TDB Trends Research (Nationwide, Research & Summary for April 2024)

The domestic economy worsened
for the first time in two months～ High raw material prices and insufficient price pass-throughexerted downward pressure on the economy ～(Companies researched: 27,052; Valid responses: 11,222; Response rate: 41.5%; Survey
start date: May 2002)

e-mail：keiki@mail.tdb.co.jp< Trend in April 2024: Temporary Setback>

By industry: Worsened in 6 out of 10 industries, burdened by high raw
material prices, etc.

The Economic Diffusion Index (DI) in April 2024 declined by 0.3 points
from the previous month to 44.1, deteriorating for the first time in twomonths.
The domestic economy retreated for the first time in two months,
partly due to the rapid depreciation of the yen and increased costburdens, which worsened the corporate earnings environment.

By scale: All scales worsened for the first time in two months due to theincreasing severity of the corporate earnings environment.
By region: Worsened in 6 out of 10 regions. The tourism industry wasstrong, but there were concerns about widening intra-regional
disparities.

< Future outlook: Gradual Pickup >Although there is uncertainty in foreign exchange rates, the future
economy is expected to gradually pick up due to factors such as wage
increases.

48

45.4

46
44.6
44

45.2

44.9

44.4

44.7 44.8 44.9

44.2

43.9

44.4

44.1

43.9

44.4 44.344.2
44.1 44.2 44.2

After 3 months
After 1 month

42
400

45.0

44.4 44.7

44.8 45.0 44.9

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
2023
2024
2025
Projected future DI
44.6 45.4 45.0 45.2 44.9 44.4 44.7 44.8 44.9 44.2 43.9 44.4 44.1 43.9 44.1 44.2 44.2 44.4 44.3 44.2 44.4 44.7 44.8 45.0 44.9
Change from April.2024-0.2 0.0 0.1 0.1 0.3 0.2 0.1 0.3 0.6 0.7 0.9 0.8
45.0 model.
45.3 45.5 45.6 45.9 45.8 45.8 46.0 46.3 46.6 46.8 46.7*:Upper
The economic forecast DI is calculated using the Forecast Combination method of the results of the ARIMA model and the structural equation
Lower
42.8 42.9 42.9 42.8 42.9 42.8 42.6 42.8 43.0 43.1 43.3 43.1

©TEIKOKUDATABANK,LTD

Apr

May

TDB Trends Research April 2024

1

Economic Diffusion Index (Economic DI)1/2
Ratio to theApr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24

Previous
Month

Total

44.6 45.4 45.0 45.2 44.9 44.4 44.7 44.8 44.9 44.2 43.9 44.4 44.1

▲ 0.3

Large Firms

47.3 48.1 47.7 48.6 48.0 47.8 47.9 48.4 48.1 47.9 47.7 48.0 47.9

▲ 0.1

Small to Medium-sized Firms

44.2 44.9 44.5 44.6 44.3 43.8 44.1 44.2 44.3 43.6 43.2 43.8 43.4

▲ 0.4

Micro Firms

42.9 43.9 43.6 43.4 43.5 43.0 43.4 43.1 43.3 42.6 42.4 42.9 42.3

▲ 0.6

Ratio to theApr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24

Previous
Month

Agriculture,Forestry,Fisheries

42.2 44.8 46.7 42.5 43.0 42.1 43.0 40.1 40.5 40.3 41.2 42.4 42.0

▲ 0.4

Finance45.0 47.8 48.1 47.4 48.8 46.8 47.3 48.0 47.0 47.7 47.7 49.2 48.8

▲ 0.4

Construction

45.6 46.9 46.8 47.8 47.4 47.1 47.5 47.8 47.2 47.7 47.5 47.0 46.6

▲ 0.4

Real Estate

49.6 50.7 50.3 48.8 49.6 48.5 48.7 47.9 47.5 48.1 48.3 49.3 49.3

0.0

Food,BEWerages,Livestock Feed42.0 43.7 43.6 43.1 44.5 42.6 43.4 44.0 44.6 43.6 43.4 44.8 44.4

