Business Outlook Survey
(January-March 2026)
March.12, 2026
1. Business conditions
Business survey index
(Difference of "up"-"down" compared with the previous quarter)
| (%points) | |||||
|
Oct.-Dec. 2025 (previous) |
Jan.-Mar. 2026 (present) |
Apr.-Jun. 2026 (outlook) |
Jul.-Sep. 2026 (outlook) |
||
|---|---|---|---|---|---|
| Corporations with capital of 1 billion yen or over | |||||
| All industries | 4.9 | 4.4 | 2.0 | 5.6 | |
| Manufacturing | 4.7 | 3.8 | 0.7 | 6.3 | |
| Non-manufacturing | 5.1 | 4.6 | 2.5 | 5.3 | |
| Corporations with capital of 100 million to 1 billion yen | |||||
| All industries | 4.7 | 0.2 | 1.7 | 6.8 | |
| Corporations with capital of 10 to 100 million yen | |||||
| All industries | -3.7 | -12.9 | -2.9 | -1.6 | |
2. Domestic economic conditions
Business survey index
(Difference of "up"-"down" compared with the previous quarter)
| (%points) | |||||
|
Oct.-Dec. 2025 (previous) |
Jan.-Mar. 2026 (present) |
Apr.-Jun. 2026 (outlook) |
Jul.-Sep. 2026 (outlook) |
||
|---|---|---|---|---|---|
| Corporations with capital of 1 billion yen or over | |||||
| All industries | 6.9 | 8.0 | 6.0 | 5.8 | |
| Manufacturing | 4.4 | 6.1 | 4.4 | 5.0 | |
| Non-manufacturing | 8.1 | 8.8 | 6.7 | 6.1 | |
| Corporations with capital of 100 million to 1 billion yen | |||||
| All industries | 5.2 | 4.3 | 5.6 | 5.2 | |
| Corporations with capital of 10 to 100 million yen | |||||
| All industries | -7.0 | -11.6 | -4.4 | -3.3 | |
3. Employment
Business survey index
(Difference of "insufficient"-"excessive")
| (%points) | |||||
|
End of Dec. 2025 (previous) |
End of Mar. 2026 (present) |
End of Jun. 2026 (outlook) |
End of Sep. 2026 (outlook) |
||
|---|---|---|---|---|---|
| Corporations with capital of 1 billion yen or over | |||||
| All industries | 28.0 | 29.4 | 23.1 | 20.4 | |
| Manufacturing | 21.3 | 22.6 | 19.0 | 16.4 | |
| Non-manufacturing | 31.2 | 32.6 | 25.0 | 22.2 | |
| Corporations with capital of 100 million to 1 billion yen | |||||
| All industries | 37.4 | 38.2 | 31.5 | 28.2 | |
| Corporations with capital of 10 to 100 million yen | |||||
| All industries | 31.4 | 29.5 | 26.1 | 25.2 | |
4. Sales (compared with the previous year)
| (%) | ||||||
| FY 2025 | FY 2026 | |||||
|---|---|---|---|---|---|---|
| All industries | 2.3 | 2.2 | ||||
| Manufacturing | 1.8 | 2.3 | ||||
| Non-manufacturing | 2.5 | 2.1 | ||||
5. Ordinary profits (compared with the previous year)
| (%) | ||||||
| FY 2025 | FY 2026 | |||||
|---|---|---|---|---|---|---|
| All industries | 2.4 | -1.0 | ||||
| Manufacturing | 3.7 | -3.9 | ||||
| Non-manufacturing | 1.9 | 0.1 | ||||
6. Software and investment in plant and equipment (compared with the previous year)
| (%) | ||||||
| FY 2025 | FY 2026 | |||||
|---|---|---|---|---|---|---|
| All industries | 3.9 | 3.5 | ||||
| Manufacturing | 7.6 | 5.0 | ||||
| Non-manufacturing | 2.1 | 2.5 | ||||
Note: Excludes expense purchasing land.
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