TDB Trends Research (Nationwide, Research & Summary for June 2022)
Improvement in face-to-face service because of increased people flow,
but stagnation in manufacturing industry
e-mail：keiki@mail.tdb.co.jp～ Direction of business confidence is divided by industry and region. ～(Companies researched: 25,405; Valid responses: 11,337; Response rate: 44.6%;
Survey start date: May 2002)< Overview of June 2022: Marginal improvement >The economic diffusion index (DI) in June 2022 was 41.4, up. 0.2 points fromthe previous month, and improved for the fourth consecutive month. The
domestic economy improved for the fourth consecutive month, but with only
small fluctuations, while positive and negative factors were mixed, and the
direction of business confidence was divided by industry and region.

By industry: Improved in four industries, such as service, but sluggish
production continued in manufacturing.
By size: Improved in SMEs and small-scale enterprises, with marginal
fluctuations in both sizes.
By region: Improved in five of the ten regions, but regional disparity grew
again.

< Future outlook: Mild upswing, although increasing prices are a cause forconcern >It is believed that the economy will gradually improve, although themomentum of rising prices is a cause for concern.

555045

39.1

40.7

41.5
39.2 39.9

43.1 43.9

41.2 39.9 40.4 40.8 41.2 41.4 41.7

43.9 44.4
42.3 43.0 43.5

45.946.0
44.9 45.2 45.5 45.6

40
3530

After 3 months
After 1 month

After 6 months

After 1 year

（Prediction→Jun July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun20212022
2023
Projected future DI 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 41.7 42.3 43.0 43.5 43.9 44.4 44.9 45.2 45.5 45.6 45.9 46.0
Change from Jun.2022
0.3 0.9 1.6 2.1 2.5 3.0 3.5 3.8 4.1 4.2 4.5 4.6
Upper
42.5 43.6 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
40.8 41.1 41.5 41.7 41.9 42.1 42.5 42.6 42.7 42.7 42.9 42.8

025

©TEIKOKUDATABANK,LTDTDB Trends Research June 2022

1

Economic Diffusion Index (Economic DI)1/2
Ratio to theJun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22

PreviousMonthTotal

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

0.2

Large Firms

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

0.0

Small to Medium-sized Firms38.5 40.2 38.8 39.4 41.0 42.5 43.5 40.6 39.3 39.8 40.3 40.7 41.0

0.3

Micro Firms

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

0.5

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

Previous
Month

Agriculture,Forestry,Fisheries

39.1 38.5 37.0 38.1 41.1 42.6 38.2 38.7 36.4 34.8 35.0 37.6 34.7

▲ 2.9

Finance41.7 42.8 39.7 41.5 43.0 43.3 43.8 41.9 41.6 42.5 41.1 42.7 42.3

▲ 0.4

Construction

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

0.3

Real Estate

40.9 41.8 39.4 42.6 43.6 44.7 46.7 42.9 42.6 42.8 43.2 44.7 45.9

1.2Food,BEWerages,Livestock Feed34.0 35.5 32.8 34.1 38.1 39.6 40.8 35.4 33.4 34.2 36.4 37.6 37.8

0.2

Textile,Textile Products,Clothing

29.3 31.0 29.3 28.2 30.2 31.4 34.1 31.6 31.7 33.0 34.6 33.8 34.4

0.6

Construction Materials,Furniture,Ceramics,Stone and Clay Products

40.1 42.5 41.2 42.7 43.7 44.9 46.4 44.1 42.7 41.1 41.7 41.1 40.4

▲ 0.7

Pulp, Paper and Paper Products

34.9 37.2 36.6 36.2 39.3 41.4 42.9 40.2 36.4 37.2 40.3 38.3 37.4

▲ 0.9

Publishing,Printing

27.1 27.4 25.6 27.1 29.4 30.2 32.1 28.6 29.5 29.6 30.7 30.3 29.7

▲ 0.6

44.5 46.3 45.0 41.9 42.6 45.7 46.7 44.5 42.3 42.7 42.3 41.7 41.1

▲ 0.6

Manufacturing ChemicalSteel,Nonferrous Metals,Mining

43.4 46.4 45.1 43.8 44.2 45.9 46.4 44.6 43.8 42.6 42.1 40.9 41.20.3

General Machinery

43.7 45.9 46.6 46.2 47.2 47.8 49.1 47.7 46.7 46.7 45.9 46.9 46.3

▲ 0.6

Electrical Machinery

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

0.5

Transportation Machinery,Equipment

47.1 50.6 48.2 37.6 37.7 43.4 45.6 41.6 39.9 40.0 38.1 37.6 36.8

▲ 0.8

Precision Machinery,
Medical Instruments and Equipment

49.1 50.5 50.9 50.8 50.4 49.8 53.0 52.0 49.5 47.1 46.8 48.2 48.8

0.6

Other34.1 37.6 33.9 35.3 35.5 36.9 41.1 35.9 36.1 35.4 37.3 39.2 38.1

▲ 1.1

Total

Wholesale.

