Markets Actual Q1 Q2 Q3 Q4 2022
Currency 105.84 106 106 107 107 108
Stock Market (points) 29671.70 29060 28412 27779 27158 25915
Government Bond 10Y (%) 0.12 0.13 0.15 0.16 0.18 0.21

Overview Actual Q1 Q2 Q3 Q4 2022
GDP Growth Rate (%) 3.00 0.9 1.5 0.6 0.5 0.5
GDP Annual Growth Rate (%) -1.20 -1 8.5 4 2.6 2
GDP Growth Annualized (%) 12.70 -4.8 5 2.3 3.4 3.4
Unemployment Rate (%) 2.90 3 2.8 3 3.1 3.2
Inflation Rate (%) -0.60 -0.7 0.2 0.4 0.3 0.7
Inflation Rate Mom (%) 0.60 -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) -323.86 0 300 300 1010 500
Current Account (JPY Billion) 1165.60 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) -2.40 -6.5 -6.5 -6.5 -6.5 -3.5
Business Confidence (points) -10.00 -2 2 4 5 10
Manufacturing PMI (points) 50.60 50.5 50 51 51 50.5
Services PMI (points) 45.80 49.6 51 52 51.9 51.6
Consumer Confidence (points) 29.60 40 42 43 42 42
Retail Sales MoM (%) -0.80 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 (%) 3.00 0.9 1.5 0.6 0.5 0.5
GDP Annual Growth Rate (%) -1.20 -1 8.5 4 2.6 2
GDP Growth Annualized (%) 12.70 -4.8 5 2.3 3.4 3.4
GDP (USD Billion) 5081.77 4900 4900 4900 4900 5100
GDP Constant Prices (JPY Billion) 542688.50 521326 524751 527920 520814 531230
Gross National Product (JPY Billion) 568373.30 544287 555309 555156 547683 558636
Gross Fixed Capital Formation (JPY Billion) 134257.50 125000 133000 124000 131050 124000
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 4834 5298 5079 5010 5110
GDP From Construction (JPY Billion) 28935.10 28646 31395 30093 29687 30281
GDP From Manufacturing (JPY Billion) 117923.20 116744 127947 122640 120989 123409
GDP From Mining (JPY Billion) 381.00 377 413 396 391 399
GDP From Public Administration (JPY Billion) 27095.30 26824 29398 28179 27800 28356
GDP From Services (JPY Billion) 22059.10 21839 23934 22941 22633 23085
GDP From Transport (JPY Billion) 22885.30 22656 24831 23801 23480 23950
GDP From Utilities (JPY Billion) 16498.00 16333 17900 17158 16927 17265

Labour Actual Q1 Q2 Q3 Q4 2022
Unemployment Rate (%) 2.90 3 2.8 3 3.1 3.2
Employment Rate (%) 60.30 60.2 60.2 60.5 61 61
Labor Force Participation Rate (%) 62.00 62.5 62.5 62.5 62.5 62.5
Youth Unemployment Rate (%) 5.10 5.2 5 5.2 5.3 5.3
Productivity (points) 94.50 98.2 99.3 100 101 101
Job Vacancies (Thousand ) 776.21 740 790 790 800 900
Wages (JPY/Month) 664025.00 312607 540928 302273 680626 690835
Wages in Manufacturing (JPY/Month) 773782.00 339677 535712 329289 793127 805023
Wage Growth (%) -3.20 -1.6 -0.3 0.5 2.5 1.5
Minimum Wages (JPY/Hour) 902.00 902 902 902 915 940
Population (Million) 126.01 125 125 125 125 124
Retirement Age Women 65.00 65 65 65 65 65
Retirement Age Men 65.00 65 65 65 65 65
Jobs To Applications Ratio 1.06 1.02 1.6 1.6 1.6 1.6

