Markets Actual Q3 Q4 Q1 Q2 2023
Stock Market (points) 25935.62 24751 23925 23125 23125 21606
Currency 135.24 138 140 142 142 145
Government Bond 10Y (%) 0.22 0.27 0.3 0.33 0.33 0.4

Overview Actual Q3 Q4 Q1 Q2 2023
GDP Growth Rate (%) -0.10 0.5 0.6 0.6 0.6 0.6
GDP Annual Growth Rate (%) 0.20 0.8 1 1 1 1.7
GDP Growth Annualized (%) -0.50 3 2 2 2 2
Unemployment Rate (%) 2.60 2.4 2.5 2.5 2.5 2.5
Inflation Rate (%) 2.50 2 1.4 0.9 0.6 1
Inflation Rate Mom (%) 0.20 0.1 -0.2 -0.2 -0.2 -0.2
Interest Rate (%) -0.10 -0.1 -0.1 -0.1 -0.1 0.1
Balance of Trade (JPY Billion) -2384.70 300 200 500 500 500
Current Account (JPY Billion) 501.10 2300 1650 1650 1650 1750
Current Account to GDP (% of GDP) 3.20 3.5 3.5 3.5 3.5 3.5
Government Debt to GDP (% of GDP) 266.20 260 260 260 260 257
Government Budget (% of GDP) -12.60 -8.5 -8.5 -8.5 -8.5 -5
Business Confidence (points) 9.00 12 10 10 10 10
Manufacturing PMI (points) 52.70 51 50.5 50.5 50.5 50.5
Services PMI (points) 54.20 51 51.6 51.6 51.6 51.6
Consumer Confidence (points) 32.10 43 43 43 43 43
Retail Sales MoM (%) 0.60 0.5 0.6 0.6 0.6 0.6
Corporate Tax Rate (%) 30.62 30.86 30.62 30.62 30.62 30.62
Personal Income Tax Rate (%) 55.97 55.95 55.95 55.97 55.97 55.97

GDP Actual Q3 Q4 Q1 Q2 2023
GDP Growth Rate (%) -0.10 0.5 0.6 0.6 0.6 0.6
GDP Annual Growth Rate (%) 0.20 0.8 1 1 1 1.7
GDP Growth Annualized (%) -0.50 3 2 2 2 2
GDP (USD Billion) 4975.42 5500 5500 5500 5500 5900
GDP Constant Prices (JPY Billion) 537916.40 540723 538601 544640 543296 553899
Gross National Product (JPY Billion) 549660.60 559807 552810 556828 555157 566294
Gross Fixed Capital Formation (JPY Billion) 127042.80 135000 131000 130000 128000 132000
GDP per capita (USD) 34366.48 36200 36200 36200 36200 39100
GDP per capita PPP (USD) 41380.09 41400 41780 41780 41780 41780
GDP From Agriculture (JPY Billion) 4688.70 4801 4712 4726 4736 4816
GDP From Construction (JPY Billion) 30154.10 30878 30305 30395 30456 30973
GDP From Manufacturing (JPY Billion) 108093.80 110688 108634 108959 109175 111031
GDP From Mining (JPY Billion) 365.10 374 367 368 369 375
GDP From Public Administration (JPY Billion) 27259.00 27913 27395 27477 27532 28000
GDP From Services (JPY Billion) 19512.70 19981 19610 19669 19708 20043
GDP From Transport (JPY Billion) 24330.30 24914 24452 24525 24574 24991
GDP From Utilities (JPY Billion) 16348.80 16741 16431 16480 16512 16793

Labour Actual Q3 Q4 Q1 Q2 2023
Unemployment Rate (%) 2.60 2.4 2.5 2.5 2.5 2.5
Employed Persons (Thousand ) 67240.00 66650 66700 66700 66700 67500
Unemployed Persons (Thousand ) 1800.00 1800 1840 1840 1840 1800
Employment Rate (%) 61.00 61 61 61 61 61
Labor Force Participation Rate (%) 62.70 62.2 62.4 62.4 62.4 62.4
Youth Unemployment Rate (%) 3.80 3.6 3.7 3.7 3.7 3.7
Productivity (points) 93.50 100 95.4 95.4 95.4 95.4
Job Vacancies (Thousand ) 880.82 780 900 900 900 900
Wages (JPY/Month) 323211.00 310616 678546 332857 328059 683974
Wages in Manufacturing (JPY/Month) 347073.00 342559 808858 350313 352279 815328
Wage Growth (%) 1.70 2 1.5 1.5 1.5 0.8
Minimum Wages (JPY/Hour) 930.00 930 940 940 940 955
Population (Million) 125.67 125 125 125 125 124
Retirement Age Women 65.00 65 65 65 65 65
Retirement Age Men 65.00 65 65 65 65 65
Jobs To Applications Ratio 1.24 1.1 1.2 1.2 1.2 1.2

