Markets Actual Q1 Q2 Q3 Q4 2022
Currency 103.79 104 105 105 105 106
Stock Market (points) 28635.21 27995 27371 26761 26162 24965
Government Bond 10Y (%) 0.04 0.04 0.04 0.05 0.05 0.06

Overview Actual Q1 Q2 Q3 Q4 2022
GDP Growth Rate (%) 5.30 0.9 1.5 0.6 0.5 0.5
GDP Annual Growth Rate (%) -5.80 2 8.5 4 2.6 2
GDP Growth Annualized (%) 22.90 2 5 2.3 3.4 3.4
Unemployment Rate (%) 2.90 3 2.8 3 3.1 3.2
Inflation Rate (%) -1.20 0.2 0.6 0.4 0.3 0.7
Inflation Rate Mom (%) -0.30 -0.1 0.2 0.1 0.4 0.4
Interest Rate (%) -0.10 -0.1 -0.1 -0.1 -0.1 -0.1
Balance of Trade (JPY Billion) 751.01 200 0 300 1010 1010
Current Account (JPY Billion) 1878.40 1250 1250 1600 440 650
Current Account to GDP (%) 3.60 3.2 3.2 3.2 3.2 3
Government Debt to GDP (%) 236.60 255 255 255 255 260
Government Budget (% of GDP) -3.80 -10.2 -10.2 -10.2 -10.2 -7
Business Confidence (points) -10.00 -2 2 4 5 10
Manufacturing PMI (points) 49.70 50.5 50 51 51 50.5
Services PMI (points) 45.70 51.6 51 52 51.9 51.6
Consumer Confidence (points) 31.80 40 42 43 42 42
Retail Sales MoM (%) -2.00 0.8 1.2 0.3 0.7 0.6
Corporate Tax Rate (%) 30.62 30.86 30.62 30.62 30.86 30.86
Personal Income Tax Rate (%) 55.95 55.95 55.95 55.95 55.95 55.95

GDP Actual Q1 Q2 Q3 Q4 2022
GDP Growth Rate (%) 5.30 0.9 1.5 0.6 0.5 0.5
GDP Annual Growth Rate (%) -5.80 2 8.5 4 2.6 2
GDP Growth Annualized (%) 22.90 2 5 2.3 3.4 3.4
GDP (USD Billion) 5081.77 4900 4900 4900 4900 5100
GDP Constant Prices (JPY Billion) 507615.70 513731 537068 526049 549366 527088
Gross National Product (JPY Billion) 533803.90 536273 560780 555309 571451 550216
Gross Fixed Capital Formation (JPY Billion) 118937.50 130398 129000 133000 131050 131050
GDP per capita (USD) 49187.80 48200 48200 48200 48200 49100
GDP per capita PPP (USD) 41429.30 40900 41400 41400 41400 41780
GDP From Agriculture (JPY Billion) 4883.30 4545 4779 5084 4598 4663
GDP From Construction (JPY Billion) 28935.10 28348 29809 31709 30493 29085
GDP From Manufacturing (JPY Billion) 117923.20 108926 114541 121840 112067 111758
GDP From Mining (JPY Billion) 381.00 218 230 244 238 224
GDP From Public Administration (JPY Billion) 27095.30 25520 26835 28545 26948 26183
GDP From Services (JPY Billion) 22059.10 21092 22180 23593 22573 21641
GDP From Transport (JPY Billion) 22885.30 24522 25786 27429 25895 25159
GDP From Utilities (JPY Billion) 16498.00 9468 9956 10591 9818 9715

Labour Actual Q1 Q2 Q3 Q4 2022
Unemployment Rate (%) 2.90 3 2.8 3 3.1 3.2
Employment Rate (%) 60.60 60.2 60.2 60.5 61 61
Labor Force Participation Rate (%) 62.30 62.5 62.5 62.5 62.5 62.5
Youth Unemployment Rate (%) 4.80 4.9 4.7 4.9 5 5
Productivity (points) 96.70 98.2 99.3 100 101 101
Job Vacancies (Thousand ) 780.16 740 790 790 800 900
Wages (JPY/Month) 314090.00 687997 318773 544873 729355 691437
Wages in Manufacturing (JPY/Month) 358193.00 827847 346178 540087 884547 831987
Wage Growth (%) -2.20 0.3 0.3 0.3 0.5 0.5
Minimum Wages (JPY/Hour) 902.00 902 902 902 915 940
Population (Million) 126.01 125 125 125 125 124
Retirement Age Women 63.00 63 63 63 63 63
Retirement Age Men 63.00 63 63 63 63 63
Jobs To Applications Ratio 1.06 1.02 1.6 1.6 1.6 1.6

Prices Actual Q1 Q2 Q3 Q4 2022
Inflation Rate (%) -1.20 0.2 0.6 0.4 0.3 0.7
Inflation Rate Mom (%) -0.30 -0.1 0.2 0.1 0.4 0.4
Consumer Price Index CPI (points) 101.10 102 102 102 102 102
Core Consumer Prices (points) 101.10 102 102 102 102 103
Core Inflation Rate (%) -1.00 -0.2 0.3 0.6 0.9 1.1
Producer Prices (points) 100.30 104 102 100 106 106
Food Inflation (%) -0.80 1.8 1.6 1.5 1.5 1.3
Producer Prices Change (%) -2.00 -2.1 0.8 1.1 1.1 1.5
CPI Housing Utilities (points) 100.40 100 101 101 101 102
CPI Transportation (points) 98.60 100 98.39 98.99 98.59 99.29

