Tankan, December 2025 survey: the business conditions DI for large enterprises, all industries, is 24A survey asking companies "How is the economy?" (December 2025 survey results)
In the 207th Tankan (Short-Term Economic Survey of Enterprises in Japan, December 2025 survey), published by the Bank of Japan on December 15, 2025, the business conditions DI for all industries ("favorable" minus "unfavorable", percentage points) was 24 for large enterprises, 22 for medium-sized enterprises and 12 for small enterprises. The changes in the "actual results" from the previous survey were 0, +3 and +3 points, respectively.
Key points
- The survey covered 8,836 firms, with a response rate of 99.4%; the response period was November 11 to December 12
- The all-industry business conditions DI (actual results) is 24 for large, 22 for medium-sized and 12 for small enterprises; the outlook is 21, 15 and 7
- For large enterprises, actual results are 15 in manufacturing and 34 in non-manufacturing; the outlook is 15 and 28
- Medium-sized enterprises: manufacturing 16, non-manufacturing 25; small enterprises: manufacturing 6, non-manufacturing 15 (all actual results)
What to do in practice
- Check the figures for the industry and size category closest to yours and compare them with your own sense
- Use the outlook as one reference when thinking about orders and cash flow
The Bank of Japan runs a large survey four times a year asking companies across the country "How is the economy right now?". In the results announced on December 15, 2025 for the December 2025 survey, more companies answered "favorable" than "unfavorable". The outlook for about three months ahead, however, was lower than the current figure.
Points
- Among large, medium-sized and small enterprises alike, "favorable" answers outnumbered "unfavorable" ones
- There is a difference by company size, with large enterprises showing the bigger figures
- The outlook for about three months ahead was somewhat lower than the current figure
What the words mean
- Tankan
- A survey by the Bank of Japan asking companies across the country about the economy
- DI
- The share answering "favorable" minus the share answering "unfavorable"
短 観（概要）―２０２５年１２月― 第２０７回 全国企業短期経済観測調査 ２０２５年１２月１５日 (注) 1. 回答率 ＝ 業況判断の有効回答社数 ／ 調査対象企業数 × 100 2. 「最近」の変化幅は、前回調査の｢最近」との対比。「先行き」の変化幅は、今回調査の「最近」との対比。
- Bank of Japan: Bank of Japan, Tankan (summary), December 2025 survey
- Bank of Japan: Bank of Japan, Tankan (summary), 2021-2025
Economic news presents published statistics and outlooks. It is not investment solicitation or trading advice. Figures are as of publication and may be revised.
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