景気循環

• Reading: けいきじゅんかん
• Romaji: keiki junkan
• Kanji breakdown: 景 (kei) — scenery, conditions; 気 (ki) — spirit, energy, atmosphere; 循 (jun) — follow in order; 環 (kan) — ring, circle, cycle
• Pronunciation: /keː.ki.dʑɯn.kan/

Meaning

Business cycle; economic cycle. The recurring pattern of expansion and contraction in economic activity over time, comprising phases of recovery, boom, recession, and depression.

Standard 景気循環 theory identifies four phases: 拡張 (expansion), 後退 (contraction), 谷 (trough), and 山 (peak). In Japan, the Cabinet Office (内閣府) officially dates business cycles. Investors use 景気循環 analysis for sector-rotation strategies, adjusting portfolio weighting towards cyclical or defensive stocks according to the current phase.

Examples

1. 景気循環の各局面を正確に把握することで、投資のタイミングを最適化できる。 By accurately understanding each phase of the business cycle, investors can optimise the timing of their investments.
2. 経済学者の間では、景気循環の周期が以前と比べて短くなっているという指摘がある。 Among economists, there are observations that the duration of the business cycle has become shorter than in the past.
3. 景気循環に左右されにくいディフェンシブ銘柄は、安定志向の投資家に好まれる。 Defensive stocks, which are relatively unaffected by the business cycle, are favoured by stability-oriented investors.

Usage Guide

Context: macroeconomics, investing, business journalism, policy analysis

Tone: academic

Origin & History

Compound of 景気 (business conditions, economic climate) and 循環 (cycle, circulation — 循 follow in order + 環 ring/circle). The circular imagery in 循環 captures the repeating nature of the cycle.

Cultural Context

Era: Modern

Generation: Adults

Social background: Academic/Finance