Japan SME Cash Flow and Borrowing DI
Cash flow DI and the ease of long-term and short-term borrowing 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flow DI (vs previous quarter, seasonally adjusted)2 | -13.2 | -9.9 | -11.8 | -12.1 | -13.5 | -12.3 | -13.4 | -12.3 | -12.8 | -11.2 | -13.2 | -12.2 | -11.7 | |
| Manufacturing | -13.2 | -10.4 | -12.5 | -13.1 | -14.3 | -12.5 | -13.9 | -12.9 | -12.1 | -11.4 | -12.2 | -12.1 | -10.7 | |
| Non-manufacturing2 | -13.1 | -9.8 | -11.6 | -11.8 | -13.2 | -12.2 | -13.3 | -12.1 | -13 | -11.2 | -13.5 | -12.2 | -12.1 | |
| Construction | -11.4 | -4.7 | -5.8 | -7 | -5.9 | -6.4 | -7.2 | -7.3 | -7.4 | -8.4 | -7.8 | -8.4 | -7.4 | |
| Non-manufacturing excluding construction3 | -13.4 | -10.9 | -12.8 | -12.8 | -14.8 | -13.4 | -14.5 | -13.1 | -14 | -11.7 | -14.7 | -13.1 | -13.1 | |
| Wholesale | -9.1 | -8.6 | -9.1 | -8.2 | -9.7 | -8.3 | -8.3 | -8.8 | -8.5 | -7.5 | -10 | -7.6 | -7.6 | |
| Retail | -17.5 | -15.8 | -18.4 | -18.8 | -19.4 | -18.8 | -19.8 | -17.7 | -18.5 | -16.6 | -19.9 | -18.6 | -19.6 | |
| Services | -11.3 | -7.6 | -9.5 | -9.2 | -12.2 | -10.4 | -11.8 | -10.5 | -12 | -8.9 | -11.7 | -9.9 | -9.3 | |
| Cash flow DI (vs previous quarter, original)2 | -11.2 | -13.9 | -10.6 | -11.7 | -11 | -16.6 | -11.8 | -12 | -10.3 | -16 | -10.9 | -12.1 | -9.4 | |
| Manufacturing | -11.7 | -13.2 | -11.1 | -13.5 | -12.4 | -15.5 | -12.3 | -13.3 | -10.3 | -14.8 | -10 | -12.5 | -9.1 | |
| Non-manufacturing2 | -11 | -14.1 | -10.4 | -11.2 | -10.5 | -16.9 | -11.7 | -11.6 | -10.3 | -16.4 | -11.1 | -12 | -9.5 | |
| Construction | -9.1 | -8.3 | -4.5 | -7 | -3.6 | -10 | -5.9 | -7.2 | -5.2 | -12 | -6.4 | -8.2 | -5.6 | |
| Non-manufacturing excluding construction3 | -11.3 | -15.4 | -11.7 | -12.1 | -12 | -18.3 | -12.9 | -12.5 | -11.2 | -17.3 | -12.1 | -12.8 | -10.4 | |
| Wholesale | -7.6 | -10.8 | -8.5 | -8.3 | -7.9 | -10.7 | -7.4 | -9 | -6.7 | -10.3 | -8.5 | -7.8 | -6 | |
| Retail | -15.9 | -19.5 | -16.7 | -18.7 | -17.4 | -22.8 | -17.7 | -17.8 | -16.4 | -21.2 | -16.9 | -19 | -17.6 | |
| Services | -8.7 | -13.1 | -8.6 | -7.9 | -8.7 | -16.4 | -10.4 | -9.4 | -8.4 | -15.7 | -9.2 | -9 | -5.7 | |
| Cash flow DI (vs same quarter a year earlier)2 | -13.4 | -13.4 | -13.1 | -13.2 | -12.5 | -16.7 | -14.6 | -12.7 | -12.6 | -14.8 | -12.9 | -12.9 | -10.7 | |
| Manufacturing | -12.6 | -13.3 | -14.2 | -15.3 | -14.3 | -16.5 | -16.2 | -14.2 | -13.2 | -15.5 | -13.1 | -13.2 | -11.6 | |
