Why Japan's fiscal year is April–March
Most Japanese corporations operate on a fiscal year running from 1 April to 31 March — a legacy tied to the Meiji-era government accounting cycle and the start of the school year. About 90% of listed companies follow this calendar, and the government's own fiscal year runs identically.
This matters when timing deals, product launches, budget approvals, and board meetings with Japanese counterparts. Late February and March are traditionally the busiest months — year-end close, budget finalisation, and promotion/reassignment decisions. Activity often quiets through late April (Golden Week) before picking up in May.
Japan's fiscal quarters
- Q1: April – June
- Q2: July – September
- Q3: October – December
- Q4: January – March
Quarterly earnings are reported 45 days after each quarter-end for TSE-listed firms. The Q2 half-year results (November) and Q4 full-year results (May) receive the most attention from investors and media.
Holiday clusters to plan around
Golden Week (late April – early May)
A cluster of four holidays packed into a week: Shōwa Day (29 April), Constitution Memorial Day (3 May), Greenery Day (4 May), and Children's Day (5 May). With weekends and substitute holidays, most Japanese white-collar workers take the entire week off. Factories run skeleton crews, decision-making stalls completely, and hotels/flights are at peak prices. Do not schedule launches, negotiations, or onsite visits.
Obon (mid-August)
Not a legal national holiday, but most private-sector companies close for 3–5 days around 13–16 August. This is one of the three major domestic travel periods. Tokyo empties out; offices are responsive but slow.
Year-end / New Year (late December – early January)
Companies typically close from around 28–29 December through 3–4 January. January 1 is the only formal national holiday, but business activity essentially ceases for 7–10 days. Schedule the first week of January for internal work only, not external meetings.
Silver Week (mid-to-late September, varies)
When Respect for the Aged Day (3rd Monday of September) and the Autumnal Equinox align to create a 5-day weekend. This happens approximately once every 6 years; next notable occurrence: 2026.
For important Japan-side discussions, avoid the last week of April through first week of May (Golden Week), 10–18 August (Obon), and 25 December – 6 January (year-end). For EU-side attendees, also avoid Christmas/New Year and the first two weeks of August.
About "Happy Monday" holidays
Japan moved four holidays to Mondays in 2000 and 2003 to create guaranteed three-day weekends: Coming of Age Day (2nd Monday of January), Marine Day (3rd Monday of July), Respect for the Aged Day (3rd Monday of September), and Sports Day (2nd Monday of October). This calculator resolves these moveable dates automatically.
Substitute holidays (振替休日)
If a fixed-date national holiday falls on a Sunday, the following Monday becomes a substitute holiday. If two fixed holidays are separated by a single non-holiday day, that middle day becomes a "national people's holiday" (国民の休日) — this is how Golden Week sometimes expands to cover the 4th of May in certain years.