TDB Trends Research (Nationwide, Research & Summary for April 2022)

Increased turnout of people boosted the economy,
while yen depreciation risk suddenly emerged.

e-mail：keiki@mail.tdb.co.jp～ Record-high unit purchase price in all sizes, all ten regions andtwenty-eight business sectors, concerns about decline in profitability ～(Companies researched: 24,854; Valid responses: 11,267; Response rate: 45.3%;
Survey start date: May 2002)

By industry: Improved in seven industries, albeit continuing increase inunit purchase price due to the rising cost of raw materials and rapid
depreciation of the yen.

< Overview of April 2022: Recovery for two months in a row >The economic diffusion index (DI) in April 2022 was 40.8, up. 0.4 points fromthe previous month, and improved for two consecutive months. The domestic
economy recovered for two consecutive months with the upturn in indicators
related to consumer spending due to increased turnout of people.

By size: Improved in SMEs for the second straight month, while thedepreciation of the yen is a downward factor.

< Future outlook: Upward, but large downward risk >By region: Improved in seven of the ten regions, but the overseas situation
affected reginal economies.

It is believed that the economy will continue a mild upswing,
although there is a concern about increased cost burden due to theweakened yen.
55
50
4540
3530

38.3 37.5 39.1

40.739.2 39.9

41.5

43.1 43.9

41.2 39.9 40.4 40.8 41.5 42.1 42.1 42.4

42.7 43.1 43.7

After 3 months After 6 months
After 1 month

44.7
44.0 44.3 44.4 44.8

After 1 year（Prediction→
Apr May Jun July Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec Jan Feb Mar Apr
2021
2022
2023
Projected future DI 38.3 37.5 39.1 40.7 39.2 39.9 41.5 43.1 43.9 41.2 39.9 40.4 40.8 41.5 42.1 42.1 42.4 42.7 43.1 43.7 44.0 44.3 44.4 44.7 44.8
Change from Apr.2022
0.7 1.3 1.3 1.6 1.9 2.3 2.9 3.2 3.5 3.6 3.9 4.0
Upper
42.4 43.4 43.6 44.2 44.7 45.3 46.1 46.6 47.0 47.3 47.8 48.0*: Economic DIs are calculated based on the structural ARIMA model, in which economic statistics are incorporated to the ARIMA model.
Lower
40.7 40.9 40.5 40.6 40.7 40.8 41.2 41.4 41.5 41.5 41.7 41.7

250

©TEIKOKUDATABANK,LTDTDB Trends Research April 2022

1

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

PreviousMonthTotal

38.3 37.5 39.1 40.7 39.2 39.9 41.5 43.1 43.9 41.2 39.9 40.4 40.80.4

Large Firms

40.8 40.2 41.9 42.9 41.4 42.5 43.8 45.7 45.9 44.0 42.9 43.4 43.1

▲ 0.3

Small to Medium-sized Firms

37.7 36.9 38.5 40.2 38.8 39.4 41.0 42.5 43.5 40.6 39.3 39.8 40.3

0.5

Micro Firms

36.3 35.6 37.1 38.4 37.4 38.7 40.0 41.3 42.1 39.1 37.9 38.4 38.9

0.5

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

Previous
Month

Agriculture,Forestry,Fisheries

37.5 37.7 39.1 38.5 37.0 38.1 41.1 42.6 38.2 38.7 36.4 34.8 35.0

0.2

Finance38.3 39.5 41.7 42.8 39.7 41.5 43.0 43.3 43.8 41.9 41.6 42.5 41.1

▲ 1.4

Construction

41.4 40.0 41.6 42.7 42.5 43.7 44.7 45.4 45.2 43.3 42.5 42.8 41.8

▲ 1.0Real Estate

40.8 39.4 40.9 41.8 39.4 42.6 43.6 44.7 46.7 42.9 42.6 42.8 43.2

0.4Food,BEWerages,Livestock Feed35.2 33.6 34.0 35.5 32.8 34.1 38.1 39.6 40.8 35.4 33.4 34.2 36.4

