The determination of Business-Cycle Peak and Trough
November 30, 2021
In light of the discussion of the Committee for Business Cycle Indicators held on November 30th, 2021, the President of ESRI has provisionally determined that a trough in business activities occurred in the Japanese economy in May 2020.(November 30, 2021)
| 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 (provisional) | May 2020 (provisional) | 4Q 2018 (provisional) | 2Q 2020 (provisional) |
