Markets Actual Q4 Q1 Q2 Q3 2021
Currency 104.47 106 106 107 107 108
Stock Market (points) 23639.46 23110 22595 22091 21597 20609
Government Bond 10Y (%) 0.03 0.03 0.04 0.04 0.05 0.05

Overview Actual Q4 Q1 Q2 Q3 2021
GDP Growth Rate (%) -7.90 1.1 0.9 1.5 0.6 0.6
GDP Annual Growth Rate (%) -9.90 -3 2 8.5 4 2.6
GDP Growth Annualized (%) -28.10 -4 2 5 2.3 3.4
Unemployment Rate (%) 3.00 3 3 2.8 3 3.1
Inflation Rate (%) 0.20 0.1 0.2 0.6 0.4 0.3
Inflation Rate Mom (%) -0.10 0.3 -0.1 0.2 0.1 0.4
Interest Rate (%) -0.10 -0.1 -0.1 -0.1 -0.1 -0.1
Balance of Trade (JPY Billion) 674.98 910 200 0 300 1010
Current Account (JPY Billion) 2102.76 510 1250 1250 1600 440
Current Account to GDP (%) 3.60 3.5 3.2 3.2 3.2 3.2
Government Debt to GDP (%) 236.60 250 255 255 255 255
Government Budget (% of GDP) -3.80 -20 -10.2 -10.2 -10.2 -10.2
Business Confidence (points) -27.00 -18 -12 -6 -1 5
Manufacturing PMI (points) 47.70 49.2 50.5 50 51 51
Services Pmi (points) 46.90 50.5 51.6 51 52 51.9
Consumer Confidence (points) 32.70 38 40 42 43 42
Retail Sales MoM (%) 4.60 1.2 0.8 1.2 0.3 0.7
Corporate Tax Rate (%) 30.62 30.86 30.62 30.62 30.62 30.86
Personal Income Tax Rate (%) 55.95 55.95 55.95 55.95 55.95 55.95

GDP Actual Q4 Q1 Q2 Q3 2021
GDP Growth Rate (%) -7.90 1.1 0.9 1.5 0.6 0.6
GDP Annual Growth Rate (%) -9.90 -3 2 8.5 4 2.6
GDP Growth Annualized (%) -28.10 -4 2 5 2.3 3.4
GDP (USD Billion) 5081.77 4750 4900 4900 4900 4900
GDP Constant Prices (JPY Billion) 484837.80 513731 537068 526049 504231 527088
Gross National Product (JPY Billion) 511805.80 536273 560780 555309 532278 550216
Gross Fixed Capital Formation (JPY Billion) 122557.90 122000 129000 133000 127000 125000
GDP per capita (USD) 49187.80 47200 48200 48200 48200 48200
GDP per capita PPP (USD) 41429.30 40900 40900 41400 41400 41400
GDP From Agriculture (JPY Billion) 4685.40 4545 4779 5084 4873 4663
GDP From Construction (JPY Billion) 29224.80 28348 29809 31709 30394 29085
GDP From Manufacturing (JPY Billion) 112294.90 108926 114541 121840 116787 111758
GDP From Mining (JPY Billion) 225.20 218 230 244 234 224
GDP From Public Administration (JPY Billion) 26309.00 25520 26835 28545 27361 26183
GDP From Services (JPY Billion) 21744.70 21092 22180 23593 22614 21641
GDP From Transport (JPY Billion) 25280.00 24522 25786 27429 26291 25159
GDP From Utilities (JPY Billion) 9761.20 9468 9956 10591 10152 9715

Labour Actual Q4 Q1 Q2 Q3 2021
Unemployment Rate (%) 3.00 3 3 2.8 3 3.1
Employment Rate (%) 60.30 60.2 60.2 60.2 60.5 61
Labor Force Participation Rate (%) 62.10 62.5 62.5 62.5 62.5 62.5
Youth Unemployment Rate (%) 4.70 3.6 4.1 4.1 3.9 3.6
Productivity (points) 90.90 95.2 98.2 99.3 100 101
Job Vacancies (Thousand ) 723.75 690 790 790 790 800
Wages (JPY/Month) 302028.00 687997 318773 544873 420623 691437
Wages in Manufacturing (JPY/Month) 329030.00 827847 346178 540087 560671 831987
Wage Growth (%) -1.30 0.2 0.3 0.3 0.3 0.5
Minimum Wages (JPY/Hour) 902.00 902 902 902 902 915
Population (Million) 126.01 125 125 125 125 125
Retirement Age Women 63.00 63 63 63 63 63
Retirement Age Men 63.00 63 63 63 63 63
Jobs To Applications Ratio 1.04 1.4 1.4 1.6 1.6 1.6

Prices Actual Q4 Q1 Q2 Q3 2021
Inflation Rate (%) 0.20 0.1 0.2 0.6 0.4 0.3
Inflation Rate Mom (%) -0.10 0.3 -0.1 0.2 0.1 0.4
Consumer Price Index CPI (points) 102.00 104 102 102 102 106
Core Consumer Prices (points) 101.30 102 102 102 102 103
Core Inflation Rate (%) -0.40 -0.3 -0.2 0.3 0.6 0.9
Producer Prices (points) 100.10 104 102 100 102 106
Food Inflation (%) 2.90 2.1 1.8 1.6 1.5 1.3
Producer Prices Change (%) -0.80 0.5 0.5 0.8 1.1 1.5
CPI Housing Utilities (points) 100.40 103 100 100 101 104
CPI Transportation (points) 99.10 102 100 100 98.39 104

