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Tankan Outline (March 2026)

April 1, 2026
Bank of Japan
Research and Statistics Department

Number of Sample Enterprises

Table: Number of Sample Enterprises
  Manufacturing Nonmanufacturing Total (Response
rate)
All Enterprises 3,808 5,401 9,209 ( 99.0%)
All Enterprises of which Large Enterprises 889 752 1,641 ( 98.8%)
Medium-sized Enterprises 1,083 1,539 2,622 ( 98.7%)
Small Enterprises 1,836 3,110 4,946 ( 99.2%)

[Responding Period: February 26 to March 31]

Figures are based on sample enterprises after the March 2026 revision.

Memo: Average of predicted exchange rates of all enterprises for overall businesses

Table: Average of predicted exchange rates of all enterprises for overall businesses yen/U.S. dollar
  Dec. 2025 Survey March 2026 Survey
FY 2025 147.11 148.29
FY 2025 1H 146.85 146.97
2H 147.37 149.60
FY 2026 - 150.10
FY 2026 1H - 150.10
2H - 150.09
Table: Average of predicted exchange rates of all enterprises for overall businesses yen/euro
  Dec. 2025 Survey March 2026 Survey
FY 2025 164.48 167.14
FY 2025 1H 164.03 164.60
2H 164.93 169.68
FY 2026 - 171.77
FY 2026 1H - 171.72
2H - 171.83

Business Conditions

Large Enterprises

Table: Large Enterprises DI ("favorable" - "unfavorable"), % points
  Dec. 2025
Survey		 March 2026
Survey		 Change
between
Dec. and
March		 June 2026
Survey
(Forecast)		 Change
between
March and
June
Manufacturing   ( 15)      
16 17 +1 14 -3
Nonmanufacturing   ( 31)      
36 36 0 29 -7

Medium-sized Enterprises

Table: Medium-sized Enterprises DI ("favorable" - "unfavorable"), % points
  Dec. 2025
Survey		 March 2026
Survey		 Change
between
Dec. and
March		 June 2026
Survey
(Forecast)		 Change
between
March and
June
Manufacturing   ( 10)      
15 16 +1 9 -7
Nonmanufacturing   ( 19)      
26 27 +1 18 -9

Small Enterprises

Table: Small Enterprises DI ("favorable" - "unfavorable"), % points
  Dec. 2025
Survey		 March 2026
Survey		 Change
between
Dec. and
March		 June 2026
Survey
(Forecast)		 Change
between
March and
June
Manufacturing   ( 2)      
7 7 0 4 -3
Nonmanufacturing   ( 12)      
17 16 -1 8 -8

All Enterprises

Table: All Enterprises DI ("favorable" - "unfavorable"), % points
  Dec. 2025
Survey		 March 2026
Survey		 Change
between
Dec. and
March		 June 2026
Survey
(Forecast)		 Change
between
March and
June
All industries   ( 13)      
18 18 0 11 -7

(Notes)

  1. FY : Fiscal year (April - March of the following year)
    1H : First half (April - September)
    2H : Second half (October - March of the following year)
  2. Figures in parentheses are forecasts made in the previous survey.

Supply and Demand Conditions, Inventories, and Prices (Manufacturing)

Domestic Supply & Demand Conditions for Products and Services

Table: Domestic Supply & Demand Conditions for Products and Services DI ("excess demand" - "excess supply"), % points
  Dec. 2025
Survey		 March 2026
Survey		 Change
between
Dec. and
March		 June 2026
Survey
(Forecast)		 Change
between
March and
June
Large Enterprises -8 -7 +1 -6 +1
Small Enterprises -17 -16 +1 -15 +1

Overseas Supply & Demand Conditions for Products

Table: Overseas Supply & Demand Conditions for Products DI ("excess demand" - "excess supply"), % points
  Dec. 2025
Survey		 March 2026
Survey		 Change
between
Dec. and
March		 June 2026
Survey
(Forecast)		 Change
between
March and
June
Large Enterprises -9 -6 +3 -4 +2
Small Enterprises -14 -11 +3 -11 0

