Japan's alternative-data based economic trends: 11 May

Research evidence excerpt

Japan's alternative-data based economic trends: 11 May

11 May 2026

Mizuho Securities Equity Research Economics / Domestic and Overseas Economy

Economic Comment

Real-time update using SRI-Hitotsubashi Consumer Purchase Index

In this report, we look at recent economic trends using alternative weekly data.Chief Economist:

Below, we provide an update on recent consumption trends based on the SRI-Shunsuke Kobayashi

Hitotsubashi University Consumer Purchase Index, updated today by Intage+81 3 6202 8222

shunsuke.kobayashi@mizuho-sc.com Holdings, Hitotsubashi University, and the National Supermarket Association

of Japan, covering the week spanning 27 April–3 May 2026. For more detailed

Economist: data, see the figures on the following pages.

Soichiro Hirose

+81 3 6202 8293 Within the SRI-Hitotsubashi University Consumer Purchase Index, the

soichiro.hirose@mizuho-sc.com consumer-purchase expenditure (sales) index (excluding cigarettes) was

down 1.0% YoY (up 2.2% the previous week; see Figure 1). By store type,

sales were down 1.4% YoY (up 3.1%) for supermarkets, down 0.3% (up 3.7%)

for drugstores, and down 0.7% (down 2.7%) for convenience stores.

A breakdown of the factors shows that the price index was up 2.2% YoY (up

2.0% the previous week), the quantity index was down 6.6% (down 3.5%), and

the product turnover effect index was up 5.6% (up 8.8%; see Figure 2). The

contribution to the expenditure index (YoY change) was up 1.4ppt (up 1.3ppt)

from the price index, down 4.3ppt (down 2.3ppt) from the quantity index, and

up 1.9ppt (up 3.1ppt) from the product turnover effect index (see Figure 3).

Trends by store type

For supermarkets, the consumer expenditure index was down 1.4% YoY (up

3.1% the previous week; see Figure 7). A breakdown of the factors affecting