Markets Actual Q3 Q4 Q1 Q2 2021
Currency 106.59 107 108 108 109 109
Stock Market (points) 23243.91 22325 21827 21341 20863 19909
Government Bond 10Y (%) 0.04 0.05 0.05 0.05 0.06 0.07

Overview Actual Q3 Q4 Q1 Q2 2021
GDP Growth Rate (%) -0.60 3.8 1.1 0.9 1.5 0.6
GDP Annual Growth Rate (%) -1.70 -3.4 -4 2 2.2 3.6
GDP Growth Annualized (%) -2.20 -3.4 -4 2 5 3.4
Unemployment Rate (%) 2.80 3.8 3.7 3.6 3.6 3.8
Inflation Rate (%) 0.10 -0.6 -0.4 0.2 0.6 1
Inflation Rate Mom (%) 0.10 0.3 0.3 -0.1 0.2 0.4
Interest Rate (%) -0.10 -0.1 -0.1 -0.1 -0.1 -0.1
Balance of Trade (JPY Billion) -268.82 -180 910 300 0 1010
Current Account (JPY Billion) 167.54 750 510 2250 2250 440
Current Account to GDP (%) 3.60 2.5 2.5 2.2 2.2 2.2
Government Debt to GDP (%) 236.60 250 250 255 255 255
Government Budget (% of GDP) -3.80 -20 -20 -10.2 -10.2 -10.2
Business Confidence (points) -34.00 -27 -8 -12 -6 5
Manufacturing PMI (points) 45.20 48 49.2 50.5 50 51
Services Pmi (points) 45.40 50 50.5 51.6 51 51.9
Consumer Confidence (points) 29.50 36 38 40 42 42
Retail Sales MoM (%) 13.10 -2.8 1.2 0.8 1.2 0.7
Corporate Tax Rate (%) 30.62 30.62 30.62 30.62 30.62 30.62
Personal Income Tax Rate (%) 55.95 55.95 55.95 55.95 55.95 55.95

GDP Actual Q3 Q4 Q1 Q2 2021
GDP Growth Rate (%) -0.60 3.8 1.1 0.9 1.5 0.6
GDP Annual Growth Rate (%) -1.70 -3.4 -4 2 2.2 3.6
GDP Growth Annualized (%) -2.20 -3.4 -4 2 5 3.4
GDP (USD Billion) 5081.77 4750 4750 4900 4900 4900
GDP Constant Prices (JPY Billion) 526460.70 521092 508241 536954 538007 526538
Gross National Product (JPY Billion) 549639.30 544017 530480 560596 561695 549578
Gross Fixed Capital Formation (JPY Billion) 126064.40 125000 130398 129000 129000 131050
GDP per capita (USD) 49187.80 47200 47200 48200 48200 48200
GDP per capita PPP (USD) 41429.30 40900 40900 40900 41400 41400
GDP From Agriculture (JPY Billion) 4685.40 4526 4498 4779 4788 4660
GDP From Construction (JPY Billion) 29224.80 28231 28056 29809 29868 29066
GDP From Manufacturing (JPY Billion) 112294.90 108477 107803 114541 114765 111684
GDP From Mining (JPY Billion) 225.20 218 216 230 230 224
GDP From Public Administration (JPY Billion) 26309.00 25414 25257 26835 26888 26166
GDP From Services (JPY Billion) 21744.70 21005 20875 22180 22223 21626
GDP From Transport (JPY Billion) 25280.00 24420 24269 25786 25836 25142
GDP From Utilities (JPY Billion) 9761.20 9429 9371 9956 9976 9708

Labour Actual Q3 Q4 Q1 Q2 2021
Unemployment Rate (%) 2.80 3.8 3.7 3.6 3.6 3.8
Employment Rate (%) 60.20 59.9 60.2 60.2 60.2 61
Labor Force Participation Rate (%) 61.90 61.3 62.5 62.5 62.5 62.5
Youth Unemployment Rate (%) 4.00 3.7 3.7 3.6 3.6 3.6
Productivity (points) 85.10 102 101 101 101 101
Job Vacancies (Thousand ) 742.49 650 690 790 790 800
Wages (JPY/Month) 543312.00 305635 689735 318590 302892 693183
Wages in Manufacturing (JPY/Month) 536151.00 336943 828815 340020 330050 832959
Wage Growth (%) -1.70 0.2 0.2 0.3 0.3 0.5
Minimum Wages (JPY/Hour) 901.00 901 925 925 925 950
Population (Million) 126.01 126 125 125 125 125
Retirement Age Women 63.00 63 63 63 63 63
Retirement Age Men 63.00 63 63 63 63 63
Jobs To Applications Ratio 1.11 1.3 1.4 1.4 1.6 1.6

Prices Actual Q3 Q4 Q1 Q2 2021
Inflation Rate (%) 0.10 -0.6 -0.4 0.2 0.6 1
Inflation Rate Mom (%) 0.10 0.3 0.3 -0.1 0.2 0.4
Consumer Price Index CPI (points) 101.70 101 102 102 102 103
Core Consumer Prices (points) 101.60 101 101 102 102 102
Core Inflation Rate (%) 0.00 -0.9 -0.8 -0.2 0.6 1
Producer Prices (points) 99.60 97.67 104 103 100 106
Food Inflation (%) 1.50 1.5 1.3 1.3 1.2 1.3
Producer Prices Change (%) -0.90 -3.2 1.5 1.5 0.8 1.5
CPI Housing Utilities (points) 100.40 99.2 100 100 101 101
CPI Transportation (points) 97.80 97.61 99.5 100 98.39 100