Inventory Level of Finished Goods & Merchandise

Table: Inventory Level of Finished Goods & Merchandise DI ("excessive or somewhat excessive" - "insufficient or somewhat insufficient"), % points
  Dec. 2025
Survey		 March 2026
Survey		 Change
between
Dec. and
March		 June 2026
Survey
(Forecast)		 Change
between
March and
June
Large Enterprises 15 15 0 - -
Small Enterprises 13 10 -3 - -

Wholesalers' Inventory Level

Table: Wholesalers' Inventory Level DI ("excessive or somewhat excessive" - "insufficient or somewhat insufficient"), % points
  Dec. 2025
Survey		 March 2026
Survey		 Change
between
Dec. and
March		 June 2026
Survey
(Forecast)		 Change
between
March and
June
Large Enterprises 10 9 -1 - -
Small Enterprises 12 8 -4 - -

Change in Output Prices

Table: Change in Output Prices DI ("rise" - "fall"), % points
  Dec. 2025
Survey		 March 2026
Survey		 Change
between
Dec. and
March		 June 2026
Survey
(Forecast)		 Change
between
March and
June
Large Enterprises 26 28 +2 33 +5
Small Enterprises 27 31 +4 42 +11

Change in Input Prices

Table: Change in Input Prices DI ("rise" - "fall"), % points
  Dec. 2025
Survey		 March 2026
Survey		 Change
between
Dec. and
March		 June 2026
Survey
(Forecast)		 Change
between
March and
June
Large Enterprises 40 46 +6 52 +6
Small Enterprises 55 62 +7 69 +7

Sales

Large Enterprises

Table: Large Enterprises year-to-year % change
  FY 2025
(Forecast)		 Revision
rate		 FY 2026
(Forecast)		 Revision
rate
Manufacturing 1.6 +0.3 1.5 -
Nonmanufacturing 2.0 +0.8 1.4 -

Medium-sized Enterprises

Table: Medium-sized Enterprises year-to-year % change
  FY 2025
(Forecast)		 Revision
rate		 FY 2026
(Forecast)		 Revision
rate
Manufacturing 2.8 +1.5 1.9 -
Nonmanufacturing 4.7 +0.7 2.4 -

Small Enterprises

Table: Small Enterprises year-to-year % change
  FY 2025
(Forecast)		 Revision
rate		 FY 2026
(Forecast)		 Revision
rate
Manufacturing 2.6 +0.7 1.2 -
Nonmanufacturing 1.2 +0.5 -0.3 -

All Enterprises

Table: All Enterprises year-to-year % change
  FY 2025
(Forecast)		 Revision
rate		 FY 2026
(Forecast)		 Revision
rate
All industries 2.3 +0.7 1.3 -

(Note) Revision rates are calculated as the percentage change of the figures between the current and previous survey.

Current Profits

Large Enterprises

Table: Large Enterprises year-to-year % change
  FY 2025
(Forecast)		 Revision
rate		 FY 2026
(Forecast)		 Revision
rate
Manufacturing -1.6 +7.3 -2.1 -
Nonmanufacturing 3.1 +2.6 -1.4 -

Medium-sized Enterprises

Table: Medium-sized Enterprises year-to-year % change
  FY 2025
(Forecast)		 Revision
rate		 FY 2026
(Forecast)		 Revision
rate
Manufacturing 9.4 +9.8 -3.6 -
Nonmanufacturing 10.5 +3.6 -3.2 -

Small Enterprises

Table: Small Enterprises year-to-year % change
  FY 2025
(Forecast)		 Revision
rate		 FY 2026
(Forecast)		 Revision
rate
Manufacturing 1.0 +4.0 -5.4 -
Nonmanufacturing -1.9 +4.6 -3.3 -

All Enterprises

Table: All Enterprises year-to-year % change
  FY 2025
(Forecast)		 Revision
rate		 FY 2026
(Forecast)		 Revision
rate
All industries 1.9 +4.9 -2.4 -

