Business Outlook Survey
(July-September 2025)
September.11, 2025
1. Business conditions
Business survey index
(Difference of "up"-"down" compared with the previous quarter)
| (%points) | |||||
|
Apr.-Jun. 2025 (previous) |
Jul.-Sep. 2025 (present) |
Oct.-Dec. 2025 (outlook) |
Jan.-Mar. 2026 (outlook) |
||
|---|---|---|---|---|---|
| Corporations with capital of 1 billion yen or over | |||||
| All industries | -1.9 | 4.7 | 4.3 | 4.7 | |
| Manufacturing | -4.8 | 3.8 | 3.9 | 3.3 | |
| Non-manufacturing | -0.5 | 5.2 | 4.6 | 5.4 | |
| Corporations with capital of 100 million to 1 billion yen | |||||
| All industries | -0.9 | 2.7 | 5.5 | 4.2 | |
| Corporations with capital of 10 to 100 million yen | |||||
| All industries | -12.3 | -9.6 | -3.8 | -5.7 | |
2. Domestic economic conditions
Business survey index
(Difference of "up"-"down" compared with the previous quarter)
| (%points) | |||||
|
Apr.-Jun. 2025 (previous) |
Jul.-Sep. 2025 (present) |
Oct.-Dec. 2025 (outlook) |
Jan.-Mar. 2026 (outlook) |
||
|---|---|---|---|---|---|
| Corporations with capital of 1 billion yen or over | |||||
| All industries | -6.2 | 1.5 | 1.2 | 2.1 | |
| Manufacturing | -7.5 | 0.7 | 1.0 | 1.5 | |
| Non-manufacturing | -5.7 | 1.8 | 1.3 | 2.4 | |
| Corporations with capital of 100 million to 1 billion yen | |||||
| All industries | -12.0 | -3.7 | -3.0 | -2.2 | |
| Corporations with capital of 10 to 100 million yen | |||||
| All industries | -23.6 | -19.3 | -14.9 | -13.6 | |
3. Employment
Business survey index
(Difference of "insufficient"-"excessive")
| (%points) | |||||
|
End of Jun. 2025 (previous) |
End of Sep. 2025 (present) |
End of Dec. 2025 (outlook) |
End of Mar. 2026 (outlook) |
||
|---|---|---|---|---|---|
| Corporations with capital of 1 billion yen or over | |||||
| All industries | 26.9 | 26.8 | 23.6 | 21.2 | |
| Manufacturing | 19.5 | 19.3 | 17.2 | 15.1 | |
| Non-manufacturing | 30.4 | 30.3 | 26.6 | 24.1 | |
| Corporations with capital of 100 million to 1 billion yen | |||||
| All industries | 36.5 | 35.1 | 32.5 | 28.9 | |
| Corporations with capital of 10 to 100 million yen | |||||
| All industries | 28.8 | 28.6 | 27.0 | 25.0 | |
4. Sales (compared with the previous year)
| (%) | ||||||
| FY 2025 | ||||||
|---|---|---|---|---|---|---|
| All industries | 1.9 | |||||
| Manufacturing | 1.7 | |||||
| Non-manufacturing | 1.9 | |||||
5. Ordinary profits (compared with the previous year)
| (%) | ||||||
| FY 2025 | ||||||
|---|---|---|---|---|---|---|
| All industries | -2.1 | |||||
| Manufacturing | -2.1 | |||||
| Non-manufacturing | -2.1 | |||||
6. Software and investment in plant and equipment (compared with the previous year)
| (%) | ||||||
| FY 2025 | ||||||
|---|---|---|---|---|---|---|
| All industries | 6.8 | |||||
| Manufacturing | 13.9 | |||||
| Non-manufacturing | 3.1 | |||||
Note: Excludes expense purchasing land.
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