▲ 0.4

Textile,Textile Products,Clothing

41.0 42.1 42.0 43.6 42.6 43.0 41.5 40.8 40.1 37.9 37.7 39.0 38.1

▲ 0.9

Ceramics,Stone and Clay Products

39.7 39.0 38.4 37.9 38.2 39.0 40.3 41.5 40.3 39.9 38.1 38.7 38.0

▲ 0.7

Pulp, Paper and Paper Products

37.6 38.6 35.8 36.1 36.1 36.9 37.7 37.2 38.5 37.3 35.7 36.4 36.4

0.0

Publishing,Printing

33.9 35.4 33.9 33.4 33.9 32.3 32.5 33.1 34.2 32.4 34.6 35.3 34.1

▲ 1.2

Chemical

41.0 40.6 41.6 41.8 41.2 41.2 41.4 42.7 42.2 42.6 39.9 41.2 40.9

▲ 0.3

Steel,Nonferrous Metals,Mining

41.1 40.9 40.4 40.7 39.9 39.8 41.5 41.9 42.0 39.7 38.3 38.3 38.0

▲ 0.3

General Machinery

43.8 42.9 41.9 42.9 42.8 41.2 40.7 40.5 40.6 39.3 40.6 39.7 39.6

▲ 0.1

Electrical Machinery

43.2 43.1 43.9 42.9 42.8 42.4 42.3 43.0 42.5 43.6 42.5 41.4 40.7

▲ 0.7

Transportation Machinery,Equipment

41.5 43.0 44.6 46.2 46.2 48.3 46.9 47.2 44.7 41.6 39.3 41.6 40.2

▲ 1.4

Medical Instruments and Equipment

45.6 46.2 46.8 45.4 42.9 44.2 42.9 43.4 44.3 43.9 43.3 45.5 42.9

▲ 2.6

Other

41.9 42.7 42.3 43.8 40.3 40.5 39.4 40.7 39.9 41.9 44.7 45.5 42.5

▲ 3.0

41.4 41.5 41.3 41.5 41.2 40.8 41.1 41.6 41.5 40.4 39.8 40.2 39.7

▲ 0.5

Construction Materials,Furniture,

Manufacturing

Precision Machinery,

Total
Food,BEWerages

44.3 45.2 44.9 46.4 47.1 45.8 43.3 44.5 45.7 43.1 43.7 44.5 44.6

0.1

Textile,Textile Products,Clothing

41.9 43.1 39.4 39.5 38.0 38.1 36.1 36.0 36.3 36.9 36.8 37.1 35.2

▲ 1.9

39.1 38.4 37.3 38.4 38.0 38.1 38.0 38.3 38.9 38.0 37.8 37.6 37.8

0.2

Paper Products,Stationery,Books

37.9 40.3 36.5 38.2 38.6 38.5 38.4 40.1 40.7 39.6 38.2 40.1 38.4

▲ 1.7

Chemical

44.9 46.8 45.3 45.2 45.1 44.5 44.9 45.1 45.4 44.4 42.2 43.2 41.8

▲ 1.4

Recycled Resources

43.5 40.4 38.9 42.2 40.9 43.9 45.2 42.4 43.8 42.9 41.7 39.9 40.9

1.0

Mining Products

37.9 38.1 37.5 37.9 34.7 36.7 37.0 38.1 38.2 37.3 34.9 35.3 36.5

1.2

Machinery,Equipment

45.2 46.0 45.4 45.3 44.7 43.8 43.9 44.1 44.7 43.7 43.4 43.5 43.6

0.1

Other

43.9 44.9 43.2 42.6 42.7 41.7 43.1 43.2 42.9 42.0 41.1 42.5 40.3

▲ 2.2

42.9 43.7 42.5 42.9 42.3 41.9 41.7 42.1 42.7 41.6 40.9 41.4 41.0

▲ 0.4

Construction Materials,
Furniture,Ceramics,
Stone and Clay Products

Wholesale

Steel,Nonferrous Metals,

Total©TEIKOKUDATABANK,LTD

TDB Trends Research April 2024

2

Economic Diffusion Index (Economic DI)2/2
Ratio to theApr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24