| Non-manufacturing2 | -13.7 | -13.5 | -12.8 | -12.6 | -11.9 | -16.9 | -14.1 | -12.3 | -12.3 | -14.6 | -12.9 | -12.8 | -10.4 | |
| Construction | -11 | -7 | -5.9 | -6.4 | -4.6 | -10.5 | -8.1 | -7.1 | -6.9 | -11.1 | -8.1 | -10 | -5.8 | |
| Non-manufacturing excluding construction3 | -14.2 | -14.8 | -14.3 | -13.9 | -13.5 | -18.1 | -15.3 | -13.4 | -13.5 | -15.4 | -13.8 | -13.4 | -11.4 | |
| Wholesale | -9.3 | -9.7 | -10.8 | -9.4 | -8.8 | -11.2 | -11 | -8.2 | -9 | -10.6 | -9.3 | -10.4 | -5.7 | |
| Retail | -18.9 | -19.6 | -20.2 | -20.2 | -19.5 | -23.7 | -21.8 | -19.4 | -19.6 | -20.1 | -21.2 | -20.7 | -19 | |
| Services | -11.7 | -12.1 | -10.6 | -9.9 | -9.8 | -15.4 | -11.4 | -9.7 | -9.7 | -12.8 | -9.2 | -8.5 | -6.8 | |
| Ease of long-term borrowing DI (vs previous quarter, seasonally adjusted)2 | -5.9 | -5.9 | -5.3 | -5.4 | -5.7 | -5.6 | -6.1 | -5.5 | -5.8 | -5 | -5.1 | -5.3 | -5 | |
| Manufacturing | -4.6 | -4.8 | -4.7 | -5.1 | -5.5 | -3.8 | -5.1 | -4 | -4.5 | -3.8 | -3.4 | -3.4 | -3 | |
| Non-manufacturing2 | -6.3 | -6.1 | -5.8 | -5.6 | -5.8 | -6.1 | -6.4 | -6.1 | -6.3 | -5.4 | -5.7 | -6 | -5.7 | |
| Construction | 0.7 | 1.5 | 2 | 1.5 | 2 | 0.3 | 0.3 | -0.2 | 0.8 | 1.4 | 1.2 | 2.1 | 1.6 | |
| Non-manufacturing excluding construction3 | -7.9 | -7.7 | -7.5 | -7.1 | -7.6 | -7.6 | -7.9 | -7.3 | -7.8 | -6.9 | -7.3 | -7.7 | -7.3 | |
| Wholesale | -2.1 | -3.2 | -3.2 | -2.9 | -2.5 | -3 | -3.6 | -2.7 | -2.1 | -1.6 | -0.6 | -0.9 | -1.1 | |
| Retail | -10.6 | -10.1 | -10 | -8.5 | -9.5 | -9.5 | -10.1 | -10.2 | -9.1 | -9.1 | -9.1 | -9.8 | -9.6 | |
| Services | -7.3 | -7.1 | -6.5 | -6.9 | -7.3 | -7.1 | -7.3 | -6.1 | -8.1 | -6.2 | -7.2 | -7.6 | -7 | |
| Ease of long-term borrowing DI (vs previous quarter, original)2 | -5.6 | -6.5 | -5.3 | -5.2 | -5.3 | -6.3 | -6 | -5.3 | -5.4 | -5.7 | -5 | -5.1 | -4.7 | |
| Manufacturing | -4.3 | -5.5 | -4.5 | -5 | -5.1 | -4.5 | -4.9 | -3.9 | -4.1 | -4.5 | -3.3 | -3.2 | -2.6 | |
| Non-manufacturing2 | -6 | -6.8 | -5.7 | -5.3 | -5.4 | -6.9 | -6.3 | -5.8 | -5.9 | -6.2 | -5.5 | -5.7 | -5.4 | |
| Construction | 0.8 | 1.1 | 2 | 1.9 | 2 | 0 | 0.3 | 0.2 | 0.7 | 1.1 | 1.2 | 2.5 | 1.5 | |
| Non-manufacturing excluding construction3 | -7.5 | -8.5 | -7.4 | -6.9 | -7.1 | -8.4 | -7.7 | -7.1 | -7.3 | -7.8 | -7 | -7.5 | -6.9 | |
| Wholesale | -2 | -3.5 | -3.3 | -2.4 | -2.6 | -3.4 | -3.6 | -2.2 | -2.2 | -2 | -0.6 | -0.5 | -1.2 | |
| Retail | -10.1 | -10.7 | -9.8 | -8.5 | -9 | -10.2 | -9.9 | -10.2 | -8.7 | -9.8 | -8.8 | -9.7 | -9.2 | |