2.2

Textile,Textile Products,Clothing

28.7 29.2 29.3 31.0 29.3 28.2 30.2 31.4 34.1 31.6 31.7 33.0 34.6

1.6

Construction Materials,Furniture,Ceramics,Stone and Clay Products

39.3 38.6 40.1 42.5 41.2 42.7 43.7 44.9 46.4 44.1 42.7 41.1 41.7

0.6

Pulp, Paper and Paper Products

34.3 33.5 34.9 37.2 36.6 36.2 39.3 41.4 42.9 40.2 36.4 37.2 40.3

3.1

Publishing,Printing

27.2 24.2 27.1 27.4 25.6 27.1 29.4 30.2 32.1 28.6 29.5 29.6 30.7

1.1

44.2 44.3 44.5 46.3 45.0 41.9 42.6 45.7 46.7 44.5 42.3 42.7 42.3

▲ 0.4

Steel,Nonferrous Metals,Mining

40.5 39.9 43.4 46.4 45.1 43.8 44.2 45.9 46.4 44.6 43.8 42.6 42.1

▲ 0.5

General Machinery

42.1 42.2 43.7 45.9 46.6 46.2 47.2 47.8 49.1 47.7 46.7 46.7 45.9

▲ 0.8Electrical Machinery

43.2 42.8 45.0 46.8 45.9 45.8 47.5 47.0 48.5 46.6 46.1 44.3 44.8

0.5

Transportation Machinery,Equipment

45.2 45.3 47.1 50.6 48.2 37.6 37.7 43.4 45.6 41.6 39.9 40.0 38.1

▲ 1.9

Precision Machinery,
Medical Instruments and Equipment

45.6 48.7 49.1 50.5 50.9 50.8 50.4 49.8 53.0 52.0 49.5 47.1 46.8

▲ 0.3

Other35.3 33.0 34.1 37.6 33.9 35.3 35.5 36.9 41.1 35.9 36.1 35.4 37.3

1.9

39.5 39.0 40.6 42.7 41.5 40.7 42.1 43.6 45.1 42.5 41.2 40.9 41.2

0.3

Food,BEWerages

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

3.6

Textile,Textile Products,Clothing

23.1 21.7 22.5 22.8 21.2 22.4 24.5 27.4 29.3 27.6 24.9 25.4 28.7

3.3

Construction Materials,
Furniture,Ceramics,
Stone and Clay Products

37.2 36.5 36.3 37.8 37.7 39.6 39.9 42.6 42.4 40.0 39.7 40.5 38.6

▲ 1.9

Paper Products,Stationery,Books

32.4 30.6 31.4 31.2 29.2 29.6 31.8 35.0 34.2 32.7 31.9 34.6 33.8

▲ 0.8

Chemical40.9 40.7 42.0 42.4 40.7 42.2 44.2 45.3 45.3 43.2 41.9 43.5 42.3

▲ 1.2

Recycled Resources

55.1 53.4 52.0 53.7 51.4 51.8 53.4 52.9 52.8 45.8 50.5 53.2 54.0

0.8Steel,Nonferrous Metals,
Mining Products

37.2 37.5 38.7 41.1 41.1 41.6 41.6 43.2 45.2 42.3 40.5 41.1 40.3

▲ 0.8

Manufacturing Chemical

Total

Wholesale.