40.6 42.7 41.5 40.7 42.1 43.6 45.1 42.5 41.2 40.9 41.2 41.0 40.8

▲ 0.2

Food,BEWerages

30.7 31.3 29.1 29.8 33.0 36.9 38.2 32.7 30.1 32.6 36.2 37.3 37.1

▲ 0.2

Textile,Textile Products,Clothing

22.5 22.8 21.2 22.4 24.5 27.4 29.3 27.6 24.9 25.4 28.7 31.4 31.3

▲ 0.1

Construction Materials,
Furniture,Ceramics,
Stone and Clay Products

36.3 37.8 37.7 39.6 39.9 42.6 42.4 40.0 39.7 40.5 38.6 38.1 38.3

0.2

Paper Products,Stationery,Books

31.4 31.2 29.2 29.6 31.8 35.0 34.2 32.7 31.9 34.6 33.8 34.2 32.8

▲ 1.4

Chemical

42.0 42.4 40.7 42.2 44.2 45.3 45.3 43.2 41.9 43.5 42.3 42.3 41.6

▲ 0.7

Recycled Resources

52.0 53.7 51.4 51.8 53.4 52.9 52.8 45.8 50.5 53.2 54.0 47.5 41.4

▲ 6.1

Steel,Nonferrous Metals,
Mining Products

38.7 41.1 41.1 41.6 41.6 43.2 45.2 42.3 40.5 41.1 40.3 40.0 39.7

▲ 0.3

Machinery,Equipment

40.7 43.1 41.3 41.8 42.6 44.4 44.7 42.8 42.4 41.9 42.5 42.0 42.9

0.9

Other35.5 36.6 33.0 34.4 37.8 39.7 40.1 36.3 33.7 35.5 37.3 37.8 38.1

0.3

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

0.0Total©TEIKOKUDATABANK,LTDTDB Trends Research June 2022

2

Economic Diffusion Index (Economic DI)2/2
Ratio to theJun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22

PreviousMonthRetailFood,BEWerages

34.9 37.5 36.0 33.1 38.0 39.7 41.1 36.5 36.3 38.6 37.7 41.8 42.7

0.9

Textile,Textile Products,Clothing

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

▲ 0.3

Drugs,Sundries

31.4 32.5 33.3 34.6 45.8 37.5 38.4 36.0 32.1 36.8 32.1 38.9 40.1

1.2

Furniture

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

5.5

Electrical Household Appliances,
Information Machinery andEquipment

35.8 37.7 33.8 33.8 34.6 35.9 35.5 32.3 30.2 33.0 33.7 34.7 34.0

▲ 0.7

Motor Vehicles,Motor Vehicle Parts

40.7 40.5 36.8 37.2 35.9 37.8 36.5 35.0 33.5 34.7 35.1 37.1 36.4

▲ 0.7

Special Merchandise

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

1.2

Various Merchandise

33.0 35.6 27.3 33.0 35.9 38.0 37.5 36.2 32.6 34.0 36.4 39.9 37.8

▲ 2.1

Other

33.3 35.7 37.0 35.4 31.7 37.9 43.3 40.0 40.0 43.9 34.7 41.0 39.7

▲ 1.3

Total

34.5 35.4 32.7 32.6 34.8 36.0 37.7 34.4 31.9 33.3 34.0 36.4 36.7

0.3

Transportation,Warehousing

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

▲ 0.1

Restaurants

20.5 19.7 14.8 15.2 27.8 31.4 34.7 24.2 16.9 23.8 32.8 34.3 38.0

3.7

Postal,Telecommunications

27.8 42.9 39.6 41.7 50.0 40.5 41.7 46.7 50.0 48.5 50.0 53.0 56.0

3.0Electricity,Gas,Water,Heat

45.0 40.8 44.4 45.8 42.6 38.9 39.7 40.0 37.5 33.3 35.7 40.6 34.3

▲ 6.3

Leasing,Rentals

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

1.6

Lodging, Hotels

11.6 13.0 10.0 10.4 22.6 30.2 29.5 12.9 12.8 18.1 28.3 33.0 33.3

0.3

Recreation

29.2 34.8 29.2 29.0 34.0 36.7 38.4 33.3 31.2 35.1 35.6 38.9 41.6

2.7

Broadcasting

42.2 42.2 38.9 39.2 49.1 48.1 46.9 45.8 47.6 44.4 43.9 43.3 41.7

▲ 1.6

Maintenance,Guarding,Testing

42.7 41.9 41.6 44.0 44.3 45.3 45.7 42.3 40.2 42.3 43.1 42.5 44.2

1.7

Advertising

27.5 27.5 26.8 29.5 32.4 36.8 37.7 32.7 31.5 36.4 36.9 34.8 37.3

2.5

Information

46.8 48.2 46.7 48.5 50.5 51.2 52.5 50.1 50.2 51.1 50.8 50.8 52.0

1.2

Labor Dispatching

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

▲ 1.9

Special Services

43.4 47.3 44.4 45.5 47.9 49.2 50.3 47.2 46.2 46.9 48.1 48.1 49.6

1.5

Medical,Welfare,Public Health41.2 42.1 41.1 41.4 42.8 45.7 43.2 42.4 41.0 42.5 44.5 44.4 43.5