Money Actual Q3 Q4 Q1 Q2 2021
Interest Rate (%) -0.10 -0.1 -0.1 -0.1 -0.1 -0.1
Interbank Rate (%) -0.05 -0.05 -0.05 -0.05 -0.05 -0.05
Central Bank Balance Sheet (JPY Billion) 665885.20 650000 638000 628000 620000 629114
Deposit Interest Rate (%) -0.16 -0.05 -0.1 -0.1 0 0
Foreign Stock Investment (JPY Billion) -578.60 200 250 250 250 250
Foreign Bond Investment (JPY Billion) 1146.40 150 150 150 150 178
Loan Growth (%) 6.30 2.5 2.4 2.4 2.4 2.4
Private Debt to GDP (%) 223.80 228 228 228 228 228

Trade Actual Q3 Q4 Q1 Q2 2021
Balance of Trade (JPY Billion) -268.82 -180 910 300 0 1010
Current Account (JPY Billion) 167.54 750 510 2250 2250 440
Current Account to GDP (%) 3.60 2.5 2.5 2.2 2.2 2.2
Imports (JPY Billion) 5130.86 4800 5800 5500 5800 6200
Exports (JPY Billion) 4862.03 5600 6000 5800 5800 5200
Foreign Direct Investment (JPY HML) -18025.57 15000 15000 15000 15000 12540
Tourism Revenues (JPY Thousand) 39000.00 8000000 10000000 12000000 1500000 21000000
Tourist Arrivals 2600.00 1900000 2100000 2200000 2200000 2502100

Government Actual Q3 Q4 Q1 Q2 2021
Government Debt to GDP (%) 236.60 250 250 255 255 255
Government Budget (% of GDP) -3.80 -20 -20 -10.2 -10.2 -10.2
Government Spending (JPY Billion) 110232.10 114256 11370 11370 112458 110720
Military Expenditure (USD Million) 45362.00 47143 47143 47143 47143 47143
Government Spending To GDP (%) 38.90 39.6 39.6 39.6 39.6 40.5

Taxes Actual Q3 Q4 Q1 Q2 2021
Corporate Tax Rate (%) 30.62 30.62 30.62 30.62 30.62 30.62
Personal Income Tax Rate (%) 55.95 55.95 55.95 55.95 55.95 55.95
Sales Tax Rate (%) 10.00 10 10 10 10 10
Social Security Rate (%) 29.20 29.3 29.3 29.3 29.3 29.3
Social Security Rate For Companies (%) 14.75 14.75 14.75 14.75 14.75 14.75
Social Security Rate For Employees (%) 14.45 14.45 14.45 14.45 14.45 14.45

Business Actual Q3 Q4 Q1 Q2 2021
Business Confidence (points) -34.00 -27 -8 -12 -6 5
Manufacturing PMI (points) 45.20 48 49.2 50.5 50 51
Services Pmi (points) 45.40 50 50.5 51.6 51 51.9
Industrial Production (%) -17.70 2 2 2 2 2.1
Industrial Production Mom (%) 2.70 0.5 0.1 0.1 0.1 0.1
Manufacturing Production (%) -17.70 -5 1.5 1.5 2 3
Machinery Orders (%) 1.70 0.5 0.2 0.2 5 0.2
Bankruptcies (Companies) 780.00 650 680 680 680 680
Corporate Profits (JPY Billion) 15136.00 15000 17000 16000 18000 20000
Coincident Index 76.40 88 95 100 99 101
Economy Watchers Survey 41.10 40 45 40 40 49
Car Production (Units) 251384.00 500000 600000 600000 580000 590000
Car Registrations 207473.00 200000 150000 140000 180000 205000
Leading Economic Index (points) 85.00 89 90 95 95 100
Small Business Sentiment -45.00 -30 -10 16 12 15
Mining Production (%) -5.70 -2 -2 -2 -2 -1.32
Machine Tool Orders (JPY Million) 69784.00 60870 80950 95950 85000 85150
Reuters Tankan Index (points) -44.00 -35 -2 -2 5 -4
Private Investment (%) 0.10 -3.6 2.9 2.9 2.9 3.4
Non Manufacturing Pmi (points) -17.00 -14 -10 8 12 15
Composite Pmi (points) 44.90 49 50.3 51.2 52 51.2

Consumer Actual Q3 Q4 Q1 Q2 2021
Consumer Confidence (points) 29.50 36 38 40 42 42
Retail Sales MoM (%) 13.10 -2.8 1.2 0.8 1.2 0.7
Retail Sales YoY (%) -1.20 -3.2 -2 1 3 1.2
Household Spending (%) -1.20 -3.5 2 2 3 2
Consumer Spending (JPY Billion) 291686.90 292411 307343 297521 298104 308880
Disposable Personal Income (JPY Thousand) 843.85 358 854 406 438 885
Personal Savings (%) 62.10 10 48 15 48 48
Bank Lending Rate (%) 1.05 1.05 1.05 1.05 1.05 1.05
Households Debt To GDP (% of GDP) 59.00 59 59 59 59 57.6
Consumer Credit (JPY Billion) 318095.00 311340 309189 324457 325093 320320
Gasoline Prices (USD/Liter) 1.26 1.12 1.06 1.01 0.96 0.91

Housing Actual Q3 Q4 Q1 Q2 2021
Housing Starts (%) -12.80 -3 -1.5 -1.5 2 1.5
Construction Orders (%) -13.40 -8 -12 -12 5 2.2
Housing Index (points) 115.93 115 116 116 116 117
Home Ownership Rate (%) 61.70 62.09 62.09 62.09 62.09 62.09


This page has economic forecasts for Japan including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Japan economy.