Ratio of Current Profit to Sales

Large Enterprises

Table: Large Enterprises %, %points
  FY 2025
(Forecast)		 Changes FY 2026
(Forecast)		 Changes
Manufacturing 11.65 +0.76 11.23 -
Nonmanufacturing 8.83 +0.15 8.58 -

Medium-sized Enterprises

Table: Medium-sized Enterprises %, %points
  FY 2025
(Forecast)		 Changes FY 2026
(Forecast)		 Changes
Manufacturing 5.36 +0.40 5.07 -
Nonmanufacturing 4.83 +0.13 4.57 -

Small Enterprises

Table: Small Enterprises %, %points
  FY 2025
(Forecast)		 Changes FY 2026
(Forecast)		 Changes
Manufacturing 4.77 +0.16 4.45 -
Nonmanufacturing 4.24 +0.16 4.11 -

All Enterprises

Table: All Enterprises %, %points
  FY 2025
(Forecast)		 Changes FY 2026
(Forecast)		 Changes
All industries 7.28 +0.29 7.02 -

Fixed Investment including Land Purchasing Expenses*

Large Enterprises

Table: Large Enterprises year-to-year % change
  FY 2025
(Forecast)		 Revision
rate		 FY 2026
(Forecast)		 Revision
rate
Manufacturing 12.3 -3.2 2.7 -
Nonmanufacturing 10.2 0.0 3.6 -
All industries 10.9 -1.2 3.3 -

Medium-sized Enterprises

Table: Medium-sized Enterprises year-to-year % change
  FY 2025
(Forecast)		 Revision
rate		 FY 2026
(Forecast)		 Revision
rate
Manufacturing 12.0 -2.5 4.9 -
Nonmanufacturing 5.4 +3.0 2.2 -
All industries 8.1 +0.6 3.4 -

Small Enterprises

Table: Small Enterprises year-to-year % change
  FY 2025
(Forecast)		 Revision
rate		 FY 2026
(Forecast)		 Revision
rate
Manufacturing -1.5 -0.1 -1.4 -
Nonmanufacturing -2.6 +0.7 -11.3 -
All industries -2.3 +0.5 -8.1 -

All Enterprises

Table: All Enterprises year-to-year % change
  FY 2025
(Forecast)		 Revision
rate		 FY 2026
(Forecast)		 Revision
rate
Manufacturing 9.9 -2.6 2.6 -
Nonmanufacturing 6.8 +0.7 0.6 -
All industries 7.9 -0.6 1.3 -

Reference

Table: Reference year-to-year % change
  FY 2025
(Forecast)		 Revision
rate		 FY 2026
(Forecast)		 Revision
rate
All industries including Financial institutions and Business consultants & pure holding companies 7.7 -0.7 1.1 -
  • * Excludes software and R&D investment.

Software, R&D, and Fixed Investment excluding Land Purchasing Expenses

Large Enterprises

Table: Large Enterprises year-to-year % change
  FY 2025
(Forecast)		 Revision
rate		 FY 2026
(Forecast)		 Revision
rate
Manufacturing 7.7 -1.3 2.5 -
Nonmanufacturing 11.1 -0.9 3.6 -
All industries 9.3 -1.1 3.0 -

Medium-sized Enterprises

Table: Medium-sized Enterprises year-to-year % change
  FY 2025
(Forecast)		 Revision
rate		 FY 2026
(Forecast)		 Revision
rate
Manufacturing 11.6 -0.9 7.1 -
Nonmanufacturing 4.4 -2.4 5.9 -
All industries 8.0 -1.6 6.5 -

Small Enterprises

Table: Small Enterprises year-to-year % change
  FY 2025
(Forecast)		 Revision
rate		 FY 2026
(Forecast)		 Revision
rate
Manufacturing 1.1 -1.0 0.7 -
Nonmanufacturing -0.4 -1.9 -6.5 -
All industries 0.2 -1.6 -3.9 -

