Japan Q3 2025 Tankan Large Non-Manufacturing Business Conditions Index: In Line with Forecast

On July 1, 2025, the Bank of Japan released the Tankan Large Non-Manufacturing Business Conditions Index for the third quarter. The actual reading was 34, matching both the forecast and the previous value of 34.This index, defined as the Bank of Japan’s Tankan survey for large non-manufacturing enterprises, reflects the outlook of major Japanese firms on business conditions and the broader economic environment, with a primary focus on the services sector. The indicator is derived from a survey of leading companies outside the financial industry, with respondents providing assessments on business climate, supply and demand, orders, employment, income, taxation, and credit conditions.The data carries medium significance (2) and is compiled through quarterly surveys of relevant enterprises. The next release is scheduled for October 2025.

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