Japan Tankan Survey: Business Conditions DI
The Tankan (Short-Term Economic Survey of Enterprises in Japan) is a quarterly survey of businesses conducted by the Bank of Japan. The business conditions diffusion index (DI) is the percentage of firms answering that business conditions are "favorable" minus the percentage answering "unfavorable". This page shows the actual results for large and small enterprises in manufacturing and non-manufacturing.
📖 How to read this indicator
The DI for large manufacturers is the headline figure most closely watched by markets. A positive value means that more firms see conditions as favorable than unfavorable. The survey is conducted in March, June, September and December (Q1 to Q4 on this page), and the results are released at the beginning of the following month, except for the December survey, which is released in mid-December.
Data table
| Quarter | Large manufacturers | Large non-manufacturers | Small manufacturers | Small non-manufacturers |
|---|---|---|---|---|
| Q3 2026 | 24 | 35 | 14 | 15 |
| Q2 2026 | 22 | 37 | 9 | 15 |
| Q1 2026 | 17 | 36 | 7 | 16 |
| Q4 2025 | 15 | 34 | 6 | 15 |
| Q3 2025 | 14 | 34 | 1 | 14 |
| Q2 2025 | 13 | 34 | 1 | 15 |
| Q1 2025 | 12 | 35 | 2 | 16 |
| Q4 2024 | 14 | 33 | 1 | 16 |
| Q3 2024 | 13 | 34 | 0 | 14 |
| Q2 2024 | 13 | 33 | -1 | 12 |
| Q1 2024 | 11 | 34 | -1 | 13 |
| Q4 2023 | 12 | 30 | 1 | 14 |
| Q3 2023 | 9 | 27 | -5 | 12 |
| Q2 2023 | 5 | 23 | -5 | 11 |
| Q1 2023 | 1 | 20 | -6 | 8 |
| Q4 2022 | 7 | 19 | -2 | 6 |
| Q3 2022 | 8 | 14 | -4 | 2 |
| Q2 2022 | 9 | 13 | -4 | -1 |
| Q1 2022 | 14 | 9 | -4 | -6 |
| Q4 2021 | 18 | 9 | -1 | -4 |
| Q3 2021 | 18 | 2 | -3 | -10 |
| Q2 2021 | 14 | 1 | -7 | -9 |
| Q1 2021 | 5 | -1 | -13 | -11 |
| Q4 2020 | -10 | -5 | -27 | -12 |
| Q3 2020 | -27 | -12 | -44 | -22 |
| Q2 2020 | -34 | -17 | -45 | -26 |
| Q1 2020 | -8 | 8 | -15 | -1 |
| Q4 2019 | 0 | 20 | -9 | 7 |
| Q3 2019 | 5 | 21 | -4 | 10 |
| Q2 2019 | 7 | 23 | -1 | 10 |
| Q1 2019 | 12 | 21 | 6 | 12 |
| Q4 2018 | 19 | 24 | 14 | 11 |
| Q3 2018 | 19 | 22 | 14 | 10 |
| Q2 2018 | 21 | 24 | 14 | 8 |
| Q1 2018 | 24 | 23 | 15 | 10 |
| Q4 2017 | 25 | 23 | 15 | 9 |
| Q3 2017 | 22 | 23 | 10 | 8 |
| Q2 2017 | 17 | 23 | 7 | 7 |
| Q1 2017 | 12 | 20 | 5 | 4 |
| Q4 2016 | 10 | 18 | 1 | 2 |
| Q3 2016 | 6 | 18 | -3 | 1 |
| Q2 2016 | 6 | 19 | -5 | 0 |
| Q1 2016 | 6 | 22 | -4 | 4 |
| Q4 2015 | 12 | 25 | 0 | 5 |
| Q3 2015 | 12 | 25 | 0 | 3 |
| Q2 2015 | 15 | 23 | 0 | 4 |
| Q1 2015 | 12 | 19 | 1 | 3 |
| Q4 2014 | 12 | 16 | 1 | -1 |
| Q3 2014 | 13 | 13 | -1 | 0 |
| Q2 2014 | 12 | 19 | 1 | 2 |
FAQ
What is the Tankan survey?
The Tankan is a quarterly survey of businesses by the Bank of Japan. Its business conditions DI for large manufacturers is one of the most closely watched indicators of Japan's business sentiment.