Money Actual Q4 Q1 Q2 Q3 2021
Interest Rate (%) -0.10 -0.1 -0.1 -0.1 -0.1 -0.1
Interbank Rate (%) -0.10 -0.06 -0.1 -0.1 -0.1 0.04
Central Bank Balance Sheet (JPY Billion) 689993.10 638000 628000 620000 620000 629114
Deposit Interest Rate (%) -0.18 -0.17 -0.16 -0.15 -0.15 -0.12
Foreign Stock Investment (JPY Billion) 1421.00 250 250 250 250 250
Foreign Bond Investment (JPY Billion) 1946.50 150 150 150 150 178
Loan Growth (%) 6.40 4.4 3.8 3.4 3 2.4
Private Debt to GDP (%) 223.80 228 228 228 228 228

Trade Actual Q4 Q1 Q2 Q3 2021
Balance of Trade (JPY Billion) 674.98 910 200 0 300 1010
Current Account (JPY Billion) 2102.76 510 1250 1250 1600 440
Current Account to GDP (%) 3.60 3.5 3.2 3.2 3.2 3.2
Imports (JPY Billion) 5380.13 5500 5800 5800 6000 6200
Exports (JPY Billion) 6055.11 5700 5800 6100 6300 6200
Foreign Direct Investment (JPY HML) 5547.17 15000 15000 15000 15000 12540
Tourism Revenues (JPY Thousand) 956000.00 10000000 12000000 1500000 1700000 21000000
Tourist Arrivals 8700.00 8000 15000 52000 150000 175000

Government Actual Q4 Q1 Q2 Q3 2021
Government Debt to GDP (%) 236.60 250 255 255 255 255
Government Budget (% of GDP) -3.80 -20 -10.2 -10.2 -10.2 -10.2
Government Spending (JPY Billion) 109609.00 11370 11370 112458 110000 110720
Military Expenditure (USD Million) 45362.00 47143 47143 47143 47143 47143
Government Spending To GDP (%) 38.90 39.6 40.5 40.5 40.5 40.5

Taxes Actual Q4 Q1 Q2 Q3 2021
Corporate Tax Rate (%) 30.62 30.86 30.62 30.62 30.62 30.86
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 Q4 Q1 Q2 Q3 2021
Business Confidence (points) -27.00 -18 -12 -6 -1 5
Manufacturing PMI (points) 47.70 49.2 50.5 50 51 51
Services Pmi (points) 46.90 50.5 51.6 51 52 51.9
Industrial Production (%) -13.80 -4 -2 5 3.5 2.3
Industrial Production Mom (%) 1.00 0.3 2.5 2.9 1.4 1.1
Manufacturing Production (%) -13.80 -3 -1 6 4 3
Capacity Utilization (points) 84.60 92.1 94 97 100 102
Machinery Orders (%) 0.20 1.2 1.2 5 2.9 0.2
Bankruptcies (Companies) 565.00 680 710 720 690 680
Corporate Profits (JPY Billion) 12413.98 17000 16000 18000 18000 20000
Coincident Index 79.40 85 93 97 100 101
Economy Watchers Survey 49.30 45 40 40 44 49
Car Production (Units) 606013.00 600000 600000 580000 580000 590000
Car Registrations 252371.00 150000 140000 180000 180000 205000
Leading Economic Index (points) 88.80 90 95 95 97 100
Small Business Sentiment -44.00 -38 -20 -6 9 15
Mining Production (%) -4.40 -1.5 0.4 4 3 1.3
Machine Tool Orders (JPY Million) 84143.00 70950 85950 85000 89000 85150
Reuters Tankan Index (points) -26.00 -21 -12 -9 -4 -4
Private Investment (%) -11.30 2.9 2.9 2.9 2.9 3.4
Non Manufacturing Pmi (points) -12.00 -11 8 12 19 25
Composite Pmi (points) 46.60 50.3 51.2 52 52.1 51.2

Consumer Actual Q4 Q1 Q2 Q3 2021
Consumer Confidence (points) 32.70 38 40 42 43 42
Retail Sales MoM (%) 4.60 1.2 0.8 1.2 0.3 0.7
Retail Sales YoY (%) -1.90 -2 1 3 1.5 1.2
Household Spending (%) -6.90 1 1.3 1.7 0.8 2
Consumer Spending (JPY Billion) 268662.00 285153 297698 291498 279408 292567
Disposable Personal Income (JPY Thousand) 436.28 863 406 916 584 885
Personal Savings (%) 19.70 48 15 48 25 23
Bank Lending Rate (%) 1.00 1 1 1 1 1.1
Households Debt To GDP (% of GDP) 59.30 59 59 59 59 57.6
Consumer Credit (JPY Billion) 434386.00 312410 324457 471309 451761 320532
Gasoline Prices (USD/Liter) 1.28 1.16 1.06 1.01 0.96 1.1

Housing Actual Q4 Q1 Q2 Q3 2021
Housing Starts (%) -9.10 -1.5 -1.5 2 2 1.5
Construction Orders (%) 28.50 -12 -12 5 2 2.2
Housing Index (points) 112.07 116 116 116 116 117
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.