Tankan
Big non-manufacturing index (Q3) 34.0 vs exp. 34.0 (prev. 34.0)
improves for 2 consecutive quarters, to its highest now since December 2024
Big manufacturing outlook DI (Q3) 12.0 vs exp. 13.0 (prev. 12.0)
Big non-manufacturing outlook DI (Q3) 28.0 vs exp. 29.0 (prev. 27.0)
Small non-manufacturing index (Q3) 14.0 vs exp. 14.0 (prev. 15.0)
falls for 2 consecutive quarter and hits lowest since September 2024
Small manufacturing index (Q3) 1.0 vs exp. 2.0 (prev. 1.0)
Small manufacturing outlook DI (Q3) -1.0 vs exp. -1.0 (prev. -2.0)
All small capex estimate (Q3) -2.3% vs exp. -2.2% (prev. -5.6%)
Small non-manufacturing outlook DI (Q3) 10.0 vs exp. 9.0 (prev. 9.0)
Big manufacturing index (Q3) 14.0 vs exp. 15.0 (prev. 13.0)
All big capex estimate (Q3) 12.5% vs exp. 11.3% (prev. 11.5%)
Full text is here: Tankan (Sept. 2025 Survey)
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More:
BOJ Tankan: Firms expect consumer prices to rise 2.4% a year from now, unchanged from the previous survey
Firms expect consumer prices to rise 2.4% three years from now, unchanged from the previous survey
Firms expect consumer prices to rise 2.4% five years from now, slightly higher than 2.3% in the previous survey
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- The Bank of Japan Tankan survey is a key indicator of business sentiment.
The term "Tankan" is short for "Tanshin Kansoku," which roughly translates to "Short-term Economic Observation".
- its published quarterly by the BOJ and is a closely watched economic indicator
- the BoJ surveys thousands of Japanese firms of all sizes, across a wide range of industries
- questions are focused on firms' current business conditions and their expectations for the coming quarter and year
- covering aspects such as production, sales, profits, investment in plant and equipment, employment, prices, and more
The headline(s) to to the report are diffusion indexes, which reflects the difference between the percentage of firms that are optimistic about business conditions and those that are pessimistic.
- a positive reading suggests that more companies are optimistic, while a negative reading indicates more pessimism
The report is segmented into "large manufacturers," "large non-manufacturers," "small manufacturers," and "small non-manufacturers" so as to help provide insight into different sectors of the economy.
