TDB Trends Research (Nationwide, Research & Summary for May 2022)
Recovery in indicators related to consumer spending due to increased
numbers of people during consecutive national holidays

e-mail：keiki@mail.tdb.co.jp～ Stagnated production and shipping in manufacturing due to lockdown in China
and difficulty in parts procurement, etc. ～(Companies researched: 25,141; Valid responses: 11,605; Response rate: 46.2%;
Survey start date: May 2002)

By industry: Improved in nine industries, albeit with continuing increases
in unit purchase price due to the rising cost of raw materials and rapid
depreciation of the yen.

< Overview of May 2022: Recovery trend continues >The economic diffusion index (DI) in May 2022 was 41.2, up. 0.4 points fromthe previous month, and improved for the third consecutive months. Althoughsome factories affected by the overseas situation ceased operation, the domestic
economy improved for three consecutive months, as indicated by consumer
spending that continues to recover.

By size: Improved in all sizes for the first time in two months, withincreased numbers of customers visiting stores.
By region: Improved in nine of the ten regions, but the overseas situation
affected regional economies.

< Future outlook: Mild upswing, while facing large downward risk >It is believed that the economy will continue a mild upswing trend,
while facing many downside risks.
55
50
45
40
35

30

37.5

39.1

40.7

39.239.9

41.5

43.1 43.9

41.2 39.9 40.4 40.8 41.2 41.4

43.5 43.9 44.4
42.1 43.0

45.946.0
44.9 45.2 45.5 45.6

After 3 months After 6 months
After 1 month

After 1 year

（Prediction→
May Jun July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec Jan Feb Mar Apr May
2021
2022
2023
Projected future DI 37.5 39.1 40.7 39.2 39.9 41.5 43.1 43.9 41.2 39.9 40.4 40.8 41.2 41.4 42.1 43.0 43.5 43.9 44.4 44.9 45.2 45.5 45.6 45.9 46.0
Change from May.2022
0.2 0.9 1.8 2.3 2.7 3.2 3.7 4.0 4.3 4.4 4.7 4.8
Upper
42.3 43.4 44.6 45.3 45.9 46.6 47.3 47.8 48.2 48.5 49.0 49.2*: Economic DIs are calculated based on the structural ARIMA model, in which economic statistics are incorporated to the ARIMA model.
Lower
40.6 40.9 41.5 41.7 41.9 42.1 42.5 42.6 42.7 42.7 42.9 42.8

025

©TEIKOKUDATABANK,LTD

TDB Trends Research May 2022

1

Economic Diffusion Index (Economic DI)1/2
Ratio to theMay-21

Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22

Previous
Month

Total

37.5 39.1 40.7 39.2 39.9 41.5 43.1 43.9 41.2 39.9 40.4 40.8 41.2

0.4

Large Firms

40.2 41.9 42.9 41.4 42.5 43.8 45.7 45.9 44.0 42.9 43.4 43.1 43.5

0.4

Small to Medium-sized Firms

36.9 38.5 40.2 38.8 39.4 41.0 42.5 43.5 40.6 39.3 39.8 40.3 40.7

0.4

Micro Firms

35.6 37.1 38.4 37.4 38.7 40.0 41.3 42.1 39.1 37.9 38.4 38.9 39.5

0.6

Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22

Ratio to thePrevious

May-21Month

Agriculture,Forestry,Fisheries

37.7 39.1 38.5 37.0 38.1 41.1 42.6 38.2 38.7 36.4 34.8 35.0 37.6

2.6

Finance39.5 41.7 42.8 39.7 41.5 43.0 43.3 43.8 41.9 41.6 42.5 41.1 42.7

1.6

Construction

40.0 41.6 42.7 42.5 43.7 44.7 45.4 45.2 43.3 42.5 42.8 41.8 42.2

0.4

Real Estate

39.4 40.9 41.8 39.4 42.6 43.6 44.7 46.7 42.9 42.6 42.8 43.2 44.7

1.5

Food,BEWerages,Livestock Feed33.6 34.0 35.5 32.8 34.1 38.1 39.6 40.8 35.4 33.4 34.2 36.4 37.6

