FX.co ★ Japan's Tertiary Industry Activity Index Dips Significantly in November 2025

Japan's Tertiary Industry Activity Index, a key economic gauge reflecting the performance of service industries, has seen a significant decline, according to recent data updated on January 19, 2026. In November 2025, the index plummeted to -2.40, a notable drop from the previous month's figure of -0.70 recorded in October 2025.

This downturn highlights mounting challenges for Japan's service sector, which encompasses industries such as retail, finance, insurance, and real estate. The stark decrease suggests potential headwinds that could have broader implications for Japan's overall economic growth and recovery efforts.

Economists are closely monitoring these shifts in the tertiary index as it serves as a bellwether for consumer demand and business activity. The continued decline may prompt stakeholders to assess policy strategies to stimulate growth and stabilize the sector as Japan navigates through its economic dynamics in 2026.