Japan Economic Surprise Index
-0.5 ▬ vs 1w ago (-1.1)
Japan economic data has been roughly in line with expectations. Over the past 90 days,
releases have been close to analyst estimates with no strong directional bias.
Current Score
-0.5
1 Week Ago
-1.1
Releases (90d)
162
Top Beats
5
Top Misses
5
Surprise Index — 3 Year Weekly Trend with Nikkei 225 Overlay
G7 Comparison — Economic Surprise Index
▲ Top Positive Surprises
- S&P Global Services PMI +1.30z
- Capital Expenditure YoY +3.51z
- Producer Price Index MoM +1.28z
- S&P Global Services PMI +1.30z
- S&P Global Composite PMI +0.75z
▼ Top Negative Surprises
- Balance of Trade -0.79z
- S&P Global Manufacturing PMI -1.07z
- Adjusted Trade Balance -1.07z
- Capacity Utilization -2.09z
- Unemployment Rate -0.98z
All Releases — 90 Day Window (162 events)
| Date | Event | Actual | Estimate | Surprise Z | Impact | Contribution |
|---|---|---|---|---|---|---|
| 2026-10-23 | S&P Global Services PMI | 52.0 | 51.3 | +1.303 | Medium | +59.42 |
| 2026-10-20 | Balance of Trade | -536.6 | -181.0 | -0.793 | High | -50.57 |
| 2026-10-23 | S&P Global Manufacturing PMI | 53.3 | 54.5 | -1.075 | Medium | -49.00 |
| 2026-08-31 | Capital Expenditure YoY | 1.6 | 0.2 | +3.512 | Medium | +47.05 |
| 2026-10-20 | Adjusted Trade Balance | -0.7 | -0.26 | -1.070 | Medium | -45.51 |
| 2026-10-15 | Capacity Utilization | -4.2 | 0.2 | -2.086 | Low | -39.52 |
| 2026-10-01 | Unemployment Rate | 2.5 | 2.4 | -0.977 | Medium | -26.80 |
| 2026-10-12 | Producer Price Index MoM | -0.3 | 0.5 | +1.280 | Low | +22.62 |
| 2026-10-05 | S&P Global Services PMI | 52.3 | 51.6 | +1.296 | Low | +19.49 |
| 2026-10-23 | S&P Global Composite PMI | 52.3 | 51.9 | +0.751 | Low | +17.12 |
| 2026-08-09 | Current Account | -923.0 | 1512.0 | -1.749 | Medium | -14.10 |
| 2026-08-16 | GDP Capital Expenditure QoQ | -1.2 | 0.4 | -2.554 | Low | -12.10 |
| 2026-10-22 | Inflation Rate MoM | 0.0 | 0.4 | +0.524 | Low | +11.68 |
| 2026-08-27 | Unemployment Rate | 2.4 | 2.5 | +0.938 | Medium | +11.46 |
| 2026-09-14 | Industrial Production MoM | -0.2 | 0.1 | -1.081 | Low | -10.01 |
| 2026-10-07 | Current Account | 4062.0 | 3194.6 | +0.295 | Medium | +9.29 |
| 2026-10-22 | Inflation Rate Ex-Food and Energy YoY | 2.4 | 2.0 | -0.386 | Low | -8.61 |
| 2026-08-20 | Inflation Rate MoM | 0.4 | 0.1 | -1.573 | Low | -8.17 |
| 2026-10-22 | Inflation Rate YoY | 2.1 | 2.3 | +0.118 | High | +7.88 |
| 2026-08-25 | Coincident Indicator MoM | 0.6 | 0.3 | +1.273 | Low | +7.42 |
| 2026-09-01 | Consumer Confidence | 35.5 | 35.0 | +0.346 | High | +7.11 |
| 2026-10-08 | Household Spending MoM | 0.1 | 0.5 | -0.211 | Medium | -6.80 |
