Japan Technology: IT Services: June BOJ Tankan data: Supply/demand tightness eases slightly, gap may widen in margin improvement on AI

Research evidence excerpt

Japan Technology: IT Services: June BOJ Tankan data: Supply/demand tightness eases slightly, gap may widen in margin improvement on AI

Equity Research

2 July 2026 | 10:33AM JST

Japan Technology: IT Services: June BOJ Tankan data: Supply/demand

tightness eases slightly, gap may widen in margin improvement on AI

The Bank of Japan (BOJ) announced detailed data (software fixed investment, DIs) Chikai Tanaka, CFA

+81(3)4587-9840 |

by industry from the June 2026 Tankan survey at 08:50 JST on July 2 (the summary chikai.tanaka@gs.com

Goldman Sachs Japan Co., Ltd.

was released on July 1). FY26 (FY3/27) software investment plans (all industries,

Yuki Sato

including financials) were revised up sharply to +12.4% yoy (+5.3 pp from the March +81(3)4587-8536 | yuki.z.sato@gs.com

survey), led by manufacturers, and the favorable demand environment is expected Goldman Sachs Japan Co., Ltd.

to continue, centered on modernization. At present, demand is beginning to emerge

for consulting, network building, and cybersecurity, driven by growing corporate

appetite for AI adoption, and we believe this trend could accelerate going forward.

Furthermore, excluding quarterly fluctuations, the trends of engineer shortages and

rising unit prices generally remain unchanged, based on the DIs. However, we expect

the effects of AI-driven development to gradually become apparent at some major

system integrators going forward, which we think could have a slight impact on

supply/demand trends in the industry. From the perspective of AI-related businesses

and AI-driven development, we highlight Buy-rated NEC, Baycurrent, Nomura

Research Institute (NRI), and Fujitsu. However, for Fujitsu and NEC, we note the need

to watch the impact of higher memory prices (Fujitsu has a higher sales mix of