Markets Actual Q2 Q3 Q4 Q1 2021
Currency 107.62 108 109 109 110 111
Stock Market (points) 21916.31 21428 20950 20483 20025 19109
Government Bond 10Y (%) 0.00 0 0 0 0 0

Overview Actual Q2 Q3 Q4 Q1 2021
GDP Growth Rate (%) -0.90 -4.2 3.8 1.1 0.9 0.6
GDP Annual Growth Rate (%) -2.00 -6 -3.4 -4 2 3.6
GDP Growth Annualized (%) -3.40 -13 -3.4 -4 2 3.4
Unemployment Rate (%) 2.50 4.2 4.8 4.4 4 3.8
Inflation Rate (%) 0.10 -0.7 -0.6 -0.4 0.2 1
Inflation Rate Mom (%) -0.20 0.2 0.3 0.3 -0.1 0.4
Interest Rate (%) -0.10 -0.1 -0.1 -0.1 -0.1 -0.1
Balance of Trade (JPY Billion) -930.40 500 -180 910 1000 1010
Current Account (JPY Billion) 1971.04 890 750 510 2250 440
Current Account to GDP (%) 3.50 2.5 2.5 2.5 2.2 2.2
Government Debt to GDP (%) 238.20 250 250 250 255 255
Government Budget (% of GDP) -3.80 -20 -20 -20 -10.2 -10.2
Business Confidence (points) -8.00 -60 -41 -18 -12 5
Manufacturing PMI (points) 38.40 42 48 50.2 50.5 51
Services Pmi (points) 25.30 37 50 50.5 51.6 51.9
Consumer Confidence (points) 21.60 30 36 38 40 42
Retail Sales MoM (%) -4.50 -3 -2.8 1.2 0.8 0.7
Corporate Tax Rate (%) 30.62 30.62 30.62 30.62 30.62 30.62
Personal Income Tax Rate (%) 55.95 55.95 55.95 55.95 55.95 55.95

GDP Actual Q2 Q3 Q4 Q1 2021
GDP Growth Rate (%) -0.90 -4.2 3.8 1.1 0.9 0.6
GDP Annual Growth Rate (%) -2.00 -6 -3.4 -4 2 3.6
GDP Growth Annualized (%) -3.40 -13 -3.4 -4 2 3.4
GDP (USD Billion) 5110.00 5400 5400 5400 5700 5700
GDP Constant Prices (JPY Billion) 524854.60 507125 521319 508688 540481 527000
Gross National Product (JPY Billion) 547995.60 528557 544035 531157 564354 550278
Gross Fixed Capital Formation (JPY Billion) 124221.00 121000 125000 130398 128000 131050
GDP per capita (USD) 48919.60 50200 50200 50200 46479 50900
GDP per capita PPP (USD) 39293.50 43000 43000 43000 37333 38765
GDP From Agriculture (JPY Billion) 4685.40 4404 4526 4498 4779 4660
GDP From Construction (JPY Billion) 29224.80 27471 28231 28056 29809 29066
GDP From Manufacturing (JPY Billion) 112294.90 105557 108477 107803 114541 111684
GDP From Mining (JPY Billion) 225.20 212 218 216 230 224
GDP From Public Administration (JPY Billion) 26309.00 24730 25414 25257 26835 26166
GDP From Services (JPY Billion) 21744.70 20440 21005 20875 22180 21626
GDP From Transport (JPY Billion) 25280.00 23763 24420 24269 25786 25142
GDP From Utilities (JPY Billion) 9761.20 9176 9429 9371 9956 9708

Labour Actual Q2 Q3 Q4 Q1 2021
Unemployment Rate (%) 2.50 4.2 4.8 4.4 4 3.8
Employment Rate (%) 60.40 61 61.3 61.5 61.5 62
Labor Force Participation Rate (%) 62.00 61.3 61.3 62.5 62.5 62.5
Youth Unemployment Rate (%) 3.80 4.4 4.1 4 3.6 3.6
Productivity (points) 94.00 96 102 101 101 101
Job Vacancies (Thousand ) 831.73 990 990 990 990 1000
Wages (JPY/Month) 317637.00 564942 308533 695242 303417 706365
Wages in Manufacturing (JPY/Month) 339003.00 583144 340137 835433 335183 848800
Wage Growth (%) 0.10 1.1 1.2 1 1.3 1.6
Minimum Wages (JPY/Hour) 901.00 901 901 925 925 950
Population (Million) 126.01 126 126 125 125 125
Retirement Age Women 63.00 63 63 63 63 63
Retirement Age Men 63.00 63 63 63 63 63
Jobs To Applications Ratio 1.39 1.42 1.59 1.6 1.6 1.6

Prices Actual Q2 Q3 Q4 Q1 2021
Inflation Rate (%) 0.10 -0.7 -0.6 -0.4 0.2 1
Inflation Rate Mom (%) -0.20 0.2 0.3 0.3 -0.1 0.4
Consumer Price Index CPI (points) 101.90 101 101 102 102 103
Core Consumer Prices (points) 101.60 101 101 101 102 102
Core Inflation Rate (%) -0.20 -1 -0.9 -0.8 -0.2 1
Producer Prices (points) 99.60 103 102 104 103 105
Food Inflation (%) 2.10 0.8 0.8 1.3 1.3 1.3
Producer Prices Change (%) -2.30 1.5 1.5 1.5 1.5 1.5
CPI Housing Utilities (points) 100.40 99 99.2 100 100 101
CPI Transportation (points) 97.90 97.61 97.61 99.5 100 100

