Information Releases

July. 2023

Economic Trends Research, July 2023

Economy improved slightly,supported by seasonal consumption
— While larger numbers of people going out in public and the heat wave were positive factors, inflation and labor shortages exerted downward pressure on the economy —

Trend in July 2023: Slightly improved

The economic diffusion index (DI) in July 2023 was 45.2, up 0.2 points from the previous month, showing the first improvement in two months.
The economy turned upward again, albeit slightly, supported by larger numbers of people going out in public and seasonal consumption due to the heat wave.

Future outlook: Gradual upward trend continues

The domestic economy is expected to be on a gradual upward trend based on increased capital investment and face-to-face services.

Primary points of survey results(summary)

1. 1 By industry: Improved in 6 out of 10 industries. The start of summer vacation season was a boosting factor.
2. 2 By scale: “Large firms” and “small to medium-sized firms” improved for the first time in two months. “Large firms” was the driving force.
3. 3 By region: Improved in 7 out of 10 regions. While tourist destinations picked up, unstable weather was a negative factor.

Economic Trends Research, July 2023