Previous
MonthRetailFood,BEWerages

49.1 49.7 46.6 46.2 47.8 46.5 45.5 44.9 46.4 45.5 43.8 45.3 44.7

Textile,Textile Products,Clothing

36.6 38.3 40.4 41.4 41.2 36.6 42.7 39.3 40.0 36.3 40.2 36.5 40.4

3.9

Drugs,Sundries

47.8 47.4 45.9 45.3 42.6 42.5 43.8 44.7 46.1 45.8 45.4 44.1 41.8

▲ 2.3

Furniture

38.1 34.7 33.3 32.5 30.2 36.3 27.2 32.4 32.7 34.0 32.1 30.3 33.3

3.0

Information Machinery and Equipment

37.8 40.5 38.6 41.3 40.2 42.7 42.5 44.0 42.7 41.8 42.3 45.8 44.3

▲ 1.5

Motor Vehicles,Motor Vehicle Parts

44.0 41.5 40.6 40.9 42.0 41.7 42.4 40.2 39.7 42.4 41.2 40.9 41.4

0.5

Special Merchandise

39.0 39.4 40.1 38.8 38.7 39.1 39.4 38.1 38.3 37.8 37.7 40.2 40.2

0.0

Various Merchandise

47.8 45.8 44.9 48.1 48.5 45.9 45.3 44.3 44.1 42.7 40.9 44.6 42.9

▲ 1.7

Other

41.7 41.1 45.8 46.2 42.2 47.6 46.2 47.2 51.3 40.3 44.0 39.7 44.4

4.7

42.5 42.4 42.0 41.9 41.8 41.4 41.9 41.2 41.5 40.8 40.6 41.4 41.7

0.3

42.1 43.4 42.2 43.5 43.3 42.8 44.1 43.8 44.5 43.5 41.9 43.1 43.1

0.0

Restaurants

50.8 56.7 53.6 55.6 52.2 51.8 47.4 49.4 54.0 50.3 48.0 51.3 52.0

0.7

Postal,Telecommunications

52.8 58.3 53.3 60.4 54.8 57.4 59.5 57.1 54.2 56.1 51.9 54.2 61.7

7.5

Electricity,Gas,Water,Heat

38.9 44.0 44.1 44.8 43.5 46.3 44.1 50.0 42.7 41.7 43.6 43.6 46.9

3.3

Leasing,Rentals

50.5 49.7 52.1 49.8 49.0 49.2 52.5 52.9 51.6 50.3 50.5 51.7 49.4

▲ 2.3

Lodging, Hotels

62.1 59.8 55.1 56.6 55.5 57.6 59.7 64.3 56.9 51.3 55.3 60.6 60.4

▲ 0.2

Recreation

48.9 50.4 47.6 49.3 48.8 46.2 46.3 44.8 47.9 46.3 46.3 47.2 46.3

▲ 0.9

Broadcasting

44.7 47.4 43.1 44.7 46.1 45.6 42.6 45.6 43.3 44.1 47.1 47.4 52.8

5.4

Maintenance,Guarding,Testing

45.8 47.3 48.0 48.4 47.4 47.8 46.8 49.0 46.9 47.3 46.7 46.7 46.0

▲ 0.7

Advertising

46.6 45.0 45.0 44.8 45.2 45.4 45.2 45.6 45.1 46.2 47.0 45.5 47.5

2.0

Information

55.8 56.2 56.8 57.0 56.4 55.5 56.0 55.4 56.3 56.1 55.7 55.3 55.4

0.1

Labor Dispatching

49.6 50.7 52.0 52.0 50.9 48.9 50.9 52.3 50.0 48.8 50.6 49.8 50.6

0.8

Special Services

50.9 52.3 51.7 52.2 51.3 51.2 52.0 51.1 50.3 50.5 51.4 52.4 51.7

▲ 0.7

Medical,Welfare,Public Health41.8 44.6 44.8 44.2 43.4 42.4 43.6 41.8 43.2 44.4 43.2 44.7 42.9

▲ 1.8

Education

38.4 42.2 41.4 40.7 43.8 46.4 45.6 42.6 44.4 43.7 43.1 46.3 44.6

▲ 1.7

Other

48.6 47.5 49.2 48.2 47.9 47.2 47.6 47.2 48.1 47.5 48.5 49.1 49.1

0.0

50.8 51.6 51.6 51.7 50.8 50.4 50.8 50.8 50.9 50.2 50.4 51.0 50.9

▲ 0.1

39.2 41.2 39.8 40.9 40.8 39.2 40.1 38.2 42.8 41.3 41.2 41.1 42.1

1.0Electrical Household Appliances,

Total

Transportation,Warehousing

Service

Total

Other

▲ 0.6

Ratio to theApr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24

PreviousMonthHokkaido42.2 43.0 43.9 45.6 44.8 43.6 43.7 43.3 43.3 41.6 41.8 42.4 42.8