Prices Actual Q3 Q4 Q1 Q2 2023
Inflation Rate (%) 2.50 2 1.4 0.9 0.6 1
Inflation Rate Mom (%) 0.20 0.1 -0.2 -0.2 -0.2 -0.2
Consumer Price Index CPI (points) 101.80 102 102 102 102 103
Core Consumer Prices (points) 101.60 99.8 100 100 101 101
Core Inflation Rate (%) 2.10 0.4 0.5 0.5 0.5 0.7
Producer Prices (points) 112.80 110 110 112 115 115
Food Inflation (%) 4.10 0.2 0.4 0.4 0.4 0.4
CPI Housing Utilities (points) 101.10 103 103 102 102 103
CPI Transportation (points) 92.80 93.26 93.36 93.17 92.98 92.8
Producer Prices Change (%) 9.10 3.4 2.5 2.5 2.5 2.5

Money Actual Q3 Q4 Q1 Q2 2023
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) 736491.10 695000 680000 680000 680000 680000
Deposit Interest Rate (%) -0.21 -0.12 -0.1 -0.1 -0.1 -0.1
Loan Growth (%) 0.70 2.2 2 2 2 2
Private Debt to GDP (%) 238.80 225 225 225 225 227

Trade Actual Q3 Q4 Q1 Q2 2023
Balance of Trade (JPY Billion) -2384.70 300 200 500 500 500
Current Account (JPY Billion) 501.10 2300 1650 1650 1650 1750
Current Account to GDP (% of GDP) 3.20 3.5 3.5 3.5 3.5 3.5
Imports (JPY Billion) 9636.74 6300 6200 6200 6200 6200
Exports (JPY Billion) 7252.07 6500 6700 6700 6700 6700
Tourism Revenues (JPY Thousand) 610000.00 1200000 1200000 1200000 1200000 21000000
Tourist Arrivals 147000.00 200000 300000 300000 300000 300000

Government Actual Q3 Q4 Q1 Q2 2023
Government Debt to GDP (% of GDP) 266.20 260 260 260 260 257
Government Budget (% of GDP) -12.60 -8.5 -8.5 -8.5 -8.5 -5
Government Spending (JPY Billion) 116713.80 180000 140000 140000 140000 160000
Government Spending To GDP (% of GDP) 38.70 40.5 40.5 40.5 40.5 40.5

Taxes Actual Q3 Q4 Q1 Q2 2023
Corporate Tax Rate (%) 30.62 30.86 30.62 30.62 30.62 30.62
Personal Income Tax Rate (%) 55.97 55.95 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 2023
Business Confidence (points) 9.00 12 10 10 10 10
Manufacturing PMI (points) 52.70 51 50.5 50.5 50.5 50.5
Services PMI (points) 54.20 51 51.6 51.6 51.6 51.6
Industrial Production (%) -2.80 3 2 2 2 2
Industrial Production Mom (%) -7.20 2.5 3 3 3 3
Manufacturing Production (%) -2.77 5 -2 -2 -2 -2
Capacity Utilization (points) 92.70 102 106 106 106 106
Machinery Orders (%) 10.80 5 4 4 4 4
Bankruptcies (Companies) 524.00 500 480 480 480 480
Corporate Profits (JPY Billion) 22832.30 21500 21500 21500 21500 20000
Coincident Index 96.80 100 101 101 101 101
Economy Watchers Survey (points) 54.00 42 44 44 44 44
Car Production (Units) 481162.00 670000 680000 680000 680000 680000
Car Registrations 169680.00 210000 230000 230000 230000 230000
Leading Economic Index (points) 102.90 102 98 98 98 98
Small Business Sentiment -4.00 18 8 8 8 8
Composite PMI (points) 53.20 52 52 52 52 52
Machine Tool Orders (JPY Million) 153321.00 150000 130150 130150 130150 150150
Private Investment (%) 3.00 4 3 3 3 3
Reuters Tankan Index (points) 9.00 4 15 15 15 15
Mining Production (%) -1.07 2 1 1 1 1
Non Manufacturing Pmi (points) 13.00 20 19 19 19 19

Consumer Actual Q3 Q4 Q1 Q2 2023
Consumer Confidence (points) 32.10 43 43 43 43 43
Retail Sales MoM (%) 0.60 0.5 0.6 0.6 0.6 0.6
Retail Sales YoY (%) 3.60 2.5 1.4 1.4 1.4 1.4
Household Spending (%) -1.70 3 2 2 2 2
Consumer Spending (JPY Billion) 293199.00 290415 288320 295952 296131 300983
Disposable Personal Income (JPY Thousand) 436.85 728 393 933 417 949
Personal Savings (%) 21.40 22 60 60 60 60
Bank Lending Rate (%) 1.20 1.2 1.2 1.2 1.2 1.2
Gasoline Prices (USD/Liter) 1.28 1.33 1.37 1.42 1.48 1.48
Consumer Credit (JPY Billion) 473827.00 477025 481846 478565 478565 490037
Households Debt To GDP (% of GDP) 66.90 64 65 65 65 65

Housing Actual Q3 Q4 Q1 Q2 2023
Housing Starts (%) -4.30 4 3 3 3 3
Construction Orders (%) 30.50 5 4 4 4 4
Housing Index (points) 130.65 122 123 123 123 125
Home Ownership Rate (%) 61.20 61.3 61.3 61.3 61.3 61.5


Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. Japan Forecast - was last updated on Saturday, July 2, 2022.