Japan Focus of the Week: September BOJ Tankan, BOJ Summary of Opinions, September Tokyo CPI

Key Takeaways

• 1.In the September BOJ Tankan, Goldman Sachs forecasts the large manufacturers' business conditions DI to improve to +26 (+4 points q/q), while the large non-manufacturers' DI is seen edging down to +36 (-1 point q/q).
• 2.The BOJ's upcoming Summary of Opinions will be scrutinized for debates on the urgency and timing of future rate hikes as policy approaches neutral interest rates.
• 3.September Tokyo new core CPI is projected to accelerate to +2.5% yoy (+0.5 pp vs. August), primarily due to base effects from Tokyo's free childcare program introduced in September 2025 and food price increases.

Table of Contents

• Upcoming Economic Indicators and Events (September 28 - October 2)
• Reference: Japan One Month Economic Calendar

Report data

Upcoming Economic Indicators and Events

Reports in this series

Japan Focus of the Week is shown in chronological order through this edition, published on September 25, 2026.

Part of the Japan Focus of the Week series — view all 15 editions

Looking for the latest edition? Japan Focus of the Week September Corporate Goods Prices (Oct 9, 2026)

1. Aug 28Japan Focus of the Week Q2 MOF Corporate Statistics, July Industrial Production,
2. Sep 4Japan Focus of the Week Q2 GDP Revision, July Wage, August Corporate Goods Prices
3. Sep 11Japan Focus of the Week BOJ MPM, August National CPI
4. Sep 18Japan Focus of the Week September 21 25