Markets Actual Q4 Q1 Q2 Q3 2022
Stock Market (points) 27999.67 27886 27047 26233 25442 23934
Currency 113.39 114 114 115 115 116
Government Bond 10Y (%) 0.07 0.08 0.09 0.1 0.11 0.13

Overview Actual Q4 Q1 Q2 Q3 2022
GDP Growth Rate (%) -0.80 1 0.9 1 0.5 0.6
GDP Annual Growth Rate (%) 1.40 1.6 2.4 0.5 0.8 1
GDP Growth Annualized (%) -3.00 3.4 0.6 2 3 2
Unemployment Rate (%) 2.70 2.6 2.5 2.5 2.4 2.5
Inflation Rate (%) 0.10 0.9 0.8 0.7 0.7 0.5
Inflation Rate Mom (%) -0.30 0.4 0.4 0.5 0.1 -0.2
Interest Rate (%) -0.10 -0.1 -0.1 -0.1 -0.1 -0.1
Balance of Trade (JPY Billion) -67.37 1010 200 300 200 500
Current Account (JPY Billion) 1033.70 1040 1750 1600 2300 1650
Current Account to GDP (% of GDP) 3.20 3.2 3.5 3.5 3.5 3.5
Government Debt to GDP (% of GDP) 266.20 270 260 260 260 260
Government Budget (% of GDP) -12.60 -9.5 -8.5 -8.5 -8.5 -8.5
Services PMI (points) 52.10 54 52 50 51 51.6
Business Confidence (points) 18.00 22 18 10 12 10
Manufacturing PMI (points) 54.50 54 53 52.5 51 50.5
Consumer Confidence (points) 39.20 42 41 45 43 43
Retail Sales MoM (%) 1.10 0.7 0.7 0.3 0.5 0.6
Corporate Tax Rate (%) 30.62 30.86 30.62 30.62 30.62 30.62
Personal Income Tax Rate (%) 55.97 55.95 55.95 55.97 55.97 55.97

GDP Actual Q4 Q1 Q2 Q3 2022
GDP Growth Rate (%) -0.80 1 0.9 1 0.5 0.6
GDP Annual Growth Rate (%) 1.40 1.6 2.4 0.5 0.8 1
GDP Growth Annualized (%) -3.00 3.4 0.6 2 3 2
GDP (USD Billion) 4975.42 5200 5700 5500 5500 5500
GDP Constant Prices (JPY Billion) 534705.60 549366 549742 541519 538983 556753
Gross National Product (JPY Billion) 549667.40 571451 571070 560405 554065 581256
Gross Fixed Capital Formation (JPY Billion) 130252.70 131050 136000 135000 131000 137000
GDP per capita (USD) 34366.48 35200 36200 36200 36200 36200
GDP per capita PPP (USD) 41380.09 41400 41400 41400 41400 41780
GDP From Agriculture (JPY Billion) 4883.30 4598 5000 4908 4922 5011
GDP From Construction (JPY Billion) 28935.10 30493 29630 29080 29167 29692
GDP From Manufacturing (JPY Billion) 117923.20 112067 120753 118513 118867 121008
GDP From Mining (JPY Billion) 381.00 238 390 383 384 391
GDP From Public Administration (JPY Billion) 27095.30 26948 27746 27231 27312 27804
GDP From Services (JPY Billion) 22059.10 22573 22589 22169 22236 22636
GDP From Transport (JPY Billion) 22885.30 25895 23435 23000 23068 23484
GDP From Utilities (JPY Billion) 16498.00 9818 16894 16580 16630 16930

Labour Actual Q4 Q1 Q2 Q3 2022
Unemployment Rate (%) 2.70 2.6 2.5 2.5 2.4 2.5
Employed Persons (Thousand ) 66480.00 66500 66600 66580 66650 66700
Unemployed Persons (Thousand ) 1890.00 1850 1830 1820 1800 1840
Employment Rate (%) 60.50 60.8 61 61 61 61
Labor Force Participation Rate (%) 62.30 62.2 62.2 62 62.2 62.4
Youth Unemployment Rate (%) 4.20 3.9 3.9 3.6 3.6 3.9
Productivity (points) 96.50 101 99 99 100 95.4
Job Vacancies (Thousand ) 799.91 805 820 800 780 900
Wages (JPY/Month) 304417.00 729355 326621 563157 310505 699282
Wages in Manufacturing (JPY/Month) 335241.00 884547 358765 578046 341946 822473
Wage Growth (%) 0.20 3.5 2.1 3 2 1.5
Minimum Wages (JPY/Hour) 930.00 930 930 930 930 940
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 1.15 1.2 1.15 1.15 1.1 1.2

Prices Actual Q4 Q1 Q2 Q3 2022
Inflation Rate (%) 0.10 0.9 0.8 0.7 0.7 0.5
Inflation Rate Mom (%) -0.30 0.4 0.4 0.5 0.1 -0.2
Consumer Price Index CPI (points) 99.90 106 101 100 101 101
Core Consumer Prices (points) 99.90 106 100 99.8 100 101
Core Inflation Rate (%) 0.10 0.9 0.4 0.3 0.4 0.5
Producer Prices (points) 107.80 106 109 110 110 112
Food Inflation (%) 0.50 0.6 0.6 0.7 0.2 0.4
CPI Housing Utilities (points) 100.70 104 101 101 101 101
CPI Transportation (points) 92.30 104 93.04 93.51 93.6 93.41
Producer Prices Change (%) 8.00 8.5 6.7 5.2 3.4 2.5