Machinery,Equipment

40.1 39.0 40.7 43.1 41.3 41.8 42.6 44.4 44.7 42.8 42.4 41.9 42.5

0.6

Other

34.1 32.2 35.5 36.6 33.0 34.4 37.8 39.7 40.1 36.3 33.7 35.5 37.3

1.836.2 35.3 36.8 38.3 36.6 37.6 39.1 41.3 41.8 39.0 37.7 38.6 39.2

0.6

Total

©TEIKOKUDATABANK,LTDTDB Trends Research April 2022

2

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

PreviousMonthRetailFood,BEWerages

32.8 32.6 34.9 37.5 36.0 33.1 38.0 39.7 41.1 36.5 36.3 38.6 37.7

Textile,Textile Products,Clothing

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

3.0

Drugs,Sundries

35.8 29.3 31.4 32.5 33.3 34.6 45.8 37.5 38.4 36.0 32.1 36.8 32.1

▲ 4.7

Furniture

42.7 40.6 39.8 36.9 34.6 32.2 35.6 34.5 42.9 35.6 29.8 30.6 39.2

8.6

Electrical Household Appliances,Information Machinery andEquipment

37.8 30.8 35.8 37.7 33.8 33.8 34.6 35.9 35.5 32.3 30.2 33.0 33.7

0.7

Motor Vehicles,Motor Vehicle Parts

38.3 38.6 40.7 40.5 36.8 37.2 35.9 37.8 36.5 35.0 33.5 34.7 35.1

0.4

Special Merchandise

34.6 34.5 34.8 34.3 32.6 31.7 32.8 33.5 36.0 33.3 30.9 29.9 31.3

1.4

Various Merchandise

32.2 31.1 33.0 35.6 27.3 33.0 35.9 38.0 37.5 36.2 32.6 34.0 36.4

2.4

Other

40.5 25.0 33.3 35.7 37.0 35.4 31.7 37.9 43.3 40.0 40.0 43.9 34.7

▲ 9.2

Total

▲ 0.9

34.7 33.1 34.5 35.4 32.7 32.6 34.8 36.0 37.7 34.4 31.9 33.3 34.0

0.7

Transportation,Warehousing

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

1.2

Restaurants

14.9 13.0 20.5 19.7 14.8 15.2 27.8 31.4 34.7 24.2 16.9 23.8 32.8

9.0

Postal,Telecommunications

38.9 40.5 27.8 42.9 39.6 41.7 50.0 40.5 41.7 46.7 50.0 48.5 50.0

1.5Electricity,Gas,Water,Heat

40.4 41.2 45.0 40.8 44.4 45.8 42.6 38.9 39.7 40.0 37.5 33.3 35.7

2.4

Leasing,Rentals

35.4 35.0 38.1 41.0 37.4 39.6 43.9 44.9 44.8 42.0 41.0 40.2 42.0

1.8

Lodging, Hotels

8.6

10.2

Recreation

25.8 29.5 29.2 34.8 29.2 29.0 34.0 36.7 38.4 33.3 31.2 35.1 35.6

0.5

Broadcasting

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

▲ 0.5

Maintenance,Guarding,Testing

39.2 40.8 42.7 41.9 41.6 44.0 44.3 45.3 45.7 42.3 40.2 42.3 43.1

0.8

Advertising25.6 23.4 27.5 27.5 26.8 29.5 32.4 36.8 37.7 32.7 31.5 36.4 36.9

0.5

Information

45.2 44.9 46.8 48.2 46.7 48.5 50.5 51.2 52.5 50.1 50.2 51.1 50.8

▲ 0.3

Labor Dispatching

35.8 35.5 36.2 41.9 38.4 41.9 39.7 44.3 43.3 45.1 41.5 44.4 45.7

1.3

Special Services

43.5 41.5 43.4 47.3 44.4 45.5 47.9 49.2 50.3 47.2 46.2 46.9 48.1

1.2

Medical,Welfare,Public Health39.1 39.2 41.2 42.1 41.1 41.4 42.8 45.7 43.2 42.4 41.0 42.5 44.5

