The Business Survey Index (BSI) for Large Manufacturing is a quarterly sentiment indicator released by the Ministry of Finance and the Cabinet Office of Japan. It measures the business conditions of large firms compared to the previous quarter. A positive reading indicates that more firms see conditions improving than worsening, serving as a leading indicator for industrial production.
The index is calculated by subtracting the percentage of companies reporting 'deteriorating' conditions from the percentage reporting 'improving' conditions. The survey covers thousands of large Japanese corporations with capital of 1 billion yen or more.
| Date | Actual | Forecast | Surprise |
|---|---|---|---|
| Jun 10, 2026 | -1.80 | 4.20 | -6.00 |
| Mar 11, 2026 | 3.80 | 5.50 | -1.70 |
| Dec 10, 2025 | 4.70 | 4.10 | +0.60 |
| Sep 10, 2025 | 3.80 | -3.30 | +7.10 |
| Jun 11, 2025 | -4.80 | 0.80 | -5.60 |
| Mar 11, 2025 | -2.40 | 6.50 | -8.90 |
| Dec 10, 2024 | 6.30 | -1.00 | +7.30 |
| Sep 11, 2024 | 4.50 | -2.50 | +7.00 |
| Jun 12, 2024 | -1.00 | -5.20 | +4.20 |
| Mar 11, 2024 | -6.70 | 6.20 | -12.90 |
| Dec 10, 2023 | 5.70 | 1.10 | +4.60 |
| Sep 12, 2023 | 5.40 | 0.20 | +5.20 |
| Jun 12, 2023 | -0.40 | 1.10 | -1.50 |
| Mar 12, 2023 | -10.50 | -2.50 | -8.00 |
| Dec 11, 2022 | -3.60 | 1.20 | -4.80 |
| Sep 12, 2022 | 1.70 | -1.50 | +3.20 |
| Jun 12, 2022 | -9.90 | 2.70 | -12.60 |
| Mar 10, 2022 | -7.60 | -1.30 | -6.30 |
| Dec 8, 2021 | 7.90 | 10.00 | -2.10 |
| Sep 12, 2021 | 7.00 | -1.00 | +8.00 |
