Markets Actual Q1 Q2 Q3 Q4 2020
Currency 109.62 109 109 109 110 111
Stock Market (points) 23825.89 23399 23143 22893 22642 22150
Government Bond 10Y (%) -0.02 0 0 0.01 0.01 0.01
Overview Actual Q1 Q2 Q3 Q4 2020
GDP Growth Rate (%) 0.40 0.8 0.7 0.5 0.6 0.6
GDP Annual Growth Rate (%) 1.70 0.9 0.8 1 1.2 1.3
GDP Growth Annualized (%) 1.80 1.4 1.7 1.7 1.9 2.2
Unemployment Rate (%) 2.20 2.4 2.2 2.5 2.8 3
Inflation Rate (%) 0.80 0.9 1.4 1.5 1.5 1.7
Inflation Rate Mom (%) 0.10 0.5 0.4 0.3 0.3 0.3
Interest Rate (%) -0.10 -0.1 -0.1 -0.1 -0.1 -0.1
Balance of Trade (JPY Billion) -152.50 500 500 200 210 510
Current Account (JPY Billion) 1436.76 3080 1250 1150 510 440
Current Account to GDP (%) 3.50 3.1 3.1 3.1 3.1 2.9
Government Debt to GDP (%) 238.20 244 244 244 244 249
Government Budget (% of GDP) -3.80 -4.4 -4.4 -4.4 -4.4 -4.4
Business Confidence (points) 0.00 12 9 9 5 5
Services Pmi (points) 52.10 51 54.5 54.9 54 52.9
Manufacturing PMI (points) 49.30 50 50.9 51 51 50.2
Consumer Confidence (points) 39.10 43 42 41 43.9 43.9
Retail Sales MoM (%) 4.50 -0.3 0.5 0.5 1.2 1.2
Corporate Tax Rate (%) 30.86 30.86 30.86 30.86 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 2020
GDP Growth Rate (%) 0.40 0.8 0.7 0.5 0.6 0.6
GDP Annual Growth Rate (%) 1.70 0.9 0.8 1 1.2 1.3
GDP Growth Annualized (%) 1.80 1.4 1.7 1.7 1.9 2.2
GDP (USD Billion) 4970.92 5400 5400 5400 5400 5700
GDP Constant Prices (JPY Billion) 541466.00 541159 543369 546881 547964 555087
Gross National Product (JPY Billion) 564586.40 564318 566527 570232 571361 578789
Gross Fixed Capital Formation (JPY Billion) 130983.00 129000 130000 132000 133000 134000
GDP per capita (USD) 48919.60 50200 50200 50200 50200 50900
GDP per capita PPP (USD) 39293.50 43000 43000 43000 43000 43000
GDP From Agriculture (JPY Billion) 4685.40 4728 4723 4732 4742 4803
GDP From Construction (JPY Billion) 29224.80 29488 29459 29517 29575 29960
GDP From Manufacturing (JPY Billion) 112294.90 113306 113193 113418 113642 115120
GDP From Mining (JPY Billion) 225.20 227 227 227 228 231
GDP From Public Administration (JPY Billion) 26309.00 26546 26519 26572 26625 26971
GDP From Services (JPY Billion) 21744.70 21940 21919 21962 22006 22292
GDP From Transport (JPY Billion) 25280.00 25508 25482 25533 25583 25916
GDP From Utilities (JPY Billion) 9761.20 9849 9839 9859 9878 10007
Labour Actual Q1 Q2 Q3 Q4 2020
Unemployment Rate (%) 2.20 2.4 2.2 2.5 2.8 3
Employment Rate (%) 60.90 60.4 61 61.3 61.5 62
Labor Force Participation Rate (%) 62.30 61.3 61.3 61.3 62.5 62.5
Youth Unemployment Rate (%) 3.80 3.8 3.8 3.9 3.9 3.9
Productivity (points) 99.50 109 96 102 101 101
Job Vacancies (Thousand ) 920.88 960 990 990 990 1000
Wages (JPY/Month) 322356.00 321681 566595 309954 310555 315524
Wages in Manufacturing (JPY/Month) 373009.00 357791 577834 340329 341778 347246
Wage Growth (%) -0.20 1 1.1 1.2 1 1.6
Minimum Wages (JPY/Hour) 901.00 925 925 925 925 950
Population (Million) 126.25 126 126 126 125 125
Retirement Age Women 62.00 63 63 63 63 63
Retirement Age Men 62.00 63 63 63 63 63
Jobs To Applications Ratio 1.57 1.56 1.58 1.59 1.6 1.6
Prices Actual Q1 Q2 Q3 Q4 2020
Inflation Rate (%) 0.80 0.9 1.4 1.5 1.5 1.7
Inflation Rate Mom (%) 0.10 0.5 0.4 0.3 0.3 0.3
Consumer Price Index CPI (points) 102.30 102 103 103 104 106
Core Consumer Prices (points) 102.20 102 103 103 103 105
Core Inflation Rate (%) 0.70 0.8 1 1.2 1 1.6
Producer Prices (points) 102.30 103 103 102 104 106
Food Inflation (%) 1.90 1.2 0.8 0.8 1.3 1.3
Producer Prices Change (%) 0.90 1.2 1.5 1.5 1.5 1.5
CPI Housing Utilities (points) 100.40 100 101 101 102 104
CPI Transportation (points) 99.90 100 99.63 99.67 101 103