1.2

Textile,Textile Products,Clothing

29.2 29.3 31.0 29.3 28.2 30.2 31.4 34.1 31.6 31.7 33.0 34.6 33.8

▲ 0.8

Construction Materials,Furniture,
Ceramics,Stone and Clay Products

38.6 40.1 42.5 41.2 42.7 43.7 44.9 46.4 44.1 42.7 41.1 41.7 41.1

▲ 0.6

Pulp, Paper and Paper Products

33.5 34.9 37.2 36.6 36.2 39.3 41.4 42.9 40.2 36.4 37.2 40.3 38.3

▲ 2.0

Publishing,Printing

24.2 27.1 27.4 25.6 27.1 29.4 30.2 32.1 28.6 29.5 29.6 30.7 30.3

▲ 0.4

44.3 44.5 46.3 45.0 41.9 42.6 45.7 46.7 44.5 42.3 42.7 42.3 41.7

▲ 0.6

Steel,Nonferrous Metals,Mining

39.9 43.4 46.4 45.1 43.8 44.2 45.9 46.4 44.6 43.8 42.6 42.1 40.9

▲ 1.2

General Machinery

42.2 43.7 45.9 46.6 46.2 47.2 47.8 49.1 47.7 46.7 46.7 45.9 46.9

1.0Electrical Machinery

42.8 45.0 46.8 45.9 45.8 47.5 47.0 48.5 46.6 46.1 44.3 44.8 44.3

▲ 0.5

Transportation Machinery,Equipment

45.3 47.1 50.6 48.2 37.6 37.7 43.4 45.6 41.6 39.9 40.0 38.1 37.6

▲ 0.5

Precision Machinery,
Medical Instruments and Equipment

48.7 49.1 50.5 50.9 50.8 50.4 49.8 53.0 52.0 49.5 47.1 46.8 48.2

1.4

Other

33.0 34.1 37.6 33.9 35.3 35.5 36.9 41.1 35.9 36.1 35.4 37.3 39.2

1.9

39.0 40.6 42.7 41.5 40.7 42.1 43.6 45.1 42.5 41.2 40.9 41.2 41.0

▲ 0.2

Food,BEWerages

29.4 30.7 31.3 29.1 29.8 33.0 36.9 38.2 32.7 30.1 32.6 36.2 37.3

1.1

Textile,Textile Products,Clothing

21.7 22.5 22.8 21.2 22.4 24.5 27.4 29.3 27.6 24.9 25.4 28.7 31.4

2.7

Construction Materials,
Furniture,Ceramics,
Stone and Clay Products

36.5 36.3 37.8 37.7 39.6 39.9 42.6 42.4 40.0 39.7 40.5 38.6 38.1

▲ 0.5

Paper Products,Stationery,Books

30.6 31.4 31.2 29.2 29.6 31.8 35.0 34.2 32.7 31.9 34.6 33.8 34.2

0.4

Chemical40.7 42.0 42.4 40.7 42.2 44.2 45.3 45.3 43.2 41.9 43.5 42.3 42.3

0.0

Recycled Resources

53.4 52.0 53.7 51.4 51.8 53.4 52.9 52.8 45.8 50.5 53.2 54.0 47.5

▲ 6.5

Steel,Nonferrous Metals,
Mining Products

37.5 38.7 41.1 41.1 41.6 41.6 43.2 45.2 42.3 40.5 41.1 40.3 40.0

▲ 0.3

Machinery,Equipment

39.0 40.7 43.1 41.3 41.8 42.6 44.4 44.7 42.8 42.4 41.9 42.5 42.0

▲ 0.5

Other

32.2 35.5 36.6 33.0 34.4 37.8 39.7 40.1 36.3 33.7 35.5 37.3 37.8

0.5

35.3 36.8 38.3 36.6 37.6 39.1 41.3 41.8 39.0 37.7 38.6 39.2 39.4

0.2

Manufacturing Chemical

Total

Wholesale

.

