Business Outlook Survey
(October-December 2025)
December.11, 2025
1. Business conditions
Business survey index
(Difference of "up"-"down" compared with the previous quarter)
| (%points) | |||||
|
Jul.-Sep. 2025 (previous) |
Oct.-Dec. 2025 (present) |
Jan.-Mar. 2026 (outlook) |
Apr.-Jun. 2026 (outlook) |
||
|---|---|---|---|---|---|
| Corporations with capital of 1 billion yen or over | |||||
| All industries | 4.7 | 4.9 | 3.7 | 1.6 | |
| Manufacturing | 3.8 | 4.7 | 1.1 | 1.3 | |
| Non-manufacturing | 5.2 | 5.1 | 5.0 | 1.7 | |
| Corporations with capital of 100 million to 1 billion yen | |||||
| All industries | 2.7 | 4.7 | 1.6 | 3.7 | |
| Corporations with capital of 10 to 100 million yen | |||||
| All industries | -9.6 | -3.7 | -6.6 | -3.4 | |
2. Domestic economic conditions
Business survey index
(Difference of "up"-"down" compared with the previous quarter)
| (%points) | |||||
|
Jul.-Sep. 2025 (previous) |
Oct.-Dec. 2025 (present) |
Jan.-Mar. 2026 (outlook) |
Apr.-Jun. 2026 (outlook) |
||
|---|---|---|---|---|---|
| Corporations with capital of 1 billion yen or over | |||||
| All industries | 1.5 | 6.9 | 4.0 | 4.5 | |
| Manufacturing | 0.7 | 4.4 | 1.4 | 2.6 | |
| Non-manufacturing | 1.8 | 8.1 | 5.2 | 5.4 | |
| Corporations with capital of 100 million to 1 billion yen | |||||
| All industries | -3.7 | 5.2 | 1.6 | 1.9 | |
| Corporations with capital of 10 to 100 million yen | |||||
| All industries | -19.3 | -7.0 | -9.7 | -5.6 | |
3. Employment
Business survey index
(Difference of "insufficient"-"excessive")
| (%points) | |||||
|
End of Sep. 2025 (previous) |
End of Dec. 2025 (present) |
End of Mar. 2026 (outlook) |
End of Jun. 2026 (outlook) |
||
|---|---|---|---|---|---|
| Corporations with capital of 1 billion yen or over | |||||
| All industries | 26.8 | 28.0 | 24.1 | 19.2 | |
| Manufacturing | 19.3 | 21.3 | 18.8 | 14.9 | |
| Non-manufacturing | 30.3 | 31.2 | 26.6 | 21.3 | |
| Corporations with capital of 100 million to 1 billion yen | |||||
| All industries | 35.1 | 37.4 | 32.8 | 27.0 | |
| Corporations with capital of 10 to 100 million yen | |||||
| All industries | 28.6 | 31.4 | 27.6 | 24.2 | |
4. Sales (compared with the previous year)
| (%) | ||||||
| FY 2025 | ||||||
|---|---|---|---|---|---|---|
| All industries | 2.0 | |||||
| Manufacturing | 1.7 | |||||
| Non-manufacturing | 2.1 | |||||
5. Ordinary profits (compared with the previous year)
| (%) | ||||||
| FY 2025 | ||||||
|---|---|---|---|---|---|---|
| All industries | -0.7 | |||||
| Manufacturing | -0.7 | |||||
| Non-manufacturing | -0.7 | |||||
6. Software and investment in plant and equipment (compared with the previous year)
| (%) | ||||||
| FY 2025 | ||||||
|---|---|---|---|---|---|---|
| All industries | 6.6 | |||||
| Manufacturing | 13.4 | |||||
| Non-manufacturing | 3.1 | |||||
Note: Excludes expense purchasing land.
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