All Enterprises

Table: All Enterprises year-to-year % change
  FY 2025
(Forecast)		 Revision
rate		 FY 2026
(Forecast)		 Revision
rate
Manufacturing 7.7 -1.2 3.1 -
Nonmanufacturing 8.0 -1.3 2.3 -
All industries 7.8 -1.3 2.7 -

Reference

Table: Reference year-to-year % change
  FY 2025
(Forecast)		 Revision
rate		 FY 2026
(Forecast)		 Revision
rate
All industries including Financial institutions and Business consultants & pure holding companies 8.0 -1.4 2.8 -

Production Capacity (Manufacturing)

Table: Production Capacity (Manufacturing) DI ("excessive capacity" - "insufficient capacity"), % points
  Dec. 2025
Survey		 March 2026
Survey		 Change
between
Dec. and
March		 June 2026
Survey
(Forecast)		 Change
between
March and
June
Large Enterprises 1 1 0 -1 -2
Medium-sized Enterprises -1 -1 0 -3 -2
Small Enterprises 0 -2 -2 -5 -3
All Enterprises -1 -1 0 -3 -2

Employment Conditions (All industries)

Table: Employment Conditions (All industries) DI ("excessive employment" - "insufficient employment"), % points
  Dec. 2025
Survey		 March 2026
Survey		 Change
between
Dec. and
March		 June 2026
Survey
(Forecast)		 Change
between
March and
June
Large Enterprises -28 -28 0 -31 -3
Medium-sized Enterprises -38 -39 -1 -41 -2
Small Enterprises -40 -40 0 -45 -5
All Enterprises -38 -38 0 -42 -4

Financial Position (All industries)

Table: Financial Position (All industries) DI ("easy" - "tight"), % points
  Dec. 2025
Survey		 March 2026
Survey		 Change
between
Dec. and
March
Large Enterprises 13 12 -1
Medium-sized Enterprises 14 12 -2
Small Enterprises 8 7 -1
All Enterprises 10 10 0

Lending Attitude of Financial institutions (All industries)

Table: Lending Attitude of Financial institutions (All industries) DI ("accommodative" - "severe"), % points
  Dec. 2025
Survey		 March 2026
Survey		 Change
between
Dec. and
March
Large Enterprises 14 13 -1
Medium-sized Enterprises 17 16 -1
Small Enterprises 12 12 0
All Enterprises 14 13 -1

Change in Interest Rate on Loans (All industries)

Table: Change in Interest Rate on Loans (All industries) DI ("rise" - "fall"), % points
  Dec. 2025
Survey		 March 2026
Survey		 Change
between
Dec. and
March		 June 2026
Survey
(Forecast)		 Change
between
March and
June
Large Enterprises 45 58 +13 60 +2
Medium-sized Enterprises 46 64 +18 64 0
Small Enterprises 46 64 +18 64 0
All Enterprises 46 63 +17 64 +1

Conditions for CP Issuance (All industries) (Based on CP-Issuing Enterprises)

Table: Conditions for CP Issuance (All industries) (Based on CP-Issuing Enterprises) DI ("easy" - "severe"), % points
  Dec. 2025
Survey		 March 2026
Survey		 Change
between
Dec. and
March
Large Enterprises 5 3 -2

Inflation Outlook of Enterprises
(Reference) The Average of Enterprises' Inflation Outlook

Output Prices

Large Enterprises rate of changes relative to the current level, %, % points
  Dec. 2025
Survey		 March 2026
Survey		 Change
between
Dec. and
March
Manufacturing 1 year ahead 2.2 2.5 +0.3
3 years ahead 3.2 3.5 +0.3
5 years ahead 3.9 4.3 +0.4
Nonmanufacturing 1 year ahead 2.2 2.5 +0.3
3 years ahead 3.4 3.7 +0.3
5 years ahead 4.2 4.3 +0.1
Small Enterprises rate of changes relative to the current level, %, % points
  Dec. 2025
Survey		 March 2026
Survey		 Change
between
Dec. and
March
Manufacturing 1 year ahead 3.2 3.5 +0.3
3 years ahead 5.1 5.3 +0.2
5 years ahead 6.0 6.5 +0.5
Nonmanufacturing 1 year ahead 3.1 3.3 +0.2
3 years ahead 4.7 5.0 +0.3
5 years ahead 5.7 5.9 +0.2
All Enterprises rate of changes relative to the current level, %, % points
  Dec. 2025
Survey		 March 2026
Survey		 Change
between
Dec. and
March
All industries 1 year ahead 2.8 3.1 +0.3
3 years ahead 4.4 4.6 +0.2
5 years ahead 5.3 5.6 +0.3

