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Japan TANKAN Survey ×

Save TANKAN Manufacturing Business Conditions

BOJ surveys over 10 thousand domestic corporates every quarter, and publishes in April, July, October and December. The survey is commonly known as "TANKAN". TANKAN surveys on the external operating environment and internal operating conditions, and BOJ develops its monetary policies accordingly.

TANKAN surveys both "manufacturing" and "non-manufacturing" corporates.
Large corporates are those having capital worth at least 1 billion Yen.
Medium-sized corporates are those having capital worth at least 100 million Yen.
Small corporates are those having capital worth at least 20 million Yen.

This survey shows the subjects' "outlook for profit during the next 3 months", with it being favorable, not so favorable, or unfavorable. When the reading is above 0, more manufacturing corporates think the business conditions are favorable.

Manufacturing business conditions are poor because domestic demand and exports have been weak.

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Latest Stats
  • Japan Large Manufacturing Business Conditions
    2022 Q2
    9.00
  • Japan Medium Manufacturing Business Conditions
    2022 Q2
    0.00
  • Japan Small Manufacturing Business Conditions
    2022 Q2
    -4.00
Source
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Save Japan TANKAN Non-manufacturing Business Conditions

This survey shows the subjects' "outlook for profit during the next 3 months", with it being favorable, not so favorable, or unfavorable. When the reading is above 0, the business conditions are favorable. When the reading is below 0, the business conditions are unfavorable.

Non-manufacturing business conditions are volatile because domestic demand slowed down.

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Latest Stats
  • Japan Large Non-Manufacturing Business Conditions
    2022 Q2
    13.00
  • Japan Medium Non-Manufacturing Business Conditions
    2022 Q2
    6.00
  • Japan Small Non-manufacturing Business Conditions
    2022 Q2
    -1.00
Source
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Save TANKAN Large Manufacturers' Domestic Demand and Supply

This survey shows the subjects' "outlook for domestic demand and supply during the next 3 months", with it being under-supplied, nearly equilibrium, or oversupplied. When the reading is above 0, more manufacturing corporates think the market is under-supplied.

The reading has been negative for a long time because manufacturers are pessimistic about domestic demand given that the Japanese population is aging.

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  • Large Manufacturers' Domestic Demand and Supply
    2022 Q2
    2.00
Source
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Save TANKAN Large Manufacturers' Input and Output Prices

Large manufacturers' input price shows the subjects' "outlook for the Yen-denominated purchase prices of main raw materials (including processing fees for subcontractors) and/or main merchandise during the past 3 months and the next 3 months", it being rising, unchanged, or falling.

Large manufacturers' output price shows the subjects' "outlook for the Yen-denominated selling prices of major products or services during the past 3 months and the next 3 months", it being rising, unchanged, or falling.

When the reading is above 0, more corporates project the price will increase.

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  • Japan Large Manufacturers' Input Price
    2022 Q2
    65.00
  • Japan Large Manufacturers' Output Price
    2022 Q2
    34.00
Source
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Save Japan TANKAN Manufacturers' Production Capacity

This survey shows the subject's "outlook for production capacity during the next 3 months", with it being excessive, adequate, or insufficient. When the reading is above 0, the production capacity is excessive. When the reading is below 0, the production capacity is insufficient.

This chart goes to the opposite direction to that of domestic demand.

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  • Large Manufacturers' Production Capacity
    2022 Q2
    0.00
  • Medium Manufacturers' Production Capacity
    2022 Q2
    0.00
  • Small Manufacturers' Production Capacity
    2022 Q2
    2.00
  • Large Manufacturers' Domestic Demand and Supply
    2022 Q2
    2.00
Source
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Save TANKAN Financial Position

This survey shows the subject's "judgement on the company's general cash positions, considering its cash and cash equivalent levels, the financial institutions' attitude towards lending and their lending terms" with it being easy, not tight, or tight. When the reading is above 0, more corporates think their cash positions are easy.

Since 2010, the government has taken many quantitative measures. The financial positions are robust.

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Latest Stats
  • Japan Large Enterprises' Financial Position
    2022 Q2
    15.00
  • Japan Medium-sized Enterprises' Financial Position
    2022 Q2
    14.00
  • Japan Small Enterprises' Financial Position
    2022 Q2
    9.00
Source
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Save TANKAN Lending Attitude of Financial Institutions

This survey shows the subjects' "judgement on financial institutions' attitude toward lending" at the time of the survey with it being accommodative, not severe, or severe. When the reading is above 0, more subjects think the financial institutions' lending attitude are accommodative.

Financing is relatively easy for corporates when interest rates are low.

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Latest Stats
  • Lending attitude towards Large Enterprises
    2022 Q2
    15.00
  • Lending attitude towards Medium-sized Enterprises
    2022 Q2
    21.00
  • Lending attitude towards Small Enterprises
    2022 Q2
    18.00
Source
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Save TANKAN Employment Conditions

This survey shows the subjects' "judgement on the employment conditions" with it being excessive, adequate, or insufficient. If the reading is above 0, more corporates think the number of employees are excessive.

Because of an aging and declining population, Japan has a lack of labor force. The reading has been under 0 since 2014.

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Latest Stats
  • Employment Conditions in Large Enterprises
    2022 Q2
    -16.00
  • Employment Conditions in Medium-sized Enterprises
    2022 Q2
    -23.00
  • Employment Conditions in Small Enterprises
    2022 Q2
    -28.00
Source
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Save Japan Reuters Tankan Index

Reuters Tankan tracks Bank of Japan's Tankan survey. The survey shows the business sentiments in manufacturing and services.

Reuters' Tankan index is highly correlated to Japan's manufacturing PMI and BOJ's Tankan survey results.

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Latest Stats
  • Japan Reuters Manufacturing Tankan Index
    2022-07
    9.00
  • Japan Reuters Non-manufacturing Tankan Index
    2022-07
    14.00
Source
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