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Japan Firms' Inflation Outlook, 3 Years

Tankan survey of enterprises' inflation expectations — outlook for general prices, 3 years ahead — average expected rate of change by enterprise size and industry. 164 series.

Source: Bank of Japan – Time-Series Data SearchLast updated: Sep 22, 2026, 13:51Curated by Bui Thanh PhucAbout this data ↓

IndicatorQ2-2026Q1-2026Q4-2025Q3-2025Q2-2025Q1-2025Q4-2024Q3-2024Q2-2024Q1-2024Q4-2023Q3-2023Q2-2023
Outlook for General Prices (3 years ahead)(The Average of Enterprises' Inflation Outlook)4
All Enterprises41
All industries2.62.52.42.42.42.42.32.32.32.22.22.22.2
Manufacturing2.72.52.42.42.42.42.32.32.32.22.22.22.2
Textiles2.72.32.32.32.42.42.32.32.32.32.42.42.5
Lumber & Wood products32.62.62.32.42.62.62.42.32.62.32.42.1
Pulp & Paper2.62.32.32.32.22.42.32.22.11.71.91.91.8
Chemicals2.52.32.22.22.22.21.922.12.11.91.91.8
Petroleum & Coal products32.72.62.32.52.52.32.22.42.32.42.42.4
Ceramics, Stone & Clay2.82.52.52.52.42.42.22.22.22.22.22.42.3
Iron & Steel2.72.52.22.52.52.52.42.42.52.42.42.12.2
Nonferrous metals2.62.62.52.52.32.42.12.122.12.12.12.3
Food & Beverages2.72.62.62.52.62.62.42.32.42.32.22.22.4
Processed metals2.82.62.32.32.32.322.32.22.32.12.22.1
General-purpose, Production & Business oriented machinery2.72.62.52.52.52.42.42.32.42.32.22.22.2
General-purpose machinery2.72.62.32.42.42.42.32.32.42.32.62.52.3
Production machinery2.72.62.62.62.52.42.52.42.42.22.12.12.1
Business oriented machinery2.72.52.52.52.42.52.32.32.52.32.32.32.4
Electrical machinery2.52.52.42.32.32.42.42.22.22.12.12.22.1
Transportation machinery2.62.52.42.32.32.42.42.32.32.12.12.12.1
Shipbuilding, Heavy machinery & Other transportation machinery2.92.82.62.62.62.82.72.72.62.42.42.42.4
Motor vehicles2.22.22.22222.1221.91.921.9
Other manufacturing2.82.62.42.52.52.52.42.52.42.32.22.32.4
Basic materials2.72.52.32.42.32.42.22.22.22.22.22.22.2
Processing2.72.62.42.42.42.42.32.32.32.22.22.22.2
Nonmanufacturing2.62.52.42.42.32.42.32.32.32.22.22.22.2
Construction2.92.62.52.62.52.52.42.32.42.32.32.32.3
Real estate, Goods rental & Leasing2.52.52.52.32.32.42.32.32.32.32.12.22.3
Real estate2.52.42.52.22.32.42.22.22.32.22.12.22.3
Goods rental & Leasing2.62.62.42.42.42.62.42.42.42.42.32.32.4
Wholesaling & Retailing2.62.42.42.42.32.42.32.32.32.32.22.32.3
Wholesaling2.72.52.42.42.32.42.32.32.42.32.42.52.4
Retailing2.42.32.22.42.32.42.22.22.22.122.12.1
Transport & Postal activities2.62.52.32.32.22.32.22.12.22.122.12.1
Information communication2.42.32.22.22.12.22.12.12221.91.8
Communications2.92.72.92.52.52.82.22.12.42.52.62.32
Information services2.22.22.121.92.11.91.91.81.81.81.81.8
Other information communication2.42.32.22.32.22.22.32.22.22.1221.8
Electric & Gas utilities2.42.42.22.12.12.221.91.91.91.71.71.7
Services for businesses2.62.62.62.52.42.52.32.32.32.32.22.22.1
Services for individuals2.62.62.52.42.52.42.32.12.222.12.22.2
Accomodations, Eating & Drinking services2.92.72.62.82.62.62.62.62.62.42.52.82.7
Mining & Quarrying of stone and gravel2.82.62.42.62.21.91.81.821.82.12.22.5
Large Enterprises41
All industries2.22.122221.81.81.81.81.71.71.6
Manufacturing2.22.122221.81.81.81.81.81.81.7
Textiles2.322.21.81.61.91.81.61.70.92.11.71.9
Lumber & Wood products2.232.42.32.62.22.12.31.91.91.61.61.4
Pulp & Paper1.61.921.81.91.91.61.81.91.61.31.91.1
Chemicals2.121.8221.91.51.71.71.71.61.41.4
Petroleum & Coal products1.70.71.81.81.810.70.7110.811.8
Ceramics, Stone & Clay2.321.91.51.61.51.21.51.31.31.721.8
Iron & Steel2.72.42.62.82.73.32.32.42.32.62.221.9
Nonferrous metals2.122.32.32.22.72.32.32.11.721.91.4
Food & Beverages2.21.81.922.121.81.92.121.71.71.3
