Japan Indices of Tertiary Industry Activity

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Source: Japan METI
Source Link: https://www.meti.go.jp/
Frequency: Monthly
Next Release(s): September 16th, 2025 12:30 AM

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Japan’s Index of Tertiary Industry Activity rose 0.5% MoM in the latest month to 105.0 (seasonally adjusted) and was up 3.3% YoY, supported by solid gains in both personal and business services.
- The Broad-ranging Business Services index increased 1.1% MoM (4.3% YoY), driven by strength in technical services and machinery repair.
- Broad-ranging Personal Services rose 0.7% MoM (2.1% YoY), with gains in medical and welfare services as well as retail trade.
- Transport and Postal Activities were up 3.3% MoM, contributing +0.28 ppts to the headline index, mainly on higher road freight volumes.
- Electricity, gas and water activity increased 4.1% MoM (4.3% YoY), reflecting higher electricity production and distribution.
- Information and communications (-0.9% MoM) and real estate (-1.0% MoM) were notable drags, partially offsetting broader service-sector strength.
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Japan’s Index of Tertiary Industry Activity rose 0.6% MoM (vs 0.1% MoM expected) in the latest month to 104.4 (seasonally adjusted) and was up 1.5% YoY, supported by gains in business services and transport-related industries.
- The Business Services index rose 1.0% MoM and 1.0% YoY to 103.2, while Personal Services fell -0.3% MoM but rose 2.1% YoY.
- Transport and postal activities, led by a 6.4% MoM gain in road freight transport, contributed 0.53 percentage points to the overall index.
- Living and amusement-related services rose 1.7% MoM, with strong growth in services for hobbies and dining.
- Real estate services increased 0.7% MoM and 5.9% YoY, while information and communications rose 0.7% MoM and 3.3% YoY.
- Offsetting gains were declines in finance and insurance (-2.5% MoM), electricity supply (-1.3% MoM), and motor vehicle retail trade (-0.3% MoM).
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Japan’s Index of Tertiary Industry Activity rose 0.3% MoM in the latest month to 104.1 (seasonally adjusted) and was up 1.9% YoY, with gains in both personal and business services.
- The Broad-ranging Personal Services index rose 0.3% MoM and 2.0% YoY to 105.6.
- The Broad-ranging Business Services index increased 0.5% MoM and 1.8% YoY to 102.9.
- Key contributors to growth included Finance & Insurance (+3.3% MoM), Information & Communications (+2.1% MoM), and Wholesale Trade (+0.8% MoM).
- Transport & Postal Activities fell -3.4% MoM, subtracting -0.31 ppts from the index, the largest drag this month.
- Real Estate (-0.9% MoM), Medical/Health Care (-0.4% MoM), and Electricity/Gas (-0.3% MoM) also declined.
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Japan’s Index of Tertiary Industry Activity fell -0.3% MoM (vs -0.2% MoM expected) in March though it was still up 2.6% YoY, with declines in personal and business services offset partly by gains in transport and real estate.
- The Broad-ranging Personal Services index dropped -1.2% MoM (+2.3% YoY), while Business Services declined -0.4% MoM (+3.0% YoY).
- Living & Amusement-related Services fell -4.5% MoM, subtracting -0.43 ppts from the headline index.
- Transport & Postal Activities rose 4.7% MoM, contributing +0.38 ppts, while Real Estate was up 1.2% MoM.
- Finance & Insurance (-1.6% MoM), Information & Communications (-1.0% MoM), and Electricity/Gas (-1.7% MoM) also weighed on activity.
- Retail Trade was flat MoM but down -1.5% YoY.
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Japan’s Index of Tertiary Industry Activity was unchanged and up 0.1% YoY in February, following a 1.4% MoM increase in January (which was revised up from a -0.3% MoM drop).
- The Personal Services index increased 0.7% MoM with the Essential Services index down -0.2% MoM and the Non-Essential Services index up 5.2% MoM.
- The Business Services index was flat and only up 0.6% YoY, the weakest since June 2024.
- The largest increases were in Finance & Insurance (+2.9% MoM) and Living & Amusement (+2.3% MoM).
- The largest decreases were in Information & Communications (-3.4% MoM) and Transport & Postal Services (-2.7% MoM).
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Japan’s tertiary industry activity index fell -0.3% MoM (vs -0.1% MoM expected) but was still up 1.5% YoY in January.
- The personal services index increased 0.8% MoM and 0.8% YoY, and the business services index cooled -0.4% MoM and was up 2.2% YoY.
- Real estate (+1.8% MoM) and transport (+1.2% MoM) were the industries with the largest growth.
- Weakness in information & communications (-2.2% MoM), living & recreation (-1.4% MoM), and wholesale trade (-1.2% MoM) were the industries dragging the index into a contraction.
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Japan’s tertiary industry activity index edged up 0.1% MoM in December, slightly below the 0.2% MoM that was expected, and was up 1.1% YoY.
- The personal services index eased -0.2% MoM and was only up 0.1% YoY.
- The business services index was stronger, up 0.4% MoM and 2.1% YoY, with finance and insurance (+3.6% MoM) and information and communications (+2.6% MoM) leading.
- Wholesale trade (-1.6% MoM) and retail trade (-1.5% MoM) were among the weakest industries in December.
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Japan’s services activity edged down -0.3% MoM (vs 0.1% MoM expected) in November but was still up 0.9% YoY. Personal services activity increased 1.2% MoM driven by a 2.7% MoM boost in real estate activity. Business services activity fell -1.2% MoM including weaker wholesale trade activity (-1.5% MoM) and information & communications (-1.2% MoM).

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Japanese service sector activity increased marginally in October, up just 0.3% MoM and 1.7% YoY. Personal services saw a slight contraction of -0.4% MoM while business services was up 0.2% MoM. Driving the small increase were medical & health care services up 2.5% MoM and wholesale trade up 2.0% MoM. Both were offset by a sharp decrease in electricity, gas, heat & water services (-5.6% MoM) and real estate services (-1.1% MoM).

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