | -21.9 | |
| Manufacturing | -21.9 | -18.5 | -21.1 | -21.5 | -21.2 | -25.8 | -23.8 | -23.6 | -22.8 | -23.4 | -20.7 | -20.4 | -20.8 | |
| Non-manufacturing2 | -26.5 | -23.9 | -23 | -22.1 | -22.1 | -28.4 | -23.9 | -23 | -23.3 | -25.7 | -23.4 | -23.8 | -22.2 | |
| Construction | -32.3 | -20.2 | -18.3 | -19.9 | -18.7 | -23.6 | -20 | -20.8 | -23 | -26.8 | -24.7 | -27 | -27.9 | |
| Non-manufacturing excluding construction3 | -25.2 | -24.7 | -24 | -22.6 | -22.8 | -29.4 | -24.7 | -23.3 | -23.3 | -25.6 | -23.1 | -23.1 | -21 | |
| Wholesale | -13.2 | -17.4 | -18.1 | -15.2 | -13.5 | -18.6 | -15.8 | -16.6 | -16.6 | -18.9 | -15.6 | -16.5 | -12.4 | |
| Retail | -30.4 | -29.3 | -31.1 | -28.8 | -29.8 | -35.4 | -31.7 | -30.2 | -29.5 | -31.5 | -30.1 | -32 | -28.7 | |
| Services | -23.7 | -22.6 | -19.9 | -19.4 | -19.5 | -27 | -21.5 | -19.6 | -19.9 | -22.3 | -19.2 | -17.6 | -16.9 |
Latest reading
The latest reading is −17.5 %pt, for Q2 2026. That is −6.1 pp from Q1 2026 and −1.5 pp from a year earlier. The series on this page is quarterly and runs from Q2 1994 to Q2 2026.
- Latest
- −17.5 %pt
- Q2 2026
- vs previous period
- −6.1 pp
- Q1 2026
- vs a year earlier
- −1.5 pp
About this data
Business conditions DI (year-on-year, quarter-on-quarter original and seasonally adjusted, and current level), sales DI and ordinary profit DI of small and medium enterprises. Diffusion index (share of firms reporting improvement minus share reporting deterioration, in percentage points) from the quarterly survey of about 19,000 small and medium enterprises conducted by the Organization for Small & Medium Enterprises and Regional Innovation (SMRJ) with the federations of societies of commerce and industry and chambers of commerce, by industry: manufacturing, construction, wholesale, retail and services. Year-on-year DIs from July-September 1980, quarter-on-quarter DIs from 1994.
