Markets Actual Q3 Q4 Q1 Q2 2022
Stock Market (points) 30517.15 29450 28601 27779 26979 25446
Currency 109.97 110 111 111 112 112
Government Bond 10Y (%) 0.07 0.05 0.05 0.06 0.06 0.08
1 Month Bill Yield (%) -0.08 0.01 0.01 0.02 0.03 0.04
20 Year bond Yield (%) 0.44 0.43 0.44 0.45 0.47 0.5
3 Month Bill Yield (%) -0.10 0.01 0.02 0.03 0.04 0.05
3 Year Note Yield (%) -0.10 0.01 0.01 0.02 0.03 0.04
52 Week Bill Yield (%) -0.11 0 0.01 0.01 0.02 0.02
6 Month Bill Yield (%) -0.11 0.01 0.01 0.02 0.03 0.04
7 Year Note Yield (%) -0.06 0.01 0.01 0.02 0.03 0.04

Overview Actual Q3 Q4 Q1 Q2 2022
GDP Growth Rate (%) 0.50 1.5 0.5 0.9 1 0.5
GDP Annual Growth Rate (%) 7.60 4.5 2.6 3.8 1.5 2
GDP Growth Annualized (%) 1.90 1.2 3.4 0.6 2 3.4
Unemployment Rate (%) 2.80 2.6 2.6 2.5 2.5 2.5
Inflation Rate (%) -0.30 0.1 0.5 0.5 0.7 0.7
Inflation Rate Mom (%) 0.20 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) -635.40 -300 0 600 -200 500
Current Account (JPY Billion) 1910.80 1400 1040 1750 1600 1650
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) 52.70 51.5 52 51 52.5 50.5
Services PMI (points) 42.90 43 46 52 50 51.6
Consumer Confidence (points) 36.70 37 39 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 (%) 0.50 1.5 0.5 0.9 1 0.5
GDP Annual Growth Rate (%) 7.60 4.5 2.6 3.8 1.5 2
GDP Growth Annualized (%) 1.90 1.2 3.4 0.6 2 3.4
GDP (USD Billion) 5064.87 4900 4900 4900 4900 5100
GDP Constant Prices (JPY Billion) 539309.30 551254 556650 557203 547399 567783
Gross National Product (JPY Billion) 560130.50 576284 583485 580687 568532 595155
Gross Fixed Capital Formation (JPY Billion) 134634.70 136000 138000 138000 137000 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 5103 5010 5069 4957 5110
GDP From Construction (JPY Billion) 28935.10 30237 29687 30035 29369 30281
GDP From Manufacturing (JPY Billion) 117923.20 123230 120989 122404 119692 123409
GDP From Mining (JPY Billion) 381.00 398 391 395 387 399
GDP From Public Administration (JPY Billion) 27095.30 28315 27800 28125 27502 28356
GDP From Services (JPY Billion) 22059.10 23052 22633 22897 22390 23085
GDP From Transport (JPY Billion) 22885.30 23915 23480 23755 23229 23950
GDP From Utilities (JPY Billion) 16498.00 17240 16927 17125 16745 17265

Labour Actual Q3 Q4 Q1 Q2 2022
Unemployment Rate (%) 2.80 2.6 2.6 2.5 2.5 2.5
Employment Rate (%) 60.80 60.5 60.8 61 61 61
Labor Force Participation Rate (%) 62.50 62.6 62.2 62.3 62 62.5
Youth Unemployment Rate (%) 4.20 4 4 3.9 3.9 3.9
Productivity (points) 100.70 100 101 99 99 101
Job Vacancies (Thousand ) 778.94 780 800 820 800 900
Wages (JPY/Month) 428119.00 308288 688948 325199 561734 699282
Wages in Manufacturing (JPY/Month) 577993.00 335842 810318 351415 575205 822473
Wage Growth (%) 1.00 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 1.15 1.2 1.3 1.35 1.3 1.5