Money Actual Q2 Q3 Q4 Q1 2021
Interest Rate (%) -0.10 -0.1 -0.1 -0.1 -0.1 -0.1
Interbank Rate (%) -0.03 -0.03 -0.03 -0.03 -0.03 -0.03
Central Bank Balance Sheet (JPY Billion) 619030.60 600000 600000 618694 618694 629114
Deposit Interest Rate (%) -0.07 0 0 0 0 0
Foreign Stock Investment (JPY Billion) 75.40 200 200 250 250 250
Foreign Bond Investment (JPY Billion) -432.90 150 150 150 150 178
Loan Growth (%) 3.00 2.4 2.5 2.4 2.4 2.4
Private Debt to GDP (%) 223.80 228 228 228 228 228

Trade Actual Q2 Q3 Q4 Q1 2021
Balance of Trade (JPY Billion) -930.40 500 -180 910 1000 1010
Current Account (JPY Billion) 1971.04 890 750 510 2250 440
Current Account to GDP (%) 3.50 2.5 2.5 2.5 2.2 2.2
Imports (JPY Billion) 6132.73 4900 4800 5800 5500 6200
Exports (JPY Billion) 5202.33 4700 4600 4900 6500 5200
Foreign Direct Investment (JPY Hundred Million) 19320.76 15000 15000 15000 15000 12540
Tourism Revenues (JPY Thousand) 5817000.00 20000000 20000000 20000000 20000000 21000000
Tourist Arrivals 2900.00 1080000 1900000 2100000 2200000 2502100
Crude Oil Production (BBL/D/1K) 4.00 3 3 3 3 3.17

Government Actual Q2 Q3 Q4 Q1 2021
Government Debt to GDP (%) 238.20 250 250 250 255 255
Government Budget (% of GDP) -3.80 -20 -20 -20 -10.2 -10.2
Government Spending (JPY Billion) 110249.40 102640 106256 105843 112458 109653
Military Expenditure (USD Million) 45362.00 47143 47143 47143 47143 47143
Government Spending To GDP (%) 38.90 39.6 39.6 39.6 39.6 40.5

Taxes Actual Q2 Q3 Q4 Q1 2021
Corporate Tax Rate (%) 30.62 30.62 30.62 30.62 30.62 30.62
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 2021
Business Confidence (points) -8.00 -60 -41 -18 -12 5
Manufacturing PMI (points) 38.40 42 48 50.2 50.5 51
Services Pmi (points) 25.30 37 50 50.5 51.6 51.9
Industrial Production (%) -5.20 2 2 2 2 2.1
Industrial Production Mom (%) -3.70 0.5 0.5 0.1 0.1 0.1
Manufacturing Production (%) -5.20 0.5 0.5 3 3 3
Machinery Orders (%) -0.40 0.5 0.5 0.2 0.2 0.2
Bankruptcies (Companies) 743.00 650 650 680 680 680
Corporate Profits (JPY Billion) 18575.90 24000 24000 20491 20491 22000
Coincident Index 90.20 92 98 107 107 106
Economy Watchers Survey 7.90 40 51 51 51 49
Car Production (Units) 666947.00 680000 700000 650000 650000 690000
Car Registrations 144674.00 250000 270000 200000 200000 205000
Leading Economic Index (points) 84.70 88 95 101 101 100
Small Business Sentiment -15.00 -54 -36 -24 -16 -2
Mining Production (%) -4.60 -2 -2 -2 -2 -1.32
Machine Tool Orders (JPY Million) 56127.00 89100 104870 107950 107950 116150
Reuters Tankan Index (points) -44.00 -28 -6 -2 -2 -4
Private Investment (%) -3.50 5.1 3.6 2.9 2.9 3.4
Non Manufacturing Pmi (points) 8.00 -40 -20 -18 -18 -7
Composite Pmi (points) 27.40 38 49 50.3 51.2 51.2

Consumer Actual Q2 Q3 Q4 Q1 2021
Consumer Confidence (points) 21.60 30 36 38 40 42
Retail Sales MoM (%) -4.50 -3 -2.8 1.2 0.8 0.7
Retail Sales YoY (%) -4.60 -4 -3.2 -2 1 1.2
Household Spending (%) -6.00 1.5 1.5 2 2 2
Consumer Spending (JPY Billion) 291818.30 283247 292411 307343 300204 308880
Disposable Personal Income (JPY Thousand) 397.87 667 358 854 404 885
Personal Savings (%) 17.10 40 40 48 48 48
Bank Lending Rate (%) 1.10 0.95 0.95 0.95 0.95 0.95
Households Debt To GDP (% of GDP) 59.00 59 59 59 59 57.6
Consumer Credit (JPY Billion) 322072.00 301934 311340 309189 328513 320320
Gasoline Prices (USD/Liter) 1.18 1.3 1.24 1.18 1.12 1.06

Housing Actual Q2 Q3 Q4 Q1 2021
Housing Starts (%) -7.60 5 5 1.5 1.5 1.5
Construction Orders (%) -14.30 -10 -10 2.2 2.2 2.2
Housing Index (points) 111.71 115 115 116 116 117
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.