# NAKAYAMAFUKU CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第80期(2025/04/01－2026/03/31) (S100YFRP)
> Page: https://vizora.meequs.com/en/company/nakayamafuku
> Retrieved: 2026-09-30T21:47:02.706Z

## Company

Nakayamafuku, founded in 1947, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 430 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NAKAYAMAFUKU CO.,LTD. |
| Ticker | 7442 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7442.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区島之内一丁目22番9号 |
| Representative (per filing) | 代表取締役社長 橋本 謹也 |
| Founded | Feb 1947 |
| Share capital | ¥1.71B |
| Employees (consolidated) | 430 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | March |
| Website | www.nakayamafuku.co.jp (https://www.nakayamafuku.co.jp/) |
| Corporate number | 9120001077505 |
| EDINET | E02805 |
| Industries (Vizora) | Specialty Trading & Wholesale, Furniture, Interior & Lifestyle Goods |

> Profile source: annual securities report (S100YFRP, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 8.7 | 179 |
| Profitability | 17 | 185 |
| Cash conversion | 29.3 | 179 |
| Efficiency | 33.8 | 185 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 48% of Nakayamafuku's sales come from Household goods wholesale business, with Tohoku/Kanto region and Kinki,Chugoku,Shikoku region making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +5.1% from the prior year, operating profit +243.8%.

## Company structure

- Segment revenue mix: Household goods wholesale business 47.8%、Tohoku/Kanto region 20.9%、Kinki,Chugoku,Shikoku region 12.7%、Kyushu,Okinawa region 7.4%、Chubu region 5.2%
- Revenue → net income: ¥43052503000 → ¥667547000
- Net income → operating cash flow: ¥667547000 → ¥353826000（difference ¥-313721000）
- Main uses of operating cash flow: CapEx ¥84807000 / dividends ¥233838000 / buybacks ¥35518000
- Change in cash: ¥-1840770000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥43.1B |  |
| Operating income | ¥531.4M | Margin 1.2% |
| Net income | ¥667.5M | Margin 1.6% |
| Free cash flow | ¥269M |  |
| Largest business | Household goods wholesale business | of segment revenue 47.8% |
| Employees (consolidated) | 430 |  |
| EPS | ¥15.01 |  |
| Book value per share | ¥1067.73 |  |
| Equity ratio | 71.7% |  |
| Shares outstanding | 20,214,000 |  |
| Treasury shares | 472,600 |  |
| Shareholders | 14,950 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 16.4% | Cash ÷ revenue 12.6% |
| Vs. industry median margin | -1.6 pp | Specialty Trading & Wholesale |
| ROE | 3.3% | Derived from disclosed figures |
| ROA | 2.0% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥47865673000 | ¥43052503000 | -10.1% |
| Operating income | ¥872694000 | ¥531370000 | -39.1% |
| Operating margin | 1.8% | 1.2% | -0.6 pp |
| Employees | 446 people | 430 people | -3.6% |
| Cash and equivalents | ¥5353667000 | ¥5407972000 | +1.0% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 北海道 → 北海道 | 1.3% |
| 北海道・東北 → 事業再編・廃止 | 2.4% |
| 東北・関東 → 東北・関東 | 16.3% |
| 関東 → 事業再編・廃止 | 15.2% |
| 中部 → 中部 | 3.0% |
| 近畿・中四国 → 近畿・中四国 | 8.4% |
| 近畿 → 事業再編・廃止 | 7.2% |
| 九州・沖縄 → 九州・沖縄 | 4.3% |
| 中四国・九州 → 事業再編・廃止 | 5.6% |
| 家庭用品卸売事業 → 家庭用品卸売事業 | 33.3% |
| プラスチック日用品製造事業 → プラスチック日用品製造事業 | 1.7% |
| その他 → 事業再編・廃止 | 1.3% |
| 新設・再編 → 北海道 | 0.4% |
| 新設・再編 → 東北・関東 | 4.6% |
| 新設・再編 → 中部 | 2.1% |
| 新設・再編 → 近畿・中四国 | 4.2% |
| 新設・再編 → 九州・沖縄 | 3.1% |
| 新設・再編 → 家庭用品卸売事業 | 14.5% |
| 新設・再編 → プラスチック日用品製造事業 | 0.8% |
| 新設・再編 → インテリア用品製造・販売事業 | 1.8% |
| 新設・再編 → 家庭用品製造・販売事業 | 0.1% |