0.4

Tohoku41.2 41.6 41.7 42.1 41.8 41.5 41.4 41.3 40.3 40.2 38.8 39.3 39.2

▲ 0.1

kitakanto

43.3 43.4 42.8 43.1 43.1 42.9 43.0 42.6 43.0 40.9 41.7 42.0 41.4

▲ 0.6

minamikanto

46.7 47.2 47.2 47.4 46.6 46.4 46.3 46.7 46.6 46.5 46.6 47.2 46.6

▲ 0.6

Hokuriku

42.5 44.0 43.7 43.6 43.1 42.5 42.1 42.3 42.5 40.0 39.8 41.4 42.4

1.0

Tokai

43.3 44.6 43.8 44.4 44.4 43.6 44.4 45.1 44.8 44.4 43.1 43.7 43.2

▲ 0.5

Kinki

44.3 45.4 43.9 43.8 43.6 43.2 43.7 44.1 44.6 43.6 43.2 43.6 43.7

0.1

Chugoku44.8 44.9 44.7 45.3 44.3 44.1 44.9 44.2 43.9 44.3 43.2 43.1 42.6

▲ 0.5

Shikoku40.7 43.0 41.7 42.6 41.8 41.2 41.4 41.3 42.5 42.2 41.0 41.1 41.2

0.1

Kyushu48.1 48.5 48.2 48.0 48.3 47.7 48.6 48.7 49.0 48.3 48.1 48.5 47.6

▲ 0.9

©TEIKOKUDATABANK,LTD

TDB Trends Research April 2024

3

Appendix

1.Research Subjects(Companies researched: 27,052; Valid
responses: 11,222; Response rate: 41.5%)
1.Region

Hokkaido
TohokukitaKantominamikanto
Hokuriku

487
763
906
3,295
578

Kyushu

1,233
1,864
748
379
969

Total

11,222

Tokai

Kinki
Chugoku
Shikoku

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

108

Food,Beverages

Finance158

Textile,Textile Products,Clothing82

Drugs,Sundries

51

Furniture

24

Construction

1,750

Real Estate

455
Food,Beverages,Livestock Feed320

Textile,Textile Products,Clothing

137

Motor Vehicles,Motor Vehicle Parts

114

Construction Materials,Furniture,Ceramics,Stone and Clay Products

203

Special Merchandise

227

82

Various Merchandise

52

Pulp, Paper and Paper Products

Manufacturing（2,808）Wholesale（2,495）Retail（756）

138Electrical Household Appliances,Information Machinery and Equipment

Publishing,Printing

199

Chemical374

Transportation,Warehousing

449

Steel,Nonferrous Metals,Mining

497

Restaurants

108

General Machinery

448

Telecommunications

Electrical Machinery

307

Electricity,Gas,Water,Heat

Transportation Machinery,Equipment

104

Leasing,Rentals

105

Precision Machinery,Medical Instruments and Equipment

68

Lodging, Hotels

85

Others69

Recreation

98

Food,Beverages

319

Textile,Textile Products,Clothing

152

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

12

OthersService（2,207）10
16

18

Broadcasting
Maintenance,Guarding,Testing

231

283

Advertising

108

119

Information

546

237

Labor Dispatching

82

33

Special Services

366
124

Steel,Nonferrous Metals,Mining Products

250

Medical,Welfare,Public Health

Machinery,Equipment790

Education

Others312

Others37
273
36

OthersTotal

3.Size56

Large Firms

1,769

15.8%

Small to Medium-sized Firms

9,453

84.2%

micro Firms

3,701

33.0%

Total

11,222100.0%©TEIKOKUDATABANK,LTD

11,222

TDB Trends Research April 2024

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 16 – 30 2024

Industry

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 27,000 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.

Manufacturing andOther Industries*
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.
Selection category Extremely good

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

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 April 20245