Information Releases

Economic Trends Research, September 2023

The economy worsened for second straight month, albeit slightly
— ncreased energy and other cost burdens and the rising trend toward saving money were negative factors —

Trend in September 2023: Worsening slightly

The economic diffusion index (DI) in September 2023 was 44.4, down 0.5 points from the previous month, for a second straight month of deterioration.
The domestic economy continued to show a downward trend, albeit slightly, in a wide range of regions and industries due to an increase in energy and other cost burdens, the rising trend toward saving money, and the stagnation of overseas economies.

Future outlook: Remain unchanged

While the continuation of wage increases is a key driver of the economy, the domestic economy is expected to remain almost unchanged, with a mix of improved corporate finances through price pass-through and households' rising trend toward saving money.

Primary points of survey results(summary)

  1. 1 By industry: Downturn in 7 out of 10 industries. Unseasonable weather, including typhoons landfall, was a negative factor.
  2. 2 By scale: Worsened in all sizes for the first time in three months. Post-COVID business confidence was divided among companies.
  3. 3 By region: Worsened in all 10 regions for the first time in eight months. Rising gasoline prices hit regional traffic.
Economic Trends Research, September 2023
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