Information Releases

November. 2023

Economic Trends Research, November 2023

The domestic economy experienced a clear trend towards polarization in industries and regions
— While consumer spending was sluggish, “Lodging, Hotels” hit a record high due to factors such as the expansion of inbound tourism —

Trend in November 2023: Slight improvement continues

The economic diffusion index (DI) in November 2023 was 44.8, up 0.1 points from the previous month, for a second straight month of improvement.
Despite sluggish consumer spending, the domestic economy continued to improve, albeit slightly, supported by inbound demand and active public construction projects. However, there was a clear trend towards polarization in industries and regions.

Future outlook: Remain unchanged

The domestic economy is expected to remain unchanged due to the expansion of capital investment and inbound demand, while close attention must be paid to wage trends.

Primary points of survey results(summary)

1. 1 By industry: Improved in 4 industries, 30 business categories. Automobile-related and hotel accommodations demand supported the economy.
2. 2 By scale: “Large firms” was the driving force. “Small to medium-sized firms” and “micro firms” experienced sluggish consumer spending.
3. 3 By region: Improved in 5 out of 10 regions. Although public construction underpinned regional economies, a polarization trend has emerged.

Economic Trends Research, November 2023