| Services | -6.9 | -8.1 | -6.4 | -6.6 | -6.6 | -8.2 | -7.1 | -5.8 | -7.4 | -7.4 | -6.9 | -7.3 | -6.3 | |
| Ease of short-term borrowing DI (vs previous quarter, seasonally adjusted)2 | -3.7 | -3.2 | -3 | -3.4 | -3.2 | -3.4 | -3.4 | -3.2 | -3.6 | -2.7 | -3.1 | -3 | -3 | |
| Manufacturing | -2.1 | -2.1 | -1.7 | -2.5 | -2.7 | -1 | -1.3 | -1.3 | -1.7 | -1.2 | -0.8 | -0.7 | -0.7 | |
| Non-manufacturing2 | -4.3 | -3.7 | -3.5 | -3.7 | -3.4 | -4.2 | -4.1 | -4 | -4.4 | -3.3 | -3.8 | -3.8 | -3.9 | |
| Construction | 2.9 | 3.9 | 4.3 | 4 | 4.9 | 2.1 | 2.3 | 1.7 | 3 | 3 | 3 | 3.9 | 3.4 | |
| Non-manufacturing excluding construction3 | -5.9 | -5.4 | -5.3 | -5.4 | -5.3 | -5.6 | -5.4 | -5.2 | -6 | -4.8 | -5.3 | -5.6 | -5.3 | |
| Wholesale | 0.2 | -2.9 | -1.4 | -1.6 | -1.2 | -1.3 | -0.6 | -0.7 | -1 | 0.2 | 0.2 | 0.9 | 0.6 | |
| Retail | -8.3 | -7.4 | -7.3 | -6.9 | -7 | -7.2 | -7.2 | -7.7 | -7.1 | -6.4 | -7.4 | -7.3 | -7.3 | |
| Services | -5.4 | -4.5 | -4.7 | -5.3 | -5.1 | -5.4 | -5.2 | -4.3 | -6.2 | -4.6 | -4.9 | -5.5 | -5.1 | |
| Ease of short-term borrowing DI (vs previous quarter, original)2 | -3.4 | -3.8 | -3 | -3.3 | -2.8 | -4 | -3.3 | -3.1 | -3.2 | -3.4 | -3 | -2.9 | -2.6 | |
| Manufacturing | -1.9 | -2.5 | -1.8 | -2.3 | -2.4 | -1.4 | -1.4 | -1.1 | -1.4 | -1.6 | -0.9 | -0.5 | -0.4 | |
| Non-manufacturing2 | -3.8 | -4.4 | -3.4 | -3.6 | -2.9 | -4.9 | -4 | -3.9 | -3.9 | -4 | -3.7 | -3.7 | -3.4 | |
| Construction | 3.4 | 3.7 | 3.9 | 4.2 | 5.3 | 1.9 | 1.9 | 1.9 | 3.4 | 2.8 | 2.7 | 4.1 | 3.7 | |
| Non-manufacturing excluding construction3 | -5.6 | -6.1 | -5.1 | -5.3 | -4.8 | -6.4 | -5.2 | -5.1 | -5.5 | -5.6 | -5 | -5.5 | -4.9 | |
| Wholesale | 0 | -3 | -1.4 | -1.2 | -1.5 | -1.3 | -0.6 | -0.4 | -1.3 | 0.2 | 0.1 | 1.2 | 0.4 | |
| Retail | -7.8 | -7.8 | -7.3 | -7 | -6.5 | -7.7 | -7.1 | -7.8 | -6.6 | -7 | -7.2 | -7.3 | -6.9 | |
| Services | -5.1 | -5.6 | -4.4 | -5.1 | -4.4 | -6.6 | -4.8 | -4.2 | -5.5 | -5.8 | -4.5 | -5.4 | -4.5 |
Latest reading
The latest reading is −13.2 %pt, for Q2 2026. That is −3.3 pp from Q1 2026 and +0.3 pp from a year earlier. The series on this page is quarterly and runs from Q2 1994 to Q2 2026.
- Latest
- −13.2 %pt
- Q2 2026
- vs previous period
- −3.3 pp
- Q1 2026
- vs a year earlier
- +0.3 pp
About this data
Cash flow DI and the ease of long-term and short-term borrowing 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.