Total

©TEIKOKUDATABANK,LTD

TDB Trends Research May 2022

2

Economic Diffusion Index (Economic DI)2/2
Ratio to theMay-21

Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22

Previous
MonthFood,BEWerages

32.6 34.9 37.5 36.0 33.1 38.0 39.7 41.1 36.5 36.3 38.6 37.7 41.8

4.1

Textile,Textile Products,Clothing

21.2 20.3 25.0 21.4 21.5 27.9 34.1 40.0 31.8 23.8 30.6 33.6 33.9

0.3

Drugs,Sundries

29.3 31.4 32.5 33.3 34.6 45.8 37.5 38.4 36.0 32.1 36.8 32.1 38.9

6.8

Furniture

40.6 39.8 36.9 34.6 32.2 35.6 34.5 42.9 35.6 29.8 30.6 39.2 34.3

▲ 4.9

Electrical Household Appliances,
Information Machinery andEquipment

30.8 35.8 37.7 33.8 33.8 34.6 35.9 35.5 32.3 30.2 33.0 33.7 34.7

1.0

Motor Vehicles,Motor Vehicle Parts

38.6 40.7 40.5 36.8 37.2 35.9 37.8 36.5 35.0 33.5 34.7 35.1 37.1

2.0

Special Merchandise

34.5 34.8 34.3 32.6 31.7 32.8 33.5 36.0 33.3 30.9 29.9 31.3 33.1

1.8

Various Merchandise

31.1 33.0 35.6 27.3 33.0 35.9 38.0 37.5 36.2 32.6 34.0 36.4 39.9

3.5

Other

25.0 33.3 35.7 37.0 35.4 31.7 37.9 43.3 40.0 40.0 43.9 34.7 41.0

6.3

33.1 34.5 35.4 32.7 32.6 34.8 36.0 37.7 34.4 31.9 33.3 34.0 36.4

2.4

Transportation,Warehousing

33.7 34.5 36.3 36.0 35.8 37.1 39.1 40.3 37.7 35.5 35.4 36.6 37.2

0.6

Restaurants

13.0 20.5 19.7 14.8 15.2 27.8 31.4 34.7 24.2 16.9 23.8 32.8 34.3

1.5

Postal,Telecommunications

40.5 27.8 42.9 39.6 41.7 50.0 40.5 41.7 46.7 50.0 48.5 50.0 53.0

3.0Electricity,Gas,Water,Heat

41.2 45.0 40.8 44.4 45.8 42.6 38.9 39.7 40.0 37.5 33.3 35.7 40.6

4.9

Leasing,Rentals

35.0 38.1 41.0 37.4 39.6 43.9 44.9 44.8 42.0 41.0 40.2 42.0 43.3

1.3

Lodging, Hotels

5.6 11.6 13.0 10.0 10.4 22.6 30.2 29.5 12.9 12.8 18.1 28.3 33.0

4.7

Recreation

29.5 29.2 34.8 29.2 29.0 34.0 36.7 38.4 33.3 31.2 35.1 35.6 38.9

3.3

Broadcasting

42.7 42.2 42.2 38.9 39.2 49.1 48.1 46.9 45.8 47.6 44.4 43.9 43.3

▲ 0.6

Maintenance,Guarding,Testing

40.8 42.7 41.9 41.6 44.0 44.3 45.3 45.7 42.3 40.2 42.3 43.1 42.5

▲ 0.6

Advertising

23.4 27.5 27.5 26.8 29.5 32.4 36.8 37.7 32.7 31.5 36.4 36.9 34.8

▲ 2.1

Information

44.9 46.8 48.2 46.7 48.5 50.5 51.2 52.5 50.1 50.2 51.1 50.8 50.8

0.0

Labor Dispatching

35.5 36.2 41.9 38.4 41.9 39.7 44.3 43.3 45.1 41.5 44.4 45.7 47.6

1.9

Special Services

41.5 43.4 47.3 44.4 45.5 47.9 49.2 50.3 47.2 46.2 46.9 48.1 48.1

0.0

Medical,Welfare,Public Health39.2 41.2 42.1 41.1 41.4 42.8 45.7 43.2 42.4 41.0 42.5 44.5 44.4