Processed metals2.22.32.32.32.12.22.22.11.92.31.71.81.9
General-purpose, Production & Business oriented machinery2.32.22.12.32.32.121.81.91.91.81.91.7
General-purpose machinery2.32.522.42.52.32.22.12.42.22.12.62.2
Production machinery2.32.12.22.32.31.91.81.61.61.71.61.61.6
Business oriented machinery2.32.222.32.22.32.222.121.71.71.4
Electrical machinery221.71.71.71.81.71.61.71.71.91.91.9
Transportation machinery2.11.91.81.71.71.71.81.71.51.41.61.61.7
Shipbuilding, Heavy machinery & Other transportation machinery2.42.42.12.11.921.81.81.71.61.61.42
Motor vehicles21.81.71.61.71.61.81.61.41.41.61.61.6
Other manufacturing2.42.222.11.821.82.11.92.1222.3
Basic materials2.22.12.1222.11.71.81.81.71.71.71.6
Processing2.22.11.9221.91.91.81.81.81.81.81.8
Nonmanufacturing2.12.1221.91.91.81.71.81.81.61.61.6
Construction2.32.32.22.12.11.91.61.71.71.61.61.41.5
Real estate, Goods rental & Leasing1.91.821.821.71.71.71.61.91.71.71.5
Real estate1.81.621.81.81.51.61.71.61.91.81.91.7
Goods rental & Leasing2.32.22.11.82.321.91.81.71.91.41.41.1
Wholesaling & Retailing2.32.122.2222222.11.81.81.7
Wholesaling2.42.22.22.32.12.12.12.122.221.91.8
Retailing2.21.91.921.91.81.91.81.91.91.51.61.6
Transport & Postal activities2.22.11.81.91.821.91.51.81.31.21.41.4
Information communication1.92.121.81.71.81.61.61.41.41.41.51.2
Communications1.711.51.11.41.50.80.710.710.30
Information services22.32.11.91.821.71.81.61.71.41.71.6
Other information communication1.82.11.81.91.61.41.71.81.11.21.51.30.6
Electric & Gas utilities1.61.91.61.41.61.51.31.21.11.31.61.51.3
Services for businesses1.91.922.11.81.81.51.51.91.81.81.61.3
Services for individuals1.91.82.21.92.12.32.11.92.12.11.71.51.5
Accomodations, Eating & Drinking services2.82.92.83.52.62.92.42.62.32.62.12.42.6
Mining & Quarrying of stone and gravel1.710.80.80.810.811.21.60.811
Medium-sized Enterprises41
All industries2.52.42.32.32.22.32.12.12.12.122.12
Manufacturing2.62.52.42.32.32.32.22.12.22.12.12.12.1
Textiles2.72.32.22.22.32.22.32.22.12.22.12.22
Lumber & Wood products2.92.22.52.22.42.62.42.42.32.32.52.21.7
Pulp & Paper2.92.52.62.72.72.52.52.32.32.22.31.91.7
Chemicals2.32.32.12.22.22.11.71.72.1221.91.7
Petroleum & Coal products2.62.52.52.52.31.91.711.41.72.42.62.3
Ceramics, Stone & Clay2.82.62.62.62.42.31.81.81.91.92.32.32.6
Iron & Steel2.42.21.92.22.62.12.122.42.12.22.12
Nonferrous metals2.42.3221.92.11.81.71.722.222.1
Food & Beverages2.62.42.42.42.52.62.42.32.42.22.22.32.4
Processed metals2.421.822.12.11.81.91.81.92.12.31.8
General-purpose, Production & Business oriented machinery2.72.62.42.32.32.32.22.12.22.22.12.12.1
General-purpose machinery2.92.52.22.22.22.32.22.22.22.12.422
Production machinery2.82.82.62.52.42.42.222.12.12.12.12.3
Business oriented machinery2.42.32.22.22.32.32.12.22.42.21.922
Electrical machinery2.62.62.52.22.32.22.222.12.21.821.9
Transportation machinery2.42.62.52.42.22.32.42.42.221.92.12.2
Shipbuilding, Heavy machinery & Other transportation machinery2.62.82.42.82.52.832.82.52.4222.6
Motor vehicles2.32.52.72.1222.1221.81.82.12
Other manufacturing2.92.82.62.82.72.72.62.62.62.22.22.32.2
Basic materials2.62.32.32.32.32.221.92.122.22.12
Processing2.62.52.42.32.32.42.32.22.22.122.12.1
Nonmanufacturing2.42.32.22.22.22.22.12.12.12222
Construction2.52.52.42.42.32.22.12.12.12.12.12.12.1
Real estate, Goods rental & Leasing2.42.22.22.22.22.32.22.12.221.81.92.1
Real estate2.42.22.22.22.22.12.22.12.321.71.92.1
Goods rental & Leasing2.42.32.32.12.12.52.32.22.12.11.91.92.1
Wholesaling & Retailing2.32.22.12.12.12.12.22.12.22.122.12.1
Wholesaling2.52.32.22.22.12.22.22.12.32.12.12.32.1
Retailing221.922.2222.121.91.91.92
Transport & Postal activities2.52.32.22.122.121.92.12.11.91.92