| 2026-08-17 | Capacity Utilization | 4.1 | 0.3 | +1.201 | Low | +5.82 |
| 2026-10-20 | Exports YoY | 16.7 | 20.1 | -0.135 | Medium | -5.72 |
| 2026-09-17 | Core Inflation Rate YoY | 1.7 | 1.8 | +0.277 | Medium | +5.51 |
| 2026-08-30 | Industrial Production MoM | 0.1 | -0.6 | +0.420 | Medium | +5.50 |
| 2026-08-06 | Household Spending YoY | -3.3 | 1.0 | -0.697 | Medium | -5.24 |
| 2026-09-29 | CB Leading Index | 117.7 | 117.9 | -0.398 | Low | -5.21 |
| 2026-08-16 | GDP Growth Rate QoQ | 0.3 | 0.5 | -0.361 | High | -5.14 |
| 2026-10-14 | Machinery Orders MoM | 5.2 | 3.0 | +0.130 | Medium | +4.81 |
| 2026-07-30 | Consumer Confidence | 34.9 | 34.2 | +0.495 | High | +4.75 |
| 2026-09-30 | Tankan Small Manufacturers Index | 14.0 | 11.0 | +0.329 | Low | +4.41 |
| 2026-07-30 | Retail Sales YoY | 0.5 | 3.1 | -0.687 | Medium | -4.39 |
| 2026-08-27 | Jobs/applications ratio | 1.18 | 1.19 | -0.668 | Low | -4.08 |
| 2026-09-29 | Retail Sales YoY | 2.7 | 3.3 | -0.149 | Medium | -3.90 |
| 2026-09-17 | Inflation Rate YoY | 1.9 | 2.1 | +0.129 | High | +3.85 |
| 2026-10-19 | Tertiary Industry Index MoM | -0.1 | -0.4 | +0.185 | Low | +3.84 |
| 2026-08-16 | Gross Domestic Product YoY | 1.1 | 2.0 | -0.402 | Medium | -3.81 |
| 2026-10-06 | Overtime Pay YoY | 5.2 | 3.3 | +0.241 | Low | +3.70 |
| 2026-08-19 | Adjusted Trade Balance | -0.69 | -0.44 | -0.359 | Medium | -3.65 |
| 2026-08-30 | Retail Sales YoY | 4.0 | 3.0 | +0.273 | Medium | +3.57 |
| 2026-09-10 | BSI Large Manufacturing QoQ | 7.6 | 2.5 | +0.417 | Low | +3.52 |
| 2026-08-16 | GDP External Demand QoQ | 0.5 | 0.3 | +0.712 | Low | +3.37 |
| 2026-07-30 | Retail Sales MoM | -4.1 | -0.5 | -1.018 | Low | -3.26 |
| 2026-08-16 | GDP Private Consumption QoQ | 0.0 | 0.5 | -0.663 | Low | -3.14 |
| 2026-10-05 | Consumer Confidence | 35.4 | 35.3 | +0.069 | High | +3.09 |
| 2026-09-03 | Household Spending MoM | 0.5 | 2.6 | -0.213 | Medium | -3.06 |
| 2026-08-31 | Construction Orders YoY | -13.4 | 5.0 | -0.434 | Low | -2.91 |
| 2026-09-03 | Household Spending YoY | -3.6 | -1.6 | -0.203 | Medium | -2.91 |
| 2026-09-07 | GDP Growth Annualized | 1.4 | 1.1 | +0.185 | Medium | +2.91 |
| 2026-08-16 | GDP Growth Annualized | 1.1 | 2.0 | -0.305 | Medium | -2.89 |
| 2026-08-12 | Producer Price Index MoM | 0.1 | 0.6 | +0.667 | Low | +2.88 |
| 2026-10-15 | Industrial Production MoM | -2.4 | -1.7 | -0.148 | Low | -2.81 |
| 2026-10-12 | Bank Lending YoY | 5.3 | 5.5 | -0.156 | Low | -2.76 |
| 2026-09-08 | Reuters Tankan Index | 21.0 | 15.0 | +0.338 | Low | +2.72 |
| 2026-09-30 | Tankan Large Manufacturers Index | 24.0 | 25.0 | -0.067 | High | -2.69 |
| 2026-09-17 | Inflation Rate MoM | 0.1 | 0.2 | +0.262 | Low | +2.60 |
