Report published September 9, 2026
Japan September 2026 Reuters Tankan: Semiconductor Demand Drives Manufacturer Sentiment to Multi-Year Highs
Goldman Sachs · September 9, 2026
The September Reuters Tankan showed Japan's manufacturing DI rising +3 points to +21, its highest level since December 2021, while non-manufacturers edged up +1 point to +29. Solid demand related to semiconductors, memory, and data centers drove the improvement across sectors.
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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.Manufacturers' DI rose +3 points to +21 in September, reaching its highest level since December 2021, led by electric machinery (+15 points) and textiles & paper (+13 points).
- 2.Both manufacturing and non-manufacturing sectors cited solid semiconductor, AI, and data center demand as primary catalysts behind business condition improvements.
- 3.Non-manufacturers' DI ticked up +1 point to +29, with solid pricing power and rent hikes supporting real estate & construction (+5 points) and transport/telecom/utilities (+8 points).
Table of Contents
- Manufacturers' DI Improves Slightly, Reaches Highest Level Since End of 2021
- Non-manufacturers' DI Improves by 1 Point
- The Japan Economics Team
Report data
Exhibit 1: Reuters vs. BOJ Tankan DI: Manufacturers
| Metric | Estimate | Context |
|---|---|---|
| Reuters Tankan Manufacturers DI | 21.0 index points | Reached highest level since December 2021 |
| Reuters Tankan Non-manufacturers DI | 29.0 index points | Slightly below the start of the year (+32) |
| Reuters Tankan Manufacturers DI Outlook | 27.0 index points | Previous outlook DI was +16; electric machinery outlook +17 points |
| Electric Machinery Sector DI Change | 15.0 index points | Driven by solid demand related to semiconductor memory and data centers |
| Food Sector DI Change | -25.0 index points | Decline caused by high consumer prices and soaring raw material prices |
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