Thanks For Making Me 12th Highest on Substack’s List Of “Rising” Business- and Economics-Related Newsletters

June 15, 2026 - 23:55

A big thank you to readers who upgraded to paid subscriptions over the past week. That support pushed total paid subscribers up by 5.6 percent in seven days, landing the newsletter at number 12 on Substack's list of rising business and economics publications.

The "rising" category tracks newsletters with the biggest percentage increase in revenue from subscribers over a short period. It is a welcome milestone, but one that comes with a dose of perspective.

As with many topics covered in this newsletter, the news is mixed. The surge in new paid subscribers is encouraging. The caveat is that large percentage gains are easier to achieve when starting from a smaller base. The newsletter now has enough paid subscribers to appear on Substack's initial best seller list, but there is still a long way to go before a meaningful share of the roughly 12,000 total subscribers to Japan Economy Watch become paying readers.

For most hybrid newsletters that offer both free and paid content, the typical paid conversion rate falls between 2 and 7 percent of total subscribers. The initial goal is to reach 5 percent. For readers who find value in the analysis and reporting here, upgrading to a paid subscription helps move closer to that target and beyond.