| 2026-08-20 | Inflation Rate YoY | 1.9 | 1.7 | -0.160 | High | -2.49 |
| 2026-08-27 | CPI YoY | 1.9 | 2.0 | +0.392 | Low | +2.39 |
| 2026-08-16 | Gross Domestic Product QoQ | 0.5 | 0.3 | +0.484 | Low | +2.29 |
| 2026-07-30 | Jobs/applications ratio | 1.18 | 1.17 | +0.680 | Low | +2.17 |
| 2026-08-06 | Household Spending MoM | -6.4 | -3.1 | -0.281 | Medium | -2.11 |
| 2026-07-30 | Industrial Production MoM | 1.3 | 0.7 | +0.309 | Medium | +1.98 |
| 2026-09-30 | Tankan Large Manufacturing Outlook | 21.0 | 22.0 | -0.147 | Low | -1.97 |
| 2026-07-30 | Industrial Production YoY | 4.2 | 1.8 | +0.607 | Low | +1.94 |
| 2026-09-15 | Adjusted Trade Balance | -0.84 | -1.0 | +0.101 | Medium | +1.92 |
| 2026-07-30 | Core Inflation Rate YoY | 1.9 | 1.7 | -0.588 | Low | -1.88 |
| 2026-08-27 | Core Inflation Rate YoY | 1.8 | 1.7 | -0.294 | Low | -1.79 |
| 2026-10-15 | Industrial Production YoY | 2.7 | 3.4 | -0.094 | Low | -1.78 |
| 2026-10-26 | Coincident Indicator MoM | -1.8 | -1.9 | +0.067 | Low | +1.64 |
| 2026-09-30 | Tankan Large Non-Manufacturing Index | 35.0 | 36.0 | -0.116 | Low | -1.56 |
| 2026-08-19 | Exports YoY | 23.2 | 19.9 | +0.132 | Medium | +1.34 |
| 2026-09-03 | S&P Global Composite PMI | 53.5 | 53.4 | +0.183 | Low | +1.31 |
| 2026-10-14 | Machinery Orders YoY | 18.6 | 15.7 | +0.035 | Medium | +1.29 |
| 2026-09-03 | S&P Global Services PMI | 53.5 | 53.4 | +0.179 | Low | +1.28 |
| 2026-09-08 | Eco Watchers Survey Outlook | 48.3 | 46.1 | +0.155 | Low | +1.25 |
| 2026-08-07 | Coincident Indicator MoM | 0.3 | 0.4 | -0.318 | Low | -1.22 |
| 2026-09-01 | Monetary Base YoY | -15.7 | -13.5 | -0.177 | Low | -1.22 |
| 2026-09-14 | Capacity Utilization | 0.5 | -1.3 | +0.131 | Low | +1.22 |
| 2026-09-01 | S&P Global Manufacturing PMI | 54.9 | 55.1 | -0.177 | Low | -1.21 |
| 2026-08-20 | Inflation Rate Ex-Food and Energy YoY | 1.9 | 1.7 | -0.227 | Low | -1.18 |
| 2026-08-25 | CB Leading Index | 116.5 | 116.4 | +0.202 | Low | +1.18 |
| 2026-09-29 | Leading Index MoM | 1.5 | 1.7 | -0.090 | Low | -1.17 |
| 2026-09-09 | Machine Tool Orders YoY | 64.7 | 43.0 | +0.140 | Low | +1.15 |
| 2026-09-30 | Construction Orders YoY | -3.6 | -12.0 | +0.083 | Low | +1.11 |
| 2026-08-30 | Industrial Production YoY | 4.1 | 3.0 | +0.167 | Low | +1.09 |
| 2026-09-15 | Machinery Orders MoM | -3.7 | -2.8 | -0.057 | Medium | -1.08 |
| 2026-08-18 | Machinery Orders YoY | 16.9 | 10.8 | +0.107 | Medium | +1.06 |
| 2026-09-07 | Average Cash Earnings YoY | 4.7 | 3.9 | +0.133 | Low | +1.05 |
| 2026-10-26 | Coincident Index | 118.8 | 118.7 | +0.042 | Low | +1.03 |
| 2026-08-11 | Reuters Tankan Index | 18.0 | 14.0 | +0.241 | Low | +1.02 |
