• JAPAN TOB average operating margin for 2023 was 28.86%, a 3.9% increase from 2022.
• JAPAN TOB average operating margin for 2022 was 30.03%, a 1.8% decline from 2021.
• JAPAN TOB average operating margin for 2021 was 29.5%, a 0% increase from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.