General Prices

Large Enterprises annual percent rate change, %, % points
  Dec. 2025
Survey		 March 2026
Survey		 Change
between
Dec. and
March
Manufacturing 1 year ahead 2.1 2.2 +0.1
3 years ahead 2.0 2.1 +0.1
5 years ahead 1.9 2.0 +0.1
Nonmanufacturing 1 year ahead 2.1 2.2 +0.1
3 years ahead 2.0 2.1 +0.1
5 years ahead 2.0 2.0 0.0
Small Enterprises annual percent rate change, %, % points
  Dec. 2025
Survey		 March 2026
Survey		 Change
between
Dec. and
March
Manufacturing 1 year ahead 2.6 2.8 +0.2
3 years ahead 2.6 2.7 +0.1
5 years ahead 2.6 2.7 +0.1
Nonmanufacturing 1 year ahead 2.6 2.7 +0.1
3 years ahead 2.6 2.7 +0.1
5 years ahead 2.6 2.6 0.0
All Enterprises annual percent rate change, %, % points
  Dec. 2025
Survey		 March 2026
Survey		 Change
between
Dec. and
March
All industries 1 year ahead 2.4 2.6 +0.2
3 years ahead 2.4 2.5 +0.1
5 years ahead 2.4 2.5 +0.1

Overseas Business Activities

Number of Sample Enterprises

Table: Number of Sample Enterprises
  Enterprises (Response rate)
Manufacturing 375 ( 44.5%)
Manufacturing Basic materials 135 ( 48.9%)
Processing 240 ( 42.1%)
Nonmanufacturing 214 ( 46.7%)
All industries 589 ( 45.3%)

[Responding Period: February 26 to March 31]

Consolidated Sales / Overseas Sales / Share of Overseas Sales in Total Sales

Table: Consolidated Sales / Overseas Sales / Share of Overseas Sales in Total Sales year-to-year % change
  Consolidated Sales Overseas Sales Share of Overseas Sales in Total Sales
FY 2025
(Forecast)		 FY 2026
(Forecast)		 FY 2025
(Forecast)		 FY 2026
(Forecast)		 FY 2025
(Forecast)		 FY 2026
(Forecast)
Manufacturing 1.1 1.0 0.4 1.0 60.17 60.16
Nonmanufacturing 1.7 0.2 -0.1 0.0 29.30 29.23
All industries 1.4 0.6 0.2 0.7 45.90 45.93

Consolidated Current Profits

Table: Consolidated Current Profits year-to-year % change
  FY 2025
(Forecast)		 FY 2026
(Forecast)
Manufacturing 1.2 2.2
Nonmanufacturing -2.6 -0.1
All industries -0.6 1.2

Consolidated Fixed Investment / Overseas Fixed Investment / Share of Overseas Fixed Investment in Total Fixed Investment

Table: Consolidated Fixed Investment / Overseas Fixed Investment / Share of Overseas Fixed Investment in Total Fixed Investment year-to-year % change
  Consolidated Fixed Investment Overseas Fixed Investment Share of Overseas Fixed Investment in Total Fixed Investment
FY 2025
(Forecast)		 FY 2026
(Forecast)		 FY 2025
(Forecast)		 FY 2026
(Forecast)		 FY 2025
(Forecast)		 FY 2026
(Forecast)
Manufacturing 10.8 3.3 9.4 4.3 37.10 37.46
Nonmanufacturing 9.2 2.8 2.4 9.7 20.51 21.88
All industries 10.0 3.0 6.5 6.4 28.19 29.11