Business-Cycle Dating
July 19, 2022
In light of the discussion of the Committee for Business Cycle Indicators held on July 19th, 2022, the President of ESRI has determined that a peak in business activities occurred in the Japanese economy in October 2018 and a trough occurred in May 2020.(July 19, 2022)
| Peak (By Month) | Trough (By Month) | Peak (By Quarter) | Trough (By Quarter) |
|---|---|---|---|
| Jun. 1951 | Oct. 1951 | 2Q 1951 | 4Q 1951 |
| Jan. 1954 | Nov. 1954 | 1Q 1954 | 4Q 1954 |
| Jun. 1957 | Jun. 1958 | 2Q 1957 | 2Q 1958 |
| Dec. 1961 | Oct. 1962 | 4Q 1961 | 4Q 1962 |
| Oct. 1964 | Oct. 1965 | 4Q 1964 | 4Q 1965 |
| Jul. 1970 | Dec. 1971 | 3Q 1970 | 4Q 1971 |
| Nov. 1973 | Mar. 1975 | 4Q 1973 | 1Q 1975 |
| Jan. 1977 | Oct. 1977 | 1Q 1977 | 4Q 1977 |
| Feb. 1980 | Feb. 1983 | 1Q 1980 | 1Q 1983 |
| Jun. 1985 | Nov. 1986 | 2Q 1985 | 4Q 1986 |
| Feb. 1991 | Oct. 1993 | 1Q 1991 | 4Q 1993 |
| May 1997 | Jan. 1999 | 2Q 1997 | 1Q 1999 |
| Nov. 2000 | Jan. 2002 | 4Q 2000 | 1Q 2002 |
| Feb. 2008 | Mar. 2009 | 1Q 2008 | 1Q 2009 |
| Mar. 2012 | Nov. 2012 | 1Q 2012 | 4Q 2012 |
| Oct. 2018 | May 2020 | 4Q 2018 | 2Q 2020 |