In this research between the stock prices and the industrial forecast by the economic paper (Nikkei, Nihon Keizai Shimbun) is examined in terms of market efficiency. The binomial test is employed to the test after quantifying the date from the economic paper. In the result, although data period isn't fully sufficient, positive economic predictions could explain the stock price fluctuation significantly, while negative economic predictions could not. This comes to refute the hypothesis of semi-strong from of market efficiency.