Money Actual Q4 Q1 Q2 Q3 2022
Interest Rate (%) -0.10 -0.1 -0.1 -0.1 -0.1 -0.1
Interbank Rate (%) -0.08 0.04 -0.08 -0.08 -0.08 -0.08
Central Bank Balance Sheet (JPY Billion) 725188.60 720000 705000 7000000 695000 680000
Deposit Interest Rate (%) -0.05 -0.12 -0.12 -0.12 -0.12 -0.1
Private Debt to GDP (%) 238.80 222 225 225 225 225
Loan Growth (%) 0.90 0.8 1 2 2.2 2

Trade Actual Q4 Q1 Q2 Q3 2022
Balance of Trade (JPY Billion) -67.37 1010 200 300 200 500
Current Account (JPY Billion) 1033.70 1040 1750 1600 2300 1650
Current Account to GDP (% of GDP) 3.20 3.2 3.5 3.5 3.5 3.5
Imports (JPY Billion) 7251.41 7400 6800 6500 6300 6200
Exports (JPY Billion) 7184.04 7200 7000 6800 6500 6700
Tourism Revenues (JPY Thousand) 4080000.00 800000 1200000 1200000 1200000 21000000
Tourist Arrivals 22100.00 50000 100000 150000 200000 300000

Government Actual Q4 Q1 Q2 Q3 2022
Government Debt to GDP (% of GDP) 266.20 270 260 260 260 260
Government Budget (% of GDP) -12.60 -9.5 -8.5 -8.5 -8.5 -8.5
Government Spending (JPY Billion) 117548.90 115000 118500 190000 180000 140000
Government Spending To GDP (% of GDP) 38.70 40.5 40.5 40.5 40.5 40.5

Taxes Actual Q4 Q1 Q2 Q3 2022
Corporate Tax Rate (%) 30.62 30.86 30.62 30.62 30.62 30.62
Personal Income Tax Rate (%) 55.97 55.95 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 Q4 Q1 Q2 Q3 2022
Services PMI (points) 52.10 54 52 50 51 51.6
Business Confidence (points) 18.00 22 18 10 12 10
Manufacturing PMI (points) 54.50 54 53 52.5 51 50.5
Industrial Production (%) -4.70 4.3 2.5 4 3 2
Industrial Production Mom (%) 1.10 -1.1 2 2 2.5 3
Manufacturing Production (%) -2.30 1 3.2 4 5 -2
Capacity Utilization (points) 84.50 102 104 100 102 106
Machinery Orders (%) 0.00 2.9 -2 3 5 4
Bankruptcies (Companies) 525.00 500 540 500 500 480
Corporate Profits (JPY Billion) 24073.58 21000 21000 22000 21500 20000
Coincident Index 88.70 92 99 98 100 101
Economy Watchers Survey (points) 55.50 57 55 48 42 44
Car Production (Units) 404272.00 490000 600000 650000 670000 680000
Car Registrations 150608.00 160000 190000 200000 210000 230000
Leading Economic Index (points) 100.90 105 100 98 102 98
Small Business Sentiment -3.00 5 12 12 18 8
Composite PMI (points) 52.50 53.5 52 51 52 52
Reuters Tankan Index (points) 13.00 14 20 16 16 15
Private Investment (%) 1.20 3.4 2.1 2.1 4 3
Mining Production (%) 5.70 1.3 1.3 1 2 1
Non Manufacturing Pmi (points) 2.00 11 11 14 20 19
Machine Tool Orders (JPY Million) 149218.00 145150 13550 135000 150000 130150

Consumer Actual Q4 Q1 Q2 Q3 2022
Consumer Confidence (points) 39.20 42 41 45 43 43
Retail Sales MoM (%) 1.10 0.7 0.7 0.3 0.5 0.6
Retail Sales YoY (%) 0.90 0.8 2.5 2 2.5 1.4
Household Spending (%) -1.90 2.5 1.8 6 3 2
Consumer Spending (JPY Billion) 285594.60 308880 293124 290321 287879 297495
Disposable Personal Income (JPY Thousand) 389.94 872 403 728 393 888
Personal Savings (%) 17.50 56 12 60 22 60
Bank Lending Rate (%) 1.00 1.1 1 1 1 1
Gasoline Prices (USD/Liter) 1.47 1.1 1.33 1.26 1.2 1.14
Consumer Credit (JPY Billion) 477800.00 340809 485599 480189 481622 482296
Households Debt To GDP (% of GDP) 67.30 64.9 65.2 64 64 65

Housing Actual Q4 Q1 Q2 Q3 2022
Housing Starts (%) 10.40 5 2 1 4 3
Construction Orders (%) 2.10 7 4 8 5 4
Housing Index (points) 122.70 121 122 122 122 123
Home Ownership Rate (%) 61.20 61 61.3 61.3 61.3 61.3


Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. Japan Forecast - was last updated on Wednesday, December 1, 2021.