Information communication2.32.22.12.222.21.921.91.91.91.81.8
Communications2.82.82.92.92.53.12.71.72.73.12.52.11.5
Information services2.42.22.22.22.12.11.92.121.81.81.71.8
Other information communication2.121.82.11.921.81.91.71.71.81.71.7
Electric & Gas utilities2.22.11.921.82.11.91.91.91.91.81.71.7
Services for businesses2.32.22.42.12.22.21.922221.91.8
Services for individuals2.82.72.42.42.62.52.12.22.21.91.922
Accomodations, Eating & Drinking services2.92.32.62.52.52.52.52.62.52.32.32.62.5
Mining & Quarrying of stone and gravel2.42.92.72.92.92.62.22.21.71.921.92
Small Enterprises41
All industries2.82.72.62.62.52.62.52.52.52.42.42.42.4
Manufacturing2.92.72.62.62.52.62.52.52.52.42.42.42.4
Textiles2.82.42.42.52.52.62.32.42.52.52.62.72.8
Lumber & Wood products3.32.82.72.42.42.72.72.42.42.82.42.62.4
Pulp & Paper2.62.22.22.42.12.42.42.32.11.51.91.82.1
Chemicals2.92.62.42.52.42.52.22.32.42.42.12.22.1
Petroleum & Coal products3.232.82.42.72.92.62.72.82.62.52.62.5
Ceramics, Stone & Clay2.92.62.52.62.62.72.62.52.52.62.22.52.3
Iron & Steel2.82.72.22.52.42.62.52.62.72.52.52.22.4
Nonferrous metals2.82.92.72.82.62.52.22.22.12.32.12.32.5
Food & Beverages32.92.92.82.82.82.52.52.62.42.32.42.7
Processed metals32.92.52.52.42.42.12.62.62.52.22.32.3
General-purpose, Production & Business oriented machinery2.82.72.62.72.62.52.62.62.72.52.52.52.5
General-purpose machinery2.72.72.52.52.52.42.42.52.62.52.92.72.7
Production machinery2.82.72.62.72.62.52.82.72.72.42.32.22.1
Business oriented machinery3.12.72.82.82.62.72.42.42.72.52.72.72.9
Electrical machinery2.82.82.82.82.82.82.92.62.52.42.52.62.5
Transportation machinery2.82.62.52.52.52.72.62.62.72.52.52.52.2
Shipbuilding, Heavy machinery & Other transportation machinery3.22.92.82.62.82.92.72.92.82.62.72.72.3
Motor vehicles2.42.22.22.32.22.42.52.22.52.52.22.32.1
Other manufacturing2.82.62.52.52.52.62.62.42.52.32.32.42.5
Basic materials2.92.62.42.52.52.62.42.42.42.42.32.42.4
Processing2.92.82.72.62.62.62.62.62.62.42.42.52.4
Nonmanufacturing2.82.72.62.62.52.62.52.42.52.42.42.52.4
Construction32.72.62.62.62.62.62.42.52.52.42.52.5
Real estate, Goods rental & Leasing2.72.72.72.52.52.72.52.52.62.52.42.52.6
Real estate2.72.72.72.42.42.72.42.42.52.52.42.42.5
Goods rental & Leasing2.72.82.62.62.52.72.62.72.72.62.62.72.7
Wholesaling & Retailing2.72.62.52.52.52.62.42.42.52.42.42.52.5
Wholesaling2.82.72.62.52.52.52.42.42.52.42.62.62.6
Retailing2.52.42.52.62.52.72.42.42.42.32.22.32.4
Transport & Postal activities2.72.72.42.62.42.62.52.32.32.32.22.32.3
Information communication2.62.42.52.32.32.42.42.42.42.42.22.22.1
Communications3.23.23.5333.12.532.932.92.82.7
Information services2.22.121.81.7221.91.81.91.91.91.9
Other information communication2.92.62.72.72.62.62.82.72.82.72.42.32.1
Electric & Gas utilities2.82.82.62.52.52.52.22.12.12.11.721.9
Services for businesses2.82.82.82.72.72.72.62.62.52.42.42.42.3
Services for individuals2.62.72.62.52.52.42.42.12.322.32.52.3
Accomodations, Eating & Drinking services2.82.92.62.92.62.72.82.62.72.52.732.8
Mining & Quarrying of stone and gravel3.22.82.72.92.21.71.91.82.51.92.52.63.1

Latest reading

All industries stood at 2.6 in Q2 2026. That is +4.0% from Q1 2026 and +8.3% from a year earlier. The series on this page is quarterly and runs from Q1 2014 to Q2 2026. Source: Bank of Japan – Time-Series Data Search.

Latest
2.6
Q2 2026
vs previous period
+4.0%
Q1 2026
vs a year earlier
+8.3%

About this data

Tankan survey of enterprises' inflation expectations — outlook for general prices, 3 years ahead — average expected rate of change by enterprise size and industry. 164 series. Source: Bank of Japan, Time-Series Data Search.

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