Segment revenue source references: 21 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Household goods wholesale business | 5 years | -2.1% | ¥39486488000 | 3.0% | 2 |
| Tohoku/Kanto region | 5 years | -4.3% | ¥17223763000 | 2.9% | 2 |
| Kinki,Chugoku,Shikoku region | 5 years | -1.2% | ¥10453491000 | 4.1% | 2 |
| Kyushu,Okinawa region | 5 years | +1.6% | ¥6110354000 | 2.1% | 2 |
| Chubu region | 5 years | +1.4% | ¥4251304000 | 3.0% | 2 |
| Plastic daily item manufacturing business | 5 years | -2.0% | ¥2044174000 | 5.6% | 2 |
| Intelia goods manufacturing and sales business | 4 years | +4.6% | ¥1479145000 | 29.5% | 2 |
| Hokkaido region | 5 years | -3.5% | ¥1447575000 | -1.6% | 2 |
| Household goods manufacturing and sales business | — | — | ¥42695000 | 381.9% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 43,053 | 100.0% | S100YFRP |
| Cost of revenue | 34,657 | 80.5% | S100YFRP |
| Gross profit | 8,396 | 19.5% | S100YFRP |
| SG&A | 7,864 | 18.3% | S100YFRP |
| Operating income | 531 | 1.2% | S100YFRP |
| Ordinary income | 843 | 2.0% | S100YFRP |
| Pretax income | 1,025 | 2.4% | S100YFRP |
| Income tax | 358 | 0.8% | S100YFRP |
| Net income | 668 | 1.6% | S100YFRP |
| Net income attributable to owners | 668 | 1.6% | S100YFRP |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 18 |
| Operating income | 1 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 19.5% → Operating margin 1.2% → Net margin 1.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.1%; Core profit growth: +243.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 47.47×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 40,950 | 43,053 | 2,103 | +5.1% |
| Gross profit | 7,819 | 8,396 | 576 | +7.4% |
| Operating income | 155 | 531 | 377 | +243.8% |
| Net income attributable to owners | 527 | 668 | 141 | +26.7% |
| Operating cash flow | -6 | 354 | 360 | — |
| Free cash flow | -607 | 269 | 876 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 46,657 | 48 | 0.1% | 220 | -1,351 | -1,440 | S100LOPL |
| FY ending Mar 2021 | 47,866 | 873 | 1.8% | 1,002 | 1,452 | 858 | S100OI3P |
| FY ending Mar 2022 | 42,720 | 554 | 1.3% | 568 | 1,137 | -9 | S100R9EM |
| FY ending Mar 2023 | 39,887 | 116 | 0.3% | 601 | 739 | 678 | S100TSTI |
| FY ending Mar 2024 | 38,593 | -470 | -1.2% | 14 | 1,349 | 955 | S100W07D |
| FY ending Mar 2025 | 40,950 | 155 | 0.4% | 527 | -6 | -607 | S100YFRP |
| FY ending Mar 2026 | 43,053 | 531 | 1.2% | 668 | 354 | 269 | S100YFRP |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥100.1M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥1.6M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 435 | 437 | 433 | 423 | 430 |
| Average salary (parent company) | ¥5.4M | ¥5.2M | ¥5.6M | ¥5.2M | ¥5.6M |
| Average age (parent company) | 40.0 years | 40.0 years | 40.0 years | 41.0 years | 40.0 years |
| Average tenure (parent company) | 14.0 years | 15.0 years | 15.0 years | 14.0 years | 14.0 years |

