Markets Actual Q2 Q3 Q4 Q1 2022
Currency 108.74 109 110 110 111 112
Stock Market (points) 29642.69 28975 28329 27697 27078 25839
Government Bond 10Y (%) 0.09 0.1 0.11 0.12 0.13 0.15

Overview Actual Q2 Q3 Q4 Q1 2022
GDP Growth Rate (%) 2.80 1.5 0.6 0.5 0.9 0.5
GDP Annual Growth Rate (%) -1.40 8.5 4 2.6 1.5 2
GDP Growth Annualized (%) 11.70 5 2.3 3.4 0.6 3.4
Unemployment Rate (%) 2.90 2.7 2.6 2.6 2.5 2.5
Inflation Rate (%) -0.40 0 0.4 0.3 0.5 0.7
Inflation Rate Mom (%) 0.10 0.2 0.1 0.4 0.4 0.4
Interest Rate (%) -0.10 -0.1 -0.1 -0.1 -0.1 -0.1
Balance of Trade (JPY Billion) 217.40 300 -700 1010 300 500
Current Account (JPY Billion) 2916.90 1250 1600 440 750 650
Current Account to GDP (%) 3.20 3.2 3.2 3.2 3 3
Government Debt to GDP (%) 236.60 255 255 255 255 260
Government Budget (% of GDP) -2.40 -6.5 -6.5 -6.5 -3.5 -3.5
Business Confidence (points) 5.00 4 4 5 15 10
Manufacturing PMI (points) 52.70 52 51 51 49 50.5
Services PMI (points) 48.30 51 52 51.9 52 51.6
Consumer Confidence (points) 36.10 42 43 42 41 42
Retail Sales MoM (%) 3.10 1.2 0.3 0.7 0.7 0.6
Corporate Tax Rate (%) 30.62 30.86 30.62 30.86 30.86 30.86
Personal Income Tax Rate (%) 55.95 55.95 55.95 55.95 55.95 55.95

GDP Actual Q2 Q3 Q4 Q1 2022
GDP Growth Rate (%) 2.80 1.5 0.6 0.5 0.9 0.5
GDP Annual Growth Rate (%) -1.40 8.5 4 2.6 1.5 2
GDP Growth Annualized (%) 11.70 5 2.3 3.4 0.6 3.4
GDP (USD Billion) 5081.77 4900 4900 4900 4900 5100
GDP Constant Prices (JPY Billion) 542688.50 521326 524751 549366 520814 531230
Gross National Product (JPY Billion) 567219.70 544287 555309 571451 547683 558636
Gross Fixed Capital Formation (JPY Billion) 134111.80 125000 133000 131050 131050 124000
GDP per capita (USD) 49187.80 48200 48200 48200 48200 49100
GDP per capita PPP (USD) 41429.30 41400 41400 41400 41400 41780
GDP From Agriculture (JPY Billion) 4883.30 4834 5298 4598 5010 5110
GDP From Construction (JPY Billion) 28935.10 28646 31395 30493 29687 30281
GDP From Manufacturing (JPY Billion) 117923.20 116744 127947 112067 120989 123409
GDP From Mining (JPY Billion) 381.00 377 413 238 391 399
GDP From Public Administration (JPY Billion) 27095.30 26824 29398 26948 27800 28356
GDP From Services (JPY Billion) 22059.10 21839 23934 22573 22633 23085
GDP From Transport (JPY Billion) 22885.30 22656 24831 25895 23480 23950
GDP From Utilities (JPY Billion) 16498.00 16333 17900 9818 16927 17265

Labour Actual Q2 Q3 Q4 Q1 2022
Unemployment Rate (%) 2.90 2.7 2.6 2.6 2.5 2.5
Employment Rate (%) 60.10 60.2 60.5 61 61 61
Labor Force Participation Rate (%) 61.90 62.5 62.5 62.5 62.5 62.5
Youth Unemployment Rate (%) 4.90 4.9 4.7 3.6 4.6 4.6
Productivity (points) 99.60 99.3 100 101 99 101
Job Vacancies (Thousand ) 716.42 780 780 800 820 900
Wages (JPY/Month) 298312.00 540928 302273 680626 312688 690835
Wages in Manufacturing (JPY/Month) 327957.00 535712 329289 793127 341785 805023
Wage Growth (%) -0.20 -0.3 0.5 2.5 2.1 1.5
Minimum Wages (JPY/Hour) 902.00 902 902 915 915 940
Population (Million) 126.01 125 125 125 124 124
Retirement Age Women 65.00 65 65 65 65 65
Retirement Age Men 65.00 65 65 65 65 65
Jobs To Applications Ratio 1.09 1.2 1.3 1.35 1.35 1.5

Prices Actual Q2 Q3 Q4 Q1 2022
Inflation Rate (%) -0.40 0 0.4 0.3 0.5 0.7
Inflation Rate Mom (%) 0.10 0.2 0.1 0.4 0.4 0.4
Consumer Price Index CPI (points) 101.60 102 102 101 102 102
Core Consumer Prices (points) 101.50 102 102 106 102 103
Core Inflation Rate (%) -0.40 0.1 0.6 0.9 0.4 1.1
Producer Prices (points) 102.10 100 101 106 102 103
Food Inflation (%) 0.00 0.6 0.5 1.2 0.8 1.3
Producer Prices Change (%) 1.00 0.8 1.1 1.4 0.7 1.5
CPI Housing Utilities (points) 100.90 100 101 101 101 101
CPI Transportation (points) 98.80 97.8 98.99 98.9 99.29 99.59