2.0

Education

35.7 37.1 38.7 40.3 37.5 39.0 43.5 39.1 43.2 39.7 40.2 37.8 39.6

1.8

Other34.8 35.2 35.8 37.4 34.7 39.2 40.6 41.7 42.4 39.3 36.9 39.3 42.1

2.8

ServiceTotal

Other

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

37.9 37.5 39.7 41.5 39.1 41.1 43.6 45.3 46.1 42.8 41.4 43.1 44.5

1.4

34.1 33.3 35.5 34.7 35.3 35.6 38.0 39.6 40.5 36.3 37.3 38.7 36.8

▲ 1.9

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

Ratio to thePreviousMonthHokkaido

36.2 34.5 37.1 38.3 38.0 38.5 40.8 40.8 41.1 38.6 37.0 36.5 37.9

1.4

Tohoku38.0 37.7 39.3 40.0 38.4 39.0 40.2 42.1 41.7 38.1 37.0 37.0 37.6

0.6

kitakanto

39.7 39.5 41.2 42.7 41.5 40.4 42.8 44.4 45.0 42.3 40.7 40.7 42.0

1.3

minamikanto

38.7 38.4 39.8 41.0 40.0 41.4 42.4 43.9 44.8 42.6 41.5 42.1 42.4

0.3

Hokuriku

38.6 37.1 39.2 40.6 39.1 40.4 41.2 42.6 43.6 40.9 39.2 39.2 39.9

0.7

Tokai

38.9 37.9 39.4 42.0 40.0 39.1 40.1 42.4 44.4 41.1 39.7 40.2 40.2

0.0

Kinki

37.0 36.2 38.1 40.3 38.7 39.3 41.3 42.7 43.3 40.8 39.8 40.5 40.8

0.3

Chugoku37.8 36.0 37.9 39.0 38.2 38.7 41.2 42.3 42.9 40.7 40.0 40.7 39.8

▲ 0.9

Shikoku36.4 35.8 37.6 38.2 36.9 38.3 39.0 41.8 43.2 39.3 37.1 38.9 38.1

▲ 0.8

Kyushu39.5 37.5 38.3 40.5 37.4 39.1 42.0 44.3 44.5 41.3 39.5 40.9 41.5

0.6

©TEIKOKUDATABANK,LTD

TDB Trends Research April 2022

3Appendix

1.Research Subjects(Companies researched: 24,854; Valid
responses: 11,267; Response rate: 45.3%)
1.Region

558

Hokkaido

Tokai

731
849

TohokukitaKanto

Kinki
Chugoku

3,319
599

minamikanto
Hokuriku

1,207

1,960
717

Kyushu

386
941

Total

11,267

Shikoku

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

72

Finance

109

Construction

1,909

Real Estate

387

Wholesale（2,756）

80

Textile,Textile Products,Clothing

58

Drugs,Sundries

27

Furniture17

Food,Beverages,Livestock Feed

369

Textile,Textile Products,Clothing

114

Motor Vehicles,Motor Vehicle Parts

102

Construction Materials,Furniture,Ceramics,Stone and Clay Products

222

Special Merchandise

200

Pulp, Paper and Paper Products

101

Various Merchandise

44

Publishing,Printing

164

Others413

Manufacturing Chemical（2,991）

Retail（590）

Food,Beverages

Electrical Household Appliances,Information Machinery and Equipment

50

12508

Transportation,Warehousing

Steel,Nonferrous Metals,Mining

541

Restaurants

General Machinery484

Telecommunications

67

Electrical Machinery

317

Electricity,Gas,Water,Heat

Transportation Machinery,Equipment

914104Leasing,Rentals

116

Precision Machinery,Medical Instruments and Equipment

73

Lodging, Hotels

43

Others89

Recreation

73

Food,Beverages

383

Textile,Textile Products,Clothing

175

Construction Materials,Furniture,Ceramics,Stone and Clay Products

324

Advertising

99

98

Information

491

Paper Products,Stationery,Books
ChemicalRecycled Resources

Service（1,902）

19

Broadcasting
Maintenance,Guarding,Testing

263

Labor Dispatching69

33

Special Services

317
115

Steel,Nonferrous Metals,Mining Products

284

Medical,Welfare,Public Health

Machinery,Equipment

870

Education

Others326

Others37216
43

OthersTotal3.Size
Large Firms

1,81716.1%

Small to Medium-sized Firms

9,450

83.9%

micro Firms

3,541

31.4%

Total

11,267 100.0%

217©TEIKOKUDATABANK,LTD

11,267

TDB Trends Research April 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 April 15 – 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 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 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.
goodfairly goodneither good nor bad

fairly badbadvery badpoints

6543210

number of responses
for each category

N6N5N4N3N2

N1N0Selection 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 April 20225