| 2026-10-01 | Monetary Base YoY | -15.2 | -16.3 | +0.073 | Low | +1.01 |
| 2026-08-16 | GDP Price Index YoY | 2.6 | 2.4 | -0.211 | Low | -1.00 |
| 2026-08-17 | Tertiary Industry Index MoM | -0.2 | -1.0 | +0.197 | Low | +0.96 |
| 2026-09-15 | Machinery Orders YoY | 11.2 | 15.3 | -0.051 | Medium | -0.96 |
| 2026-08-09 | Bank Lending YoY | 5.4 | 5.7 | -0.226 | Low | -0.91 |
| 2026-09-15 | Exports YoY | 19.3 | 18.2 | +0.048 | Medium | +0.91 |
| 2026-07-30 | Core CPI YoY | 1.9 | 1.7 | -0.280 | Low | -0.90 |
| 2026-08-10 | Eco Watchers Survey Current | 45.7 | 44.4 | +0.215 | Low | +0.89 |
| 2026-08-27 | Core CPI YoY | 1.8 | 1.7 | -0.140 | Low | -0.86 |
| 2026-08-17 | Industrial Production MoM | 1.9 | 1.3 | +0.166 | Low | +0.81 |
| 2026-09-15 | Tertiary Industry Index MoM | 0.4 | 0.3 | +0.082 | Low | +0.78 |
| 2026-08-07 | CB Leading Index | 116.4 | 116.5 | -0.201 | Low | -0.77 |
| 2026-08-25 | Coincident Index | 118.5 | 118.2 | +0.127 | Low | +0.74 |
| 2026-10-08 | Household Spending YoY | -3.1 | -3.6 | +0.023 | Medium | +0.73 |
| 2026-09-07 | Current Account | 2989.0 | 2870.0 | +0.045 | Medium | +0.71 |
| 2026-09-07 | Overtime Pay YoY | 3.1 | 3.9 | -0.086 | Low | -0.68 |
| 2026-10-08 | Eco Watchers Survey Outlook | 47.4 | 48.0 | -0.041 | Low | -0.66 |
| 2026-09-07 | GDP Capital Expenditure QoQ | -0.9 | -0.8 | -0.080 | Low | -0.63 |
| 2026-09-07 | Bank Lending YoY | 5.4 | 5.5 | -0.078 | Low | -0.61 |
| 2026-09-15 | Balance of Trade | -1105.6 | -1052.6 | -0.020 | High | -0.58 |
| 2026-09-10 | Producer Price Index YoY | 7.6 | 7.4 | -0.068 | Low | -0.57 |
| 2026-10-06 | Reuters Tankan Index | 22.0 | 23.0 | -0.037 | Low | -0.56 |
| 2026-07-31 | Construction Orders YoY | 2.3 | -7.0 | +0.157 | Low | +0.51 |
| 2026-10-08 | Eco Watchers Survey Current | 47.0 | 46.8 | +0.031 | Low | +0.51 |
| 2026-10-20 | Imports YoY | 18.9 | 19.6 | -0.022 | Low | -0.46 |
| 2026-09-30 | Housing Starts YoY | 6.1 | 7.0 | -0.017 | Medium | -0.45 |
| 2026-08-18 | Machinery Orders MoM | 9.7 | 7.8 | +0.043 | Medium | +0.43 |
| 2026-08-19 | Balance of Trade | -634.5 | -680.0 | +0.027 | High | +0.41 |
| 2026-08-27 | Inflation Rate YoY | 1.9 | 2.0 | +0.068 | Low | +0.41 |
| 2026-07-31 | Housing Starts YoY | 18.6 | 12.8 | +0.060 | Medium | +0.39 |
| 2026-08-17 | Industrial Production YoY | 4.9 | 4.2 | +0.076 | Low | +0.37 |
| 2026-09-15 | Imports YoY | 28.0 | 26.3 | +0.039 | Low | +0.37 |
| 2026-09-29 | Retail Sales MoM | -1.2 | -1.0 | -0.028 | Low | -0.37 |
| 2026-08-25 | Leading Economic Index | 116.5 | 116.4 | +0.061 | Low | +0.36 |
| 2026-09-30 | Tankan Large All Industry Capex | 11.3 | 12.3 | -0.023 | Low | -0.31 |
| 2026-08-12 | Producer Price Index YoY | 7.2 | 7.4 | +0.068 | Low | +0.29 |
