Japan's Economy Watchers, Consumer Confidence (Jun)

Research evidence excerpt

Japan's Economy Watchers, Consumer Confidence (Jun)

8 July 2026

Mizuho Securities Equity Research Economics / Domestic and Overseas Economy

Economic Comment

Future DI up sharply on hopes for end to Middle East war, but no full recovery

Chief Economist: Economy Watchers Survey summary

Shunsuke Kobayashi In the June 2026 Economy Watchers Survey (conducted 25–30 June), the

+81 3 6202 8222 DI for current economic conditions (seasonally adjusted; same below) rose

shunsuke.kobayashi@mizuho-sc.com from 43.6 in May to 44.0, but missed the market estimate (44.2; see Figure

1). Although concerns about the situation in the Middle East eased, the indexEconomist:

rose only slightly as unfavorable weather weighed on sentiment. The futureSoichiro Hirose

conditions DI rose from 40.7 to 45.7, topping the market estimate (42.3; see+81 3 6202 8293

soichiro.hirose@mizuho-sc.com Figure 2). While more respondents expect the conflict in the Middle East to

be resolved, both the current and future conditions DIs have yet to return to

pre-conflict levels.

Details of Economy Watchers Survey

The DI for current conditions rose for the corporate DI (from 43.7 in May to 45.6

in June) and the employment DI (from 41.5 to 43.9) but fell for the household

DI (from 43.8 to 43.5; see Figure 2).

Within household activity, the current DI declined for retail (from 44.4 to

42.8) and food & beverage (from 44.5 to 41.8), but rose for services

(from 44.3 to 46.4) and housing (from 34.8 to 38.4; see Figure 3). Retail-

related companies reported sluggish sales of summer products due to lower-

than-usual temperatures and lower customer traffic caused by typhoons.

Respondents in the food & beverage sector also commented on the impact

of unfavorable weather. At the same time, some respondents in the services