Money Actual Q1 Q2 Q3 Q4 2022
Interest Rate (%) -0.10 -0.1 -0.1 -0.1 -0.1 -0.1
Interbank Rate (%) -0.07 -0.1 -0.1 -0.1 0.04 -0.1
Central Bank Balance Sheet (JPY Billion) 702582.20 730000 690000 670000 660000 650000
Deposit Interest Rate (%) -0.15 -0.16 -0.15 -0.15 -0.12 -0.13
Foreign Stock Investment (JPY Billion) 169.90 250 250 250 250 250
Foreign Bond Investment (JPY Billion) 272.40 150 150 150 150 178
Loan Growth (%) 6.20 3.8 3.4 3 3 2.4
Private Debt to GDP (%) 223.80 228 228 228 228 228

Trade Actual Q1 Q2 Q3 Q4 2022
Balance of Trade (JPY Billion) 751.01 200 0 300 1010 1010
Current Account (JPY Billion) 1878.40 1250 1250 1600 440 650
Current Account to GDP (%) 3.60 3.2 3.2 3.2 3.2 3
Imports (JPY Billion) 5955.24 5800 5800 6000 6200 6200
Exports (JPY Billion) 6706.25 5800 6100 6300 6200 6700
Tourism Revenues (JPY Thousand) 1075000.00 1200000 1500000 1700000 21000000 21000000
Tourist Arrivals 58700.00 50000 100000 150000 175000 1200000

Government Actual Q1 Q2 Q3 Q4 2022
Government Debt to GDP (%) 236.60 255 255 255 255 260
Government Budget (% of GDP) -3.80 -10.2 -10.2 -10.2 -10.2 -7
Government Spending (JPY Billion) 114508.90 125000 127000 130000 131000 140000
Military Expenditure (USD Million) 45362.00 47143 47143 47143 47143 47143
Government Spending To GDP (%) 38.90 40.5 40.5 40.5 40.5 40.5

Taxes Actual Q1 Q2 Q3 Q4 2022
Corporate Tax Rate (%) 30.62 30.86 30.62 30.62 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 Q1 Q2 Q3 Q4 2022
Business Confidence (points) -10.00 -2 2 4 5 10
Manufacturing PMI (points) 49.70 50.5 50 51 51 50.5
Services PMI (points) 45.70 51.6 51 52 51.9 51.6
Industrial Production (%) -3.90 -2 5 3.5 2.3 2.3
Industrial Production Mom (%) -0.50 2.5 2.9 1.4 1.1 1.1
Manufacturing Production (%) -3.10 -1 6 4 4 3
Capacity Utilization (points) 92.60 97 99 100 102 106
Machinery Orders (%) 1.50 1.2 5 2.9 2.9 0.2
Bankruptcies (Companies) 558.00 710 720 690 680 680
Corporate Profits (JPY Billion) 12398.44 16000 18000 18000 20000 20000
Coincident Index 89.00 93 97 100 101 101
Economy Watchers Survey 35.50 40 40 44 49 49
Car Production (Units) 730653.00 650000 620000 730000 590000 590000
Car Registrations 210696.00 300000 220000 260000 205000 230000
Leading Economic Index (points) 96.40 95 95 97 100 100
Small Business Sentiment -27.00 -15 -6 9 15 8
Mining Production (%) -2.90 0.4 4 3 1.3 1
Machine Tool Orders (JPY Million) 97975.00 85950 85000 89000 85150 90150
Reuters Tankan Index (points) -1.00 -12 -9 -4 -4 -4
Private Investment (%) -10.60 2.9 2.9 2.9 3.4 3.4
Non Manufacturing Pmi (points) -5.00 -12 -4 2 11 19
Composite PMI (points) 46.70 51.2 52 52.1 51.2 52

Consumer Actual Q1 Q2 Q3 Q4 2022
Consumer Confidence (points) 31.80 40 42 43 42 42
Retail Sales MoM (%) -2.00 0.8 1.2 0.3 0.7 0.6
Retail Sales YoY (%) 0.70 1 3 1.5 1.2 1.4
Household Spending (%) 1.10 1.3 1.7 0.8 0.8 2
Consumer Spending (JPY Billion) 280783.50 307343 297698 291498 308880 308880
Disposable Personal Income (JPY Thousand) 383.99 868 406 916 872 872
Personal Savings (%) 16.80 15 52 20 56 60
Bank Lending Rate (%) 1.00 1 1 1 1.1 1
Households Debt To GDP (% of GDP) 63.70 64.2 64.5 64.6 65 67
Consumer Credit (JPY Billion) 429339.00 422911 445971 471309 340809 433907
Gasoline Prices (USD/Liter) 1.31 1.16 1.06 1.01 1.1 1.1

Housing Actual Q1 Q2 Q3 Q4 2022
Housing Starts (%) -3.70 -2 2 2 2 1.5
Construction Orders (%) -4.70 -7.6 5 2 2 2.2
Housing Index (points) 114.95 116 116 116 117 119
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.