| 2026-10-06 | Average Cash Earnings YoY | 3.8 | 3.7 | +0.018 | Low | +0.27 |
| 2026-08-03 | Monetary Base YoY | -13.8 | -13.0 | -0.067 | Low | -0.24 |
| 2026-08-07 | Leading Economic Index | 116.4 | 116.5 | -0.061 | Low | -0.24 |
| 2026-08-12 | Machine Tool Orders YoY | 50.4 | 42.0 | +0.055 | Low | +0.24 |
| 2026-08-30 | Retail Sales MoM | 2.4 | 3.1 | -0.032 | Low | -0.21 |
| 2026-09-14 | Industrial Production YoY | 3.9 | 4.1 | -0.022 | Low | -0.21 |
| 2026-08-04 | Overtime Pay YoY | 2.8 | 3.1 | -0.040 | Low | -0.15 |
| 2026-08-19 | Imports YoY | 27.8 | 26.5 | +0.030 | Low | +0.15 |
| 2026-09-08 | Eco Watchers Survey Current | 46.4 | 46.3 | +0.016 | Low | +0.13 |
| 2026-08-31 | Housing Starts YoY | 8.2 | 7.9 | +0.005 | Medium | +0.07 |
| 2026-08-10 | Eco Watchers Survey Outlook | 45.8 | 46.0 | -0.014 | Low | -0.06 |
| 2026-10-09 | Machine Tool Orders YoY | 60.4 | 61.0 | -0.003 | Low | -0.04 |
| 2026-07-30 | CPI YoY | 2.0 | 2.0 | -0.000 | Low | -0.00 |
| 2026-07-30 | Inflation Rate YoY | 2.0 | 2.0 | -0.000 | Low | -0.00 |
| 2026-07-30 | Unemployment Rate | 2.5 | 2.5 | -0.000 | Medium | -0.00 |
| 2026-07-31 | BoJ Interest Rate Decision | 1.0 | 1.0 | +0.000 | High | +0.00 |
| 2026-08-04 | Average Cash Earnings YoY | 3.4 | 3.4 | +0.000 | Low | +0.00 |
| 2026-08-07 | Coincident Index | 118.2 | 118.2 | +0.000 | Low | +0.00 |
| 2026-08-20 | Core CPI YoY | 1.8 | 1.8 | -0.000 | Medium | -0.00 |
| 2026-08-20 | Core Inflation Rate YoY | 1.8 | 1.8 | -0.000 | Medium | -0.00 |
| 2026-09-07 | Gross Domestic Product QoQ | 0.5 | 0.5 | +0.000 | Low | +0.00 |
| 2026-09-07 | GDP Growth Rate QoQ | 0.4 | 0.4 | +0.000 | Medium | +0.00 |
| 2026-09-07 | GDP Price Index YoY | 2.6 | 2.6 | -0.000 | Low | -0.00 |
| 2026-09-07 | GDP External Demand QoQ | 0.5 | 0.5 | +0.000 | Low | +0.00 |
| 2026-09-17 | Inflation Rate Ex-Food and Energy YoY | 1.9 | 1.9 | -0.000 | Low | -0.00 |
| 2026-09-18 | BoJ Interest Rate Decision | 1.25 | 1.25 | +0.000 | High | +0.00 |
| 2026-09-29 | Coincident Index | 120.6 | 120.6 | +0.000 | Low | +0.00 |
| 2026-09-29 | Coincident Indicator MoM | 1.7 | 1.7 | +0.000 | Low | +0.00 |
| 2026-09-30 | Tankan Non-Manufacturing Outlook | 30.0 | 30.0 | +0.000 | Low | +0.00 |
| 2026-10-01 | S&P Global Manufacturing PMI | 54.1 | 54.1 | +0.000 | Low | +0.00 |
| 2026-10-01 | Jobs/applications ratio | 1.18 | 1.18 | +0.000 | Low | +0.00 |
| 2026-10-22 | Core Inflation Rate YoY | 2.1 | 2.1 | -0.000 | Medium | -0.00 |
| 2026-10-26 | CB Leading Index | 118.0 | 118.0 | +0.000 | Low | +0.00 |
| 2026-10-26 | Leading Index MoM | 0.4 | 0.4 | +0.000 | Low | +0.00 |
| 2026-10-26 | Producer Price Index YoY | 3.7 | 3.7 | -0.000 | Low | -0.00 |