Year over year: Employees (consolidated) +1.7% · Revenue (consolidated) +5.1%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Hokkaido region | 1,448 | 1.8% | -23 | -1.6% |
| Tohoku/Kanto region | 17,224 | 20.9% | 500 | 2.9% |
| Chubu region | 4,251 | 5.2% | 129 | 3.0% |
| Kinki,Chugoku,Shikoku region | 10,453 | 12.7% | 429 | 4.1% |
| Kyushu,Okinawa region | 6,110 | 7.4% | 131 | 2.1% |
| Household goods wholesale business | 39,486 | 47.8% | 1,167 | 3.0% |
| Plastic daily item manufacturing business | 2,044 | 2.5% | 114 | 5.6% |
| Intelia goods manufacturing and sales business | 1,479 | 1.8% | 436 | 29.5% |
| Household goods manufacturing and sales business | 43 | 0.1% | 163 | 381.9% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Hokkaido region | 1.8% | — | — | -1.6% |
| Tohoku/Kanto region | 20.9% | 16.3% | -4.6 | 2.9% |
| Chubu region | 5.2% | 4.2% | -0.9 | 3.0% |
| Kinki,Chugoku,Shikoku region | 12.7% | 14.0% | 1.3 | 4.1% |
| Kyushu,Okinawa region | 7.4% | 4.3% | -3.1 | 2.1% |
| Household goods wholesale business | 47.8% | 38.0% | -9.8 | 3.0% |
| Plastic daily item manufacturing business | 2.5% | 3.7% | 1.2 | 5.6% |
| Intelia goods manufacturing and sales business | 1.8% | 14.2% | 12.4 | 29.5% |
| Household goods manufacturing and sales business | 0.1% | 5.3% | 5.3 | 381.9% |

Loss-making segment (excluded from profit shares): Hokkaido region -23 JPY mn

Segment → industry: Hokkaido region → Specialty Trading & Wholesale / Tohoku/Kanto region → Specialty Trading & Wholesale / Chubu region → Specialty Trading & Wholesale / Kinki,Chugoku,Shikoku region → Specialty Trading & Wholesale / Kyushu,Okinawa region → Specialty Trading & Wholesale / Household goods wholesale business → Specialty Trading & Wholesale / Plastic daily item manufacturing business → Furniture, Interior & Lifestyle Goods / Intelia goods manufacturing and sales business → Furniture, Interior & Lifestyle Goods / Household goods manufacturing and sales business → Furniture, Interior & Lifestyle Goods