Money Actual Q1 Q2 Q3 Q4 2020
Interest Rate (%) -0.10 -0.1 -0.1 -0.1 -0.1 -0.1
Interbank Rate (%) -0.05 -0.05 -0.05 -0.05 -0.05 -0.05
Central Bank Balance Sheet (JPY Billion) 573053.10 599897 600000 600000 618694 629114
Deposit Interest Rate (%) -0.17 0.32 -0.33 -0.33 0.32 0.42
Foreign Stock Investment (JPY Billion) 263.80 150 200 200 250 250
Foreign Bond Investment (JPY Billion) 175.10 150 150 150 150 178
Loan Growth (%) 1.80 2.5 2.4 2.5 2.4 2.4
Private Debt to GDP (%) 221.10 228 228 228 228 228
Trade Actual Q1 Q2 Q3 Q4 2020
Balance of Trade (JPY Billion) -152.50 500 500 200 210 510
Current Account (JPY Billion) 1436.76 3080 1250 1150 510 440
Current Account to GDP (%) 3.50 3.1 3.1 3.1 3.1 2.9
Imports (JPY Billion) 6729.59 6500 6100 6300 6740 6540
Exports (JPY Billion) 6577.07 7000 6600 6500 6950 7050
Foreign Direct Investment (JPY Hundred Million) 12898.85 8000 15000 15000 15000 12540
Tourism Revenues (JPY Thousand) 22426000.00 28016246 20000000 20000000 20000000 21000000
Tourist Arrivals 2526400.00 2626600 2850000 2850000 2850000 2502100
Crude Oil Production (BBL/D/1K) 4.00 3 3 3 3 3.17
Government Actual Q1 Q2 Q3 Q4 2020
Government Debt to GDP (%) 238.20 244 244 244 244 249
Government Budget (% of GDP) -3.80 -4.4 -4.4 -4.4 -4.4 -4.4
Government Spending (JPY Billion) 109853.50 108429 110006 110952 111172 112617
Military Expenditure (USD Million) 45362.00 46807 47143 47143 47143 47143
Government Spending To GDP (%) 38.90 39.6 39.6 39.6 39.6 40.5
Taxes Actual Q1 Q2 Q3 Q4 2020
Corporate Tax Rate (%) 30.86 30.86 30.86 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 Q1 Q2 Q3 Q4 2020
Business Confidence (points) 0.00 12 9 9 5 5
Services Pmi (points) 52.10 51 54.5 54.9 54 52.9
Manufacturing PMI (points) 49.30 50 50.9 51 51 50.2
Industrial Production (%) -8.20 -0.4 2 2 2 2.1
Industrial Production Mom (%) -1.00 -0.3 0.5 0.5 0.1 0.1
Manufacturing Production (%) -8.10 1.2 0.5 0.5 3 3
Machinery Orders (%) 18.00 0.3 0.5 0.5 0.2 0.2
Bankruptcies (Companies) 704.00 680 650 650 680 680
Corporate Profits (JPY Billion) 17323.17 21000 24000 24000 20491 22000
Coincident Index 94.70 99.5 105 102 107 106
Economy Watchers Survey 39.80 44 49 51 51 49
Car Production (Units) 667462.00 760000 680000 700000 650000 690000
Car Registrations 194765.00 345000 250000 270000 200000 205000
Leading Economic Index (points) 90.80 95.1 99 98 101 100
Small Business Sentiment -9.00 -10 -8 -6 -4 5
Machine Tool Orders (JPY Million) 89969.00 108450 89100 104870 107950 116150
Mining Production (%) -9.80 -1.52 -2 -2 -2 -1.32
Non Manufacturing Pmi (points) 20.00 21 21 21 16 19
Private Investment (%) 7.10 6.2 5.1 3.6 2.9 3.4
Reuters Tankan Index (points) -6.00 -12 -8 -6 -2 -4
Composite Pmi (points) 51.10 51 52 52 52 51.5
Consumer Actual Q1 Q2 Q3 Q4 2020
Consumer Confidence (points) 39.10 43 42 41 43.9 43.9
Retail Sales MoM (%) 4.50 -0.3 0.5 0.5 1.2 1.2
Retail Sales YoY (%) -2.10 -0.4 2 2 0.9 0.9
Household Spending (%) -2.00 0.6 1.5 1.5 2 2
Consumer Spending (JPY Billion) 303045.20 302353 303830 306076 306682 310669
Disposable Personal Income (JPY Thousand) 389.94 396 715 374 395 400
Personal Savings (%) 25.10 5 40 40 48 48
Bank Lending Rate (%) 0.95 0.95 0.95 0.95 0.95 0.95
Households Debt To GDP (% of GDP) 58.70 58.8 59 59 59 57.6
Consumer Credit (JPY Billion) 322298.00 324545 323053 325521 326166 330406
Gasoline Prices (USD/Liter) 1.37 1.48 1.52 1.56 1.59 1.59
Housing Actual Q1 Q2 Q3 Q4 2020
Housing Starts (%) -12.70 -6 5 5 1.5 1.5
Construction Orders (%) -1.20 5 -10 -10 2.2 2.2
Housing Index (points) 113.20 118 117 117 117 120
Home Ownership Rate (%) 61.70 61.84 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.