Markets Actual Q3 Q4 Q1 Q2 2022
Currency 109.60 110 111 111 111 112
Stock Market (points) 27710.18 26502 25743 25007 24292 22922
Government Bond 10Y (%) 0.01 0.02 0.02 0.02 0.03 0.03

Overview Actual Q3 Q4 Q1 Q2 2022
GDP Growth Rate (%) -1.00 1.5 0.5 0.9 1 0.5
GDP Annual Growth Rate (%) -1.60 4.5 2.6 3.8 1.5 2
GDP Growth Annualized (%) -3.90 4.5 3.4 0.6 2 3.4
Unemployment Rate (%) 2.90 2.6 2.6 2.5 2.5 2.5
Inflation Rate (%) 0.20 0.4 0.3 0.5 0.3 0.7
Inflation Rate Mom (%) 0.30 0.1 0.4 0.4 0.5 0.4
Interest Rate (%) -0.10 -0.1 -0.1 -0.1 -0.1 -0.1
Balance of Trade (JPY Billion) 383.18 300 700 600 -200 500
Current Account (JPY Billion) 1979.70 1600 440 750 600 650
Current Account to GDP (% of GDP) 3.20 3.2 3.2 3.5 3.5 3.5
Government Debt to GDP (% of GDP) 266.20 266 266 260 260 260
Government Budget (% of GDP) -12.60 -9.5 -9.5 -3.5 -3.5 -3.5
Business Confidence (points) 14.00 20 15 15 10 10
Manufacturing PMI (points) 53.00 51 51 49 49 50.5
Services PMI (points) 47.40 49 51 52 50 51.6
Consumer Confidence (points) 37.50 43 42 41 45 42
Retail Sales MoM (%) 3.10 0.3 0.7 0.7 0.3 0.6
Corporate Tax Rate (%) 30.62 30.86 30.86 30.86 30.86 30.86
Personal Income Tax Rate (%) 55.97 55.97 55.95 55.97 55.97 55.97

GDP Actual Q3 Q4 Q1 Q2 2022
GDP Growth Rate (%) -1.00 1.5 0.5 0.9 1 0.5
GDP Annual Growth Rate (%) -1.60 4.5 2.6 3.8 1.5 2
GDP Growth Annualized (%) -3.90 4.5 3.4 0.6 2 3.4
GDP (USD Billion) 5064.87 4900 4900 4900 4900 5100
GDP Constant Prices (JPY Billion) 534274.50 529907 549366 556798 554577 567934
Gross National Product (JPY Billion) 556704.50 555475 571451 581967 577859 593607
Gross Fixed Capital Formation (JPY Billion) 133104.80 141000 131050 138000 138000 140000
GDP per capita (USD) 49000.26 48200 48200 48200 48200 49100
GDP per capita PPP (USD) 41380.09 41400 41400 41400 41400 41780
GDP From Agriculture (JPY Billion) 4883.30 5171 4598 5010 5069 5110
GDP From Construction (JPY Billion) 28935.10 30642 30493 29687 30035 30281
GDP From Manufacturing (JPY Billion) 117923.20 124881 112067 120989 122404 123409
GDP From Mining (JPY Billion) 381.00 403 238 391 395 399
GDP From Public Administration (JPY Billion) 27095.30 28694 26948 27800 28125 28356
GDP From Services (JPY Billion) 22059.10 23361 22573 22633 22897 23085
GDP From Transport (JPY Billion) 22885.30 24236 25895 23480 23755 23950
GDP From Utilities (JPY Billion) 16498.00 17471 9818 16927 17125 17265

Labour Actual Q3 Q4 Q1 Q2 2022
Unemployment Rate (%) 2.90 2.6 2.6 2.5 2.5 2.5
Employment Rate (%) 60.60 60.5 60.8 61 61 61
Labor Force Participation Rate (%) 62.40 62.4 62.3 62.3 62 62.5
Youth Unemployment Rate (%) 4.50 4.2 4.2 4.1 4.1 4.1
Productivity (points) 96.00 100 101 99 99 101
Job Vacancies (Thousand ) 787.21 750 800 820 800 900
Wages (JPY/Month) 308738.00 308288 688948 325199 318000 699282
Wages in Manufacturing (JPY/Month) 337140.00 335842 810318 351415 347254 822473
Wage Growth (%) 1.90 2.5 3.5 2.1 3 1.5
Minimum Wages (JPY/Hour) 902.00 902 915 915 915 940
Population (Million) 125.67 125 125 125 125 125
Retirement Age Women 65.00 65 65 65 65 65
Retirement Age Men 65.00 65 65 65 65 65
Jobs To Applications Ratio 1.13 1.2 1.3 1.35 1.3 1.5

Prices Actual Q3 Q4 Q1 Q2 2022
Inflation Rate (%) 0.20 0.4 0.3 0.5 0.3 0.7
Inflation Rate Mom (%) 0.30 0.1 0.4 0.4 0.5 0.4
Consumer Price Index CPI (points) 101.90 102 101 102 102 102
Core Consumer Prices (points) 101.70 102 102 102 102 103
Core Inflation Rate (%) 0.20 0.4 0.9 0.4 0.3 0.5
Producer Prices (points) 104.60 102 103 104 106 104
Food Inflation (%) 0.10 -0.5 1 0.6 0.7 1.3
Producer Prices Change (%) 5.00 2.1 2.4 1.7 1.2 1.5
CPI Housing Utilities (points) 101.10 101 101 102 101 101
CPI Transportation (points) 96.10 98.99 98.9 99.9 96.39 99.59