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 354 | 0.8% | S100YFRP |
| Capital expenditure | 85 | 0.2% | S100YFRP |
| Free cash flow | 269 | 0.6% | 算出 |
| Investing cash flow | 235 | 0.5% | S100YFRP |
| Financing cash flow | -2,432 | -5.6% | S100YFRP |
| Dividends paid | 234 | 0.5% | S100YFRP |
| Share buyback | 36 | 0.1% | S100YFRP |
| Change in cash | -1,841 | -4.3% | S100YFRP |
| Cash and equivalents | 5,408 | 12.6% | S100YFRP |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,994 | 5,757 | 6,435 | 7,249 | 5,408 | S100TSTI, S100W07D, S100YFRP |
| Total assets | 31,039 | 31,387 | 32,889 | 32,796 | 33,050 | S100R9EM, S100TSTI, S100W07D, S100YFRP |
| Net assets | 21,265 | 21,765 | 22,425 | 22,403 | 23,681 | S100TSTI, S100W07D, S100YFRP |
| Share capital | 1,706 | 1,706 | 1,706 | 1,706 | 1,706 | S100R9EM, S100TSTI, S100W07D, S100YFRP |
| Trade receivables | 7,983 | 7,122 | 7,501 | 7,039 | 7,760 | S100R9EM, S100TSTI, S100W07D, S100YFRP |
| Property, plant and equipment | 7,202 | 6,646 | 6,765 | 7,099 | 6,919 | S100R9EM, S100TSTI, S100W07D, S100YFRP |
| Intangible assets excluding goodwill | 287 | 213 | 151 | 88 | 40 | S100R9EM, S100TSTI, S100W07D, S100YFRP |
| Goodwill | 249 | 174 | 103 | 47 | — | S100R9EM, S100TSTI, S100W07D, S100YFRP |
| Investment securities | 3,599 | 3,783 | 4,374 | 3,582 | 4,081 | S100R9EM, S100TSTI, S100W07D, S100YFRP |
| Current assets | 19,350 | 20,077 | 20,467 | 20,784 | 20,116 | S100R9EM, S100TSTI, S100W07D, S100YFRP |
| Current liabilities | 7,258 | 7,452 | 8,457 | 8,800 | 7,647 | S100R9EM, S100TSTI, S100W07D, S100YFRP |
| Trade payables | 3,087 | 3,236 | 4,288 | 3,322 | 3,651 | S100R9EM, S100TSTI, S100W07D, S100YFRP |
| Short-term borrowings | 2,056 | 2,050 | 2,000 | 3,500 | 1,800 | S100R9EM, S100TSTI, S100W07D, S100YFRP |
| Long-term borrowings | 1,750 | 1,341 | 940 | 591 | 334 | S100R9EM, S100TSTI, S100W07D, S100YFRP |
| Total liabilities | 9,775 | 9,621 | 10,464 | 10,393 | 9,369 | S100R9EM, S100TSTI, S100W07D, S100YFRP |
| Equity attributable to owners of parent | 19,672 | 20,033 | 19,861 | 20,199 | 20,656 | S100R9EM, S100TSTI, S100W07D, S100YFRP |
| Retained earnings | 17,135 | 17,501 | 17,321 | 17,653 | 18,068 | S100R9EM, S100TSTI, S100W07D, S100YFRP |
| Treasury stock | -438 | -443 | -435 | -428 | -387 | S100R9EM, S100TSTI, S100W07D, S100YFRP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YFRP |
| Receivables | 24% | S100YFRP |
| Property, plant and equipment | 21% | S100YFRP |
| Intangibles and goodwill | 0% | S100YFRP |
| Investment securities | 12% | S100YFRP |
| Other assets | 27% | S100YFRP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YFRP |
| Other liabilities | 17% | S100YFRP |
| Equity | 72% | S100YFRP |
| Other liabilities | 0% | S100YFRP |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 31,039 | 31,387 | 32,889 | 32,796 | 33,050 |
| Equity | 21,265 | 21,765 | 22,425 | 22,403 | 23,681 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,994 | 5,757 | 6,435 | 7,249 | 5,408 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 16.1% | S100YFRP |
| Fixed assets ÷ total assets | 20.9% | S100YFRP |
| Goodwill ÷ parent equity | — | —, S100YFRP |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 16.4% |
| Cash ÷ revenue | 12.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 66.6% |
| Cash vs. profit gap | -314 JPY mn (of net income -47.0%) |
| Shareholder returns / net income | 40.4% |
| Shareholder returns / FCF | 100.1% |
| Shareholder payments — dividends / net income | 35.0% |
| Shareholder payments — dividends / FCF | 86.9% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 66.5% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 1.3% | 1.38× | 1.8% | 1.58× | 2.9% | S100R9EM |
| 2023 | 1.5% | 1.28× | 1.9% | 1.57× | 3.0% | S100TSTI |
| 2024 | 0.0% | 1.20× | 0.0% | 1.61× | 0.1% | S100W07D |
| 2025 | 1.3% | 1.25× | 1.6% | 1.64× | 2.6% | S100YFRP |
| 2026 | 1.6% | 1.31× | 2.0% | 1.61× | 3.3% | S100YFRP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 中山福共栄会 | Major shareholder | 14.2% | 2026-03-31 |
| 象印マホービン株式会社 | Major shareholder | 4.6% | 2026-03-31 |
| 京セラ株式会社 | Major shareholder | 4.6% | 2026-03-31 |
| 中山福従業員持株会 | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社みずほ銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社良善 | Major shareholder | 2.5% | 2026-03-31 |
| 中山 修次郎 | Major shareholder | 2.1% | 2026-03-31 |
| 天馬株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 松本 陽子 | Major shareholder | 0.8% | 2026-03-31 |
| 西川 晶子 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2025/04/01－2026/03/31) | S100YFRP | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFRP,, |
| 有価証券報告書－第79期(2024/04/01－2025/03/31) | S100W07D | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W07D,, |
| 有価証券報告書－第78期(2023/04/01－2024/03/31) | S100TSTI | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSTI,, |
| 有価証券報告書－第77期(2022/04/01－2023/03/31) | S100R9EM | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9EM,, |
| 有価証券報告書－第76期(令和3年4月1日－令和4年3月31日) | S100OI3P | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI3P,, |
| 有価証券報告書－第75期(令和2年4月1日－令和3年3月31日) | S100LOPL | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOPL,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).