Money Actual Q2 Q3 Q4 Q1 2022
Interest Rate (%) -0.10 -0.1 -0.1 -0.1 -0.1 -0.1
Interbank Rate (%) -0.07 -0.09 -0.09 0.04 -0.09 -0.09
Central Bank Balance Sheet (JPY Billion) 714229.80 725000 710000 690000 680000 650000
Deposit Interest Rate (%) -0.13 -0.15 -0.15 -0.12 -0.12 -0.13
Foreign Stock Investment (JPY Billion) 640.90 250 250 250 250 250
Foreign Bond Investment (JPY Billion) 1714.40 150 150 150 150 178
Loan Growth (%) 6.30 3.4 3 3 2.5 2.4
Private Debt to GDP (%) 223.80 228 228 228 228 228

Trade Actual Q2 Q3 Q4 Q1 2022
Balance of Trade (JPY Billion) 217.40 300 -700 1010 300 500
Current Account (JPY Billion) 2916.90 1250 1600 440 750 650
Current Account to GDP (%) 3.20 3.2 3.2 3.2 3 3
Imports (JPY Billion) 5820.62 5800 6000 6200 5900 6200
Exports (JPY Billion) 6038.00 5100 6300 6500 6400 6700
Tourism Revenues (JPY Thousand) 242000.00 800000 1000000 800000 1200000 21000000
Tourist Arrivals 7400.00 100000 150000 175000 250000 1200000

Government Actual Q2 Q3 Q4 Q1 2022
Government Debt to GDP (%) 236.60 255 255 255 255 260
Government Budget (% of GDP) -2.40 -6.5 -6.5 -6.5 -3.5 -3.5
Government Spending (JPY Billion) 116726.40 127000 130000 131000 133500 140000
Military Expenditure (USD Million) 46562.00 47143 47143 47143 47143 47143
Government Spending To GDP (%) 38.90 40.5 40.5 40.5 40.5 40.5

Taxes Actual Q2 Q3 Q4 Q1 2022
Corporate Tax Rate (%) 30.62 30.86 30.62 30.86 30.86 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 Q2 Q3 Q4 Q1 2022
Business Confidence (points) 5.00 4 4 5 15 10
Manufacturing PMI (points) 52.70 52 51 51 49 50.5
Services PMI (points) 48.30 51 52 51.9 52 51.6
Industrial Production (%) -2.60 5 3.5 2.3 2.5 2.3
Industrial Production Mom (%) -2.10 2.9 1.4 1.1 1.1 1.1
Manufacturing Production (%) -2.70 6 4 4 3.2 3
Capacity Utilization (points) 97.70 99 100 102 100 106
Machinery Orders (%) -8.50 5 2.9 2.9 2 0.2
Bankruptcies (Companies) 634.00 520 490 580 600 680
Corporate Profits (JPY Billion) 18450.53 18000 18000 20000 20000 20000
Coincident Index 89.00 95 98 101 99 101
Economy Watchers Survey 49.00 40 44 49 45 49
Car Production (Units) 587946.00 620000 730000 690000 700000 590000
Car Registrations 329239.00 220000 300000 275000 320000 230000
Leading Economic Index (points) 99.70 95 97 98 97 100
Small Business Sentiment -13.00 -12 9 15 22 8
Machine Tool Orders (JPY Million) 127823.00 85000 89000 85150 85150 90150
Reuters Tankan Index (points) 6.00 9 14 24 20 15
Private Investment (%) -4.80 6.5 4.5 3.4 2.1 3.4
Mining Production (%) -7.90 4 3 1.3 1.3 1
Non Manufacturing Pmi (points) -1.00 0 2 11 11 19
Composite PMI (points) 49.90 52 52.1 51.2 52 52

Consumer Actual Q2 Q3 Q4 Q1 2022
Consumer Confidence (points) 36.10 42 43 42 41 42
Retail Sales MoM (%) 3.10 1.2 0.3 0.7 0.7 0.6
Retail Sales YoY (%) -1.50 2 6.5 0.8 2.5 1.4
Household Spending (%) -6.60 1.7 0.8 0.8 0.8 2
Consumer Spending (JPY Billion) 289263.50 288990 291032 308880 308880 293846
Disposable Personal Income (JPY Thousand) 445.37 394 916 872 888 906
Personal Savings (%) 34.70 52 20 56 56 60
Bank Lending Rate (%) 1.00 1 1 1.1 1 1
Households Debt To GDP (% of GDP) 64.30 64.6 64.7 64.9 65.2 67
Consumer Credit (JPY Billion) 430484.00 432854 471309 340809 440502 449312
Gasoline Prices (USD/Liter) 1.34 1.26 1.2 1.1 1.08 1.03

Housing Actual Q2 Q3 Q4 Q1 2022
Housing Starts (%) -3.70 3 3 1 -3 1.5
Construction Orders (%) 2.50 6 7 7 4 2.2
Housing Index (points) 115.64 114 115 113 117 119
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.