▲ 0.1

Education

37.1 38.7 40.3 37.5 39.0 43.5 39.1 43.2 39.7 40.2 37.8 39.6 35.6

▲ 4.0

Other

35.2 35.8 37.4 34.7 39.2 40.6 41.7 42.4 39.3 36.9 39.3 42.1 42.7

0.6

37.5 39.7 41.5 39.1 41.1 43.6 45.3 46.1 42.8 41.4 43.1 44.5 44.8

0.3

33.3 35.5 34.7 35.3 35.6 38.0 39.6 40.5 36.3 37.3 38.7 36.8 38.1

1.3

Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22

Ratio to thePrevious

RetailTotal

Service

Total

Other

May-21Month

Hokkaido34.5 37.1 38.3 38.0 38.5 40.8 40.8 41.1 38.6 37.0 36.5 37.9 38.9

1.0

Tohoku37.7 39.3 40.0 38.4 39.0 40.2 42.1 41.7 38.1 37.0 37.0 37.6 39.1

1.5

kitakanto

39.5 41.2 42.7 41.5 40.4 42.8 44.4 45.0 42.3 40.7 40.7 42.0 42.1

0.1

minamikanto

38.4 39.8 41.0 40.0 41.4 42.4 43.9 44.8 42.6 41.5 42.1 42.4 42.7

0.3

Hokuriku

37.1 39.2 40.6 39.1 40.4 41.2 42.6 43.6 40.9 39.2 39.2 39.9 40.6

0.7

Tokai

37.9 39.4 42.0 40.0 39.1 40.1 42.4 44.4 41.1 39.7 40.2 40.2 40.1

▲ 0.1

Kinki

36.2 38.1 40.3 38.7 39.3 41.3 42.7 43.3 40.8 39.8 40.5 40.8 40.9

0.1

Chugoku

36.0 37.9 39.0 38.2 38.7 41.2 42.3 42.9 40.7 40.0 40.7 39.8 40.6

0.8

Shikoku35.8 37.6 38.2 36.9 38.3 39.0 41.8 43.2 39.3 37.1 38.9 38.1 38.7

0.6

Kyushu37.5 38.3 40.5 37.4 39.1 42.0 44.3 44.5 41.3 39.5 40.9 41.5 41.6

0.1

©TEIKOKUDATABANK,LTD

TDB Trends Research May 2022

3

Appendix

1.Research Subjects(Companies researched: 25,141; Valid
responses: 11,605; Response rate: 46.2%)
1.Region

547

Hokkaido

Tokai

793
886

TohokukitaKanto

Kinki
Chugoku

3,368
603

minamikanto
Hokuriku

1,348

1,969
736

Kyushu

393
962

Total

11,605

Shikoku

2.Industry (10 Industries 51 Lines of business)
Agriculture,Forestry,Fisheries

75

Finance

109

Construction

1,955

Real Estate

425

Wholesale（2,841）

92

Textile,Textile Products,Clothing

58

Drugs,Sundries

36

Furniture17

Food,Beverages,Livestock Feed

379

Textile,Textile Products,Clothing

114

Motor Vehicles,Motor Vehicle Parts

127

Construction Materials,Furniture,Ceramics,Stone and Clay Products

233

Special Merchandise

196

Pulp, Paper and Paper Products

104

Various Merchandise

51

Publishing,Printing

174

Others409

Manufacturing Chemical（3,049）Retail（638）

Food,Beverages

Electrical Household Appliances,Information Machinery and Equipment

48

13
508

Transportation,Warehousing

Steel,Nonferrous Metals,Mining

550

Restaurants

68

General Machinery493

Telecommunications

11

Electrical Machinery

326

Electricity,Gas,Water,Heat

Transportation Machinery,Equipment

110

Leasing,Rentals

122

Precision Machinery,Medical Instruments and Equipment

75

Lodging, Hotels

44

Others82

Recreation

72

Food,Beverages

385

Textile,Textile Products,Clothing

182

Construction Materials,Furniture,Ceramics,Stone and Clay Products
Paper Products,Stationery,Books
ChemicalRecycled Resources