Prices Actual Q1 Q2 Q3 Q4 2022
Inflation Rate (%) -0.60 -0.7 0.2 0.4 0.3 0.7
Inflation Rate Mom (%) 0.60 -0.1 0.2 0.1 0.4 0.4
Consumer Price Index CPI (points) 101.60 101 102 102 101 102
Core Consumer Prices (points) 101.40 102 102 102 102 103
Core Inflation Rate (%) -0.60 -0.2 0.3 0.6 0.9 1.1
Producer Prices (points) 100.70 98.88 100 101 106 101
Food Inflation (%) -0.10 1.8 1.6 1.5 1.5 1.3
Producer Prices Change (%) -1.60 -2.1 0.8 1.1 1.1 1.5
CPI Housing Utilities (points) 100.90 99.6 101 101 101 101
CPI Transportation (points) 98.60 99.2 98 98.99 98.9 99.59

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) 709493.50 730000 690000 670000 660000 650000
Deposit Interest Rate (%) -0.14 -0.16 -0.15 -0.15 -0.12 -0.13
Foreign Stock Investment (JPY Billion) 330.10 250 250 250 250 250
Foreign Bond Investment (JPY Billion) 477.10 150 150 150 150 178
Loan Growth (%) 6.10 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) -323.86 0 300 300 1010 500
Current Account (JPY Billion) 1165.60 1250 1250 1600 440 650
Current Account to GDP (%) 3.60 3.2 3.2 3.2 3.2 3
Imports (JPY Billion) 6103.69 5800 5800 6000 6200 6200
Exports (JPY Billion) 5779.83 5800 6100 6300 6200 6700
Tourism Revenues (JPY Thousand) 1324000.00 1200000 1500000 1700000 21000000 21000000
Tourist Arrivals 46500.00 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) -2.40 -6.5 -6.5 -6.5 -6.5 -3.5
Government Spending (JPY Billion) 116739.00 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) 50.60 50.5 50 51 51 50.5
Services PMI (points) 45.80 49.6 51 52 51.9 51.6
Industrial Production (%) -2.60 -2 5 3.5 2.3 2.3
Industrial Production Mom (%) -1.00 2.5 2.9 1.4 1.1 1.1
Manufacturing Production (%) -2.60 -1 6 4 4 3
Capacity Utilization (points) 93.30 97 99 100 102 106
Machinery Orders (%) 5.20 1.2 5 2.9 2.9 0.2
Bankruptcies (Companies) 474.00 710 720 690 680 680
Corporate Profits (JPY Billion) 12398.44 16000 18000 18000 20000 20000
Coincident Index 87.80 93 97 100 101 101
Economy Watchers Survey 31.20 40 40 44 49 49
Car Production (Units) 675833.00 650000 620000 730000 590000 590000
Car Registrations 208279.00 300000 220000 260000 205000 230000
Leading Economic Index (points) 94.90 95 95 97 100 100
Small Business Sentiment -27.00 -15 -6 9 15 8
Machine Tool Orders (JPY Million) 88631.00 85950 85000 89000 85150 90150
Reuters Tankan Index (points) 3.00 -12 -9 -4 -4 -4
Private Investment (%) -10.60 2.9 6.5 4.5 3.4 3.4
Mining Production (%) -0.10 0.4 4 3 1.3 1
Non Manufacturing Pmi (points) -5.00 -12 -4 2 11 19
Composite PMI (points) 47.60 51.2 52 52.1 51.2 52

Consumer Actual Q1 Q2 Q3 Q4 2022
Consumer Confidence (points) 29.60 40 42 43 42 42
Retail Sales MoM (%) -0.80 0.8 1.2 0.3 0.7 0.6
Retail Sales YoY (%) -0.30 1 3 1.5 1.2 1.4
Household Spending (%) -0.60 1.3 1.7 0.8 0.8 2
Consumer Spending (JPY Billion) 289269.00 288990 291032 292015 308880 293846
Disposable Personal Income (JPY Thousand) 865.65 394 916 396 888 906
Personal Savings (%) 59.00 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 432854 471309 446513 440502 449312
Gasoline Prices (USD/Liter) 1.33 1.26 1.2 1.14 1.08 1.03

Housing Actual Q1 Q2 Q3 Q4 2022
Housing Starts (%) -9.00 -2 2 2 2 1.5
Construction Orders (%) -1.30 -7.6 5 2 2 2.2
Housing Index (points) 114.33 116 116 116 117 119
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.