Forex glossary
Tankan Survey (BoJ Business Sentiment)
The Bank of Japan's quarterly business survey. Business Conditions DI is the favorable response share minus the unfavorable share, in percentage points; current assessments and three-month forecasts are separate columns, and a forecast is not an observed result.
Illustrative example
How does it work in practice?
In a hypothetical group of 100 firms, 35 judge conditions favorable, 20 unfavorable and 45 neutral. Business Conditions DI is 35% − 20% = 15 percentage points, a balance of opinions rather than 15% output growth.
A case to work through
Current and future views
Fictional Tankan data for one group show current DI +12 and forecast +8.
- The −4-percentage-point gap compares forecast with current assessment.
- Do not call it an observed output decline.
What follows? Use the previous current DI to compare surveys.
Example boundary: DI is a response balance rather than volume.
A useful distinction
Tankan Survey (BoJ Business Sentiment) / ifo Business Climate Index (Germany)
ifo and Tankan survey firms but differ in samples, horizons and index scales.
Check your understanding
Separate changes between surveys from future expectations.
Show the answer and explanation
A lower forecast assessment balance
That matches these columns' scope.
Reading economic surveys
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Read the fuller explanation
Related terms
Sources and documentation
- Explanation of the Short-Term Economic Survey of Enterprises in Japan (Tankan) – Bank of Japan
Defines DI as a response-share difference and separates current and future assessments.
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The example illustrates the mechanism. Check current account conditions and instrument specifications with the provider.