▲ 0.9

Education

38.7 40.3 37.5 39.0 43.5 39.1 43.2 39.7 40.2 37.8 39.6 35.6 40.1

4.5

Other35.8 37.4 34.7 39.2 40.6 41.7 42.4 39.3 36.9 39.3 42.1 42.7 42.8

0.1ServiceTotal

Other

39.7 41.5 39.1 41.1 43.6 45.3 46.1 42.8 41.4 43.1 44.5 44.8 45.9

1.1

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

▲ 2.5

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

Ratio to thePreviousMonthHokkaido

37.1 38.3 38.0 38.5 40.8 40.8 41.1 38.6 37.0 36.5 37.9 38.9 40.1

1.2

Tohoku39.3 40.0 38.4 39.0 40.2 42.1 41.7 38.1 37.0 37.0 37.6 39.1 39.0

▲ 0.1

kitakanto

41.2 42.7 41.5 40.4 42.8 44.4 45.0 42.3 40.7 40.7 42.0 42.1 42.6

0.5

minamikanto

39.8 41.0 40.0 41.4 42.4 43.9 44.8 42.6 41.5 42.1 42.4 42.7 43.2

0.5

Hokuriku

39.2 40.6 39.1 40.4 41.2 42.6 43.6 40.9 39.2 39.2 39.9 40.6 40.5

▲ 0.1

Tokai39.4 42.0 40.0 39.1 40.1 42.4 44.4 41.1 39.7 40.2 40.2 40.1 39.5

▲ 0.6

Kinki

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

0.0

Chugoku37.9 39.0 38.2 38.7 41.2 42.3 42.9 40.7 40.0 40.7 39.8 40.6 41.1

0.5

Shikoku37.6 38.2 36.9 38.3 39.0 41.8 43.2 39.3 37.1 38.9 38.1 38.7 38.4

▲ 0.3

Kyushu38.3 40.5 37.4 39.1 42.0 44.3 44.5 41.3 39.5 40.9 41.5 41.6 42.2

0.6

©TEIKOKUDATABANK,LTDTDB Trends Research June 2022

3

Appendix

1.Research Subjects(Companies researched: 25,405; Validresponses: 11,337; Response rate: 44.6%)
1.Region

552

Hokkaido

Tokai741
838

TohokukitaKanto

Kinki
Chugoku

3,281
576

minamikanto
Hokuriku

1,284

1,975
782

Kyushu

378
930

Total

11,337

Shikoku

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

62

Finance114

Construction

1,878

Real Estate

423

55

Drugs,Sundries

37

Furniture

18365

Textile,Textile Products,Clothing

114

Motor Vehicles,Motor Vehicle Parts

118

Construction Materials,Furniture,Ceramics,Stone and Clay Products

225

Special Merchandise20294

Various Merchandise

52

172

Publishing,Printing

396

Manufacturing ChemicalWholesale（2,747）93

Textile,Textile Products,Clothing

Food,Beverages,Livestock Feed

Pulp, Paper and Paper Products（2,941）Retail（641）

Food,Beverages

Electrical Household Appliances,Information Machinery and Equipment

53

13

Others507

Transportation,Warehousing

Steel,Nonferrous Metals,Mining

530

Restaurants

78

General Machinery

473

Telecommunications

14

Electrical Machinery

313

Electricity,Gas,Water,Heat

Transportation Machinery,Equipment

105

Leasing,Rentals

123

Precision Machinery,Medical Instruments and Equipment

67

Lodging, Hotels

52

Others87Recreation

83

17

Food,Beverages

367

Textile,Textile Products,Clothing

170

Construction Materials,Furniture,Ceramics,Stone and Clay Products

318

Advertising

97

99

Information

502

Paper Products,Stationery,Books
ChemicalRecycled Resources

Service（1,979）

22

Broadcasting
Maintenance,Guarding,Testing

267

Labor Dispatching73

33

Special Services

320
108

Steel,Nonferrous Metals,Mining Products

287

Medical,Welfare,Public Health

Machinery,Equipment873

Education

Others333

Others37
224
45

OthersTotal

3.SizeLarge Firms

1,868

16.5%

Small to Medium-sized Firms

9,469

83.5%

micro Firms

3,539

31.2%

Total11,337 100.0%

229©TEIKOKUDATABANK,LTD

11,337

TDB Trends Research June 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, capacityutilization ratio, number of employees, overtime work hours).Size Classification

3.Research Period and Methodology

Internet-based survey conducted June 17 – 30 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 25,000 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 inthe 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

6543210

number of responses
for each category

N6N5N4N3N2N1N0Selection 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×

16×

16× 100× 100©TEIKOKUDATABANK,LTDTDB Trends Research June 20225