Money Actual Q3 Q4 Q1 Q2 2022
Interest Rate (%) -0.10 -0.1 -0.1 -0.1 -0.1 -0.1
Interbank Rate (%) -0.10 -0.1 -0.1 -0.1 -0.1 -0.1
Central Bank Balance Sheet (JPY Billion) 716900.60 720000 710000 700000 7000000 680000
Deposit Interest Rate (%) -0.11 -0.12 -0.12 -0.12 -0.12 -0.1
Loan Growth (%) 1.40 3 3 2.5 2 2.4
Private Debt to GDP (%) 224.40 228 228 228 228 228

Trade Actual Q3 Q4 Q1 Q2 2022
Balance of Trade (JPY Billion) 383.18 300 700 600 -200 500
Current Account (JPY Billion) 1979.70 1600 440 750 600 650
Current Account to GDP (% of GDP) 3.20 3.2 3.2 3.5 3.5 3.5
Imports (JPY Billion) 6837.61 6000 6200 6500 6500 6200
Exports (JPY Billion) 7220.79 6300 6900 7100 6300 6700
Tourism Revenues (JPY Thousand) 614000.00 1000000 800000 1200000 1200000 21000000
Tourist Arrivals 9300.00 150000 175000 250000 300000 1200000

Government Actual Q3 Q4 Q1 Q2 2022
Government Debt to GDP (% of GDP) 266.20 266 266 260 260 260
Government Budget (% of GDP) -12.60 -9.5 -9.5 -3.5 -3.5 -3.5
Government Spending (JPY Billion) 114526.80 117000 115000 113500 110000 120000
Military Expenditure (USD Million) 48160.00 47143 47143 47143 47143 47143
Government Spending To GDP (% of GDP) 38.95 40.5 40.5 40.5 40.5 40.5

Taxes Actual Q3 Q4 Q1 Q2 2022
Corporate Tax Rate (%) 30.62 30.86 30.86 30.86 30.86 30.86
Personal Income Tax Rate (%) 55.97 55.97 55.95 55.97 55.97 55.97
Sales Tax Rate (%) 10.00 10 10 10 10 10
Social Security Rate (%) 31.52 31.52 31.52 31.52 31.52 31.52
Social Security Rate For Companies (%) 16.24 16.24 16.24 16.24 16.24 16.24
Social Security Rate For Employees (%) 15.28 15.28 15.28 15.28 15.28 15.28

Business Actual Q3 Q4 Q1 Q2 2022
Business Confidence (points) 14.00 20 15 15 10 10
Manufacturing PMI (points) 53.00 51 51 49 49 50.5
Services PMI (points) 47.40 49 51 52 50 51.6
Industrial Production (%) 22.60 9.5 4.3 2.5 4 2.3
Industrial Production Mom (%) 6.20 1.4 1.1 1.1 1.1 1.1
Manufacturing Production (%) 15.80 12 6 3.2 4 3
Capacity Utilization (points) 96.50 100 102 100 100 106
Machinery Orders (%) 7.80 2.9 2.9 2 3 0.2
Bankruptcies (Companies) 541.00 490 480 400 400 480
Corporate Profits (JPY Billion) 20074.63 19000 21000 21000 22000 20000
Coincident Index 92.10 98 101 99 98 101
Economy Watchers Survey 47.60 40 49 45 44 49
Car Production (Units) 420466.00 730000 690000 700000 650000 590000
Car Registrations 198108.00 300000 275000 320000 250000 230000
Leading Economic Index (points) 102.60 103 98 97 98 100
Small Business Sentiment -7.00 9 15 22 22 8
Machine Tool Orders (JPY Million) 132116.00 99000 105150 95150 98000 90150
Reuters Tankan Index (points) 25.00 14 24 20 16 15
Private Investment (%) -7.80 4.5 3.4 2.1 2.1 3.4
Mining Production (%) -0.70 3 1.3 1.3 1 1
Non Manufacturing Pmi (points) 1.00 8 11 11 5 19
Composite PMI (points) 48.80 52.1 51.2 52 51 52

Consumer Actual Q3 Q4 Q1 Q2 2022
Consumer Confidence (points) 37.50 43 42 41 45 42
Retail Sales MoM (%) 3.10 0.3 0.7 0.7 0.3 0.6
Retail Sales YoY (%) 0.10 10.5 0.8 2.5 2 1.4
Household Spending (%) 11.60 8 2.5 2.8 6 2
Consumer Spending (JPY Billion) 284960.50 285213 308880 296749 295789 302684
Disposable Personal Income (JPY Thousand) 367.87 398 888 408 373 906
Personal Savings (%) 14.40 20 56 12 60 60
Bank Lending Rate (%) 1.00 1 1 1 1 1
Households Debt To GDP (% of GDP) 65.30 64.7 64.9 65.2 64 65
Consumer Credit (JPY Billion) 474218.00 460033 340809 441677 492238 450510
Gasoline Prices (USD/Liter) 1.44 1.37 1.3 1.24 1.17 1.11

Housing Actual Q3 Q4 Q1 Q2 2022
Housing Starts (%) 7.30 6 8 2 5 1.5
Construction Orders (%) 32.30 10 10 4 8 2.2
Housing Index (points) 119.29 119 118 118 118 119
Home Ownership Rate (%) 61.20 61 61 61.3 61.3 61.3


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.