Prices Actual Q3 Q4 Q1 Q2 2022
Inflation Rate (%) -0.30 0.1 0.5 0.5 0.7 0.7
Inflation Rate Mom (%) 0.20 0.1 0.4 0.4 0.5 0.4
Consumer Price Index CPI (points) 99.70 100 99.8 100 100 100
Core Consumer Prices (points) 99.80 99.9 100 100 99.8 101
Core Inflation Rate (%) -0.20 0.2 0.9 0.4 0.3 0.5
Producer Prices (points) 105.80 106 107 104 106 108
Food Inflation (%) -0.60 -0.5 0.6 0.6 0.7 1.3
Producer Prices Change (%) 5.50 5.4 6.5 1.7 1.2 1.5
CPI Housing Utilities (points) 100.60 100 100 101 101 101
CPI Transportation (points) 94.60 100 100 101 94.15 101

Money Actual Q3 Q4 Q1 Q2 2022
Interest Rate (%) -0.10 -0.1 -0.1 -0.1 -0.1 -0.1
Interbank Rate (%) -0.09 -0.09 -0.09 -0.09 -0.09 -0.09
Central Bank Balance Sheet (JPY Billion) 726710.20 728000 710000 705000 7000000 680000
Deposit Interest Rate (%) 0.00 -0.12 -0.12 -0.12 -0.12 -0.1
Loan Growth (%) 0.60 1.2 1.8 2.5 2 2.4
Private Debt to GDP (%) 224.40 222 222 225 225 225

Trade Actual Q3 Q4 Q1 Q2 2022
Balance of Trade (JPY Billion) -635.40 -300 0 600 -200 500
Current Account (JPY Billion) 1910.80 1400 1040 1750 1600 1650
Current Account to GDP (% of GDP) 3.20 3.2 3.2 3.5 3.5 3.5
Imports (JPY Billion) 7241.11 6600 6900 6500 6500 6200
Exports (JPY Billion) 6605.76 6300 6900 7100 6300 6700
Tourism Revenues (JPY Thousand) 27615000.00 1000000 800000 1200000 1200000 21000000
Tourist Arrivals 25900.00 10000 50000 100000 150000 300000

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) 116458.00 117000 115000 113500 110000 120000
Government Spending To GDP (% of GDP) 38.70 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) 52.70 51.5 52 51 52.5 50.5
Services PMI (points) 42.90 43 46 52 50 51.6
Industrial Production (%) 11.60 9.5 4.3 2.5 4 2.3
Industrial Production Mom (%) -1.50 1.4 -1.1 2 1.1 1.1
Manufacturing Production (%) 23.10 12 6 3.2 4 3
Capacity Utilization (points) 94.90 100 102 104 100 106
Machinery Orders (%) 0.90 2.9 2.9 -2 3 0.2
Bankruptcies (Companies) 466.00 490 500 540 500 480
Corporate Profits (JPY Billion) 24073.58 22000 21000 21000 22000 20000
Coincident Index 94.50 94.2 96 99 98 101
Economy Watchers Survey 34.70 40 49 45 44 49
Car Production (Units) 622771.00 660000 690000 700000 650000 680000
Car Registrations 175530.00 160000 180000 190000 200000 230000
Leading Economic Index (points) 104.10 103 105 100 98 100
Small Business Sentiment -7.00 -9 5 12 22 8
Machine Tool Orders (JPY Million) 126587.00 140000 125150 11550 135000 90150
Reuters Tankan Index (points) 18.00 39 24 20 16 15
Private Investment (%) 5.30 4.5 3.4 2.1 2.1 3.4
Non Manufacturing Pmi (points) 1.00 5 11 11 14 19
Mining Production (%) 1.20 3 1.3 1.3 1 1
Composite PMI (points) 45.50 47 48.5 50 51 52

Consumer Actual Q3 Q4 Q1 Q2 2022
Consumer Confidence (points) 36.70 37 39 41 45 42
Retail Sales MoM (%) 3.10 0.3 0.7 0.7 0.3 0.6
Retail Sales YoY (%) 2.40 10.5 0.8 2.5 2 1.4
Household Spending (%) 0.70 5 2.5 2.8 6 2
Consumer Spending (JPY Billion) 288940.30 296311 297471 297162 293274 303420
Disposable Personal Income (JPY Thousand) 538.53 398 888 408 736 906
Personal Savings (%) 40.20 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) 477800.00 488454 482221 492238 484967 491865
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 (%) 9.90 6 8 2 5 1.5
Construction Orders (%) -3.40 -10 4 4 8 2.2
Housing Index (points) 120.75 121 121 122 122 123
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.