Service（1,960）25

Broadcasting
Maintenance,Guarding,Testing

213

328

Advertising

103

99

Information

508

285

Labor Dispatching

77

34

Special Services

319
117

Steel,Nonferrous Metals,Mining Products

285

Medical,Welfare,Public Health

Machinery,Equipment907

Education

Others336

Others36
229
45

OthersTotal

3.SizeLarge Firms

1,865

16.1%

Small to Medium-sized Firms

9,740

83.9%

micro Firms

3,646

31.4%

Total

11,605 100.0%

16©TEIKOKUDATABANK,LTD

11,605

TDB Trends Research May 2022

4

2.Research Items

An economic DI of 50 is the point separating good and bad, so a DI over
50 means “good,” and below 50 means “bad.” (The numbers are rounded
off to one decimal place.) No weight is given according to a company's size,and calculations are made on the basis of “one company, one vote.”*Business Confidence (current, in 3 months, in 6 months, in 1 year)*Business Conditions (sales, purchasing and selling unit price, inventory, capacity
utilization ratio, number of employees, overtime work hours).Size Classification

3.Research Period and Methodology

Internet-based survey conducted May 18 – 31 2022

Industry
Manufacturing andOther Industries*

The explanation of the Economic Diffusion Index
Research Purpose/Researched Terms
TDB Economic Trend Research (started from May 2002) is a monthly
statistical survey conducted for over 24,000 nationwide corporations on theirgeneral business activities including the current condition and future outlookof the industry business performance and operating climate. The primary
purpose of such a survey is to assess the current state of Japan’s economy.
Selection of the Subject Corporations
Companies of all sizes in all domestic industries are eligible to participate in
the survey.

W holesale Trade
Retail Trade
Service**

Large Firm s

Sm all to Medium -Sized Firm s(Micro Firm s included)

Capital: More than 300 m illion yen
andNo. of Em ployee: Over 300
Capital: More than 100 m illion yen
andNo. of Em ployee: Over 100
Capital: More than 50 m illion yen
andNo. of Em ployee: Over 50
Capital: More than 50 m illion yen
andNo. of Em ployee: Over 100

Capital: Below 300 m illion yenor
No. of Em ployee: Below 300
Capital: Below 100 m illion yenor
No. of Em ployee: Below 100
Capital: Below 50 m illion yenor
No. of Em ployee: Below 50
Capital: Below 50 m illion yenor
No. of Em ployee: Below 100

Micro Firm s

No. of Em ployee: Below 20
No. of Em ployee: Below 5
No. of Em ployee: Below 5
No. of Em ployee: Below 5

Note1: Large Firm s refer to com panies that rank in the top 3% in term s of sales volum e according to the type of business, am ong sm all to m idium -sizedcorporations excluding m icro firm s, which are defined in Sm all and Medium Enterprises Basic Act.
Note2: Sm all to Medium -Sized Firm s refer to com panies that rank in the bottom 50% in term s of sales volum e according to the type of business, am ong
those not categorized as sm all to m idium -sized corporations in Sm all to Medium -Sized Enterprises Basic Act.

DI Calculation
The DI（Diffusion Index）is calculated by multiplying the number of responses
for each assessment category by the number given in parentheses in thetable below, to a seven-level assessment rated by companies.
good

fairly goodneither good nor bad

fairly badbadvery badpoints

6

5

4

3

2

1

0

number of responses
for each category

N6

N5

N4

N3

N2

N1

N0

Selection category Extremely good

Economic DI＝

Total of (Points for each category × Number of responses for each category)∑≡

Number of valid responses N
6i≡0i × Ni

N

×

1
6

×

1
6

× 100

× 100

©TEIKOKUDATABANK,LTD

TDB Trends Research May 20225