Japan - Economic Indicators

Asia-Pacific Daily Briefing: Japan's 2% Target Still Elusive

Dec 21, 2018

Download the full version of the Asia-Pacific Weekly Highlights and Preview Core inflation in Japan remains elevated by historical standards, but it’s hardly making a move towards the elusive 2% inflation that the Bank of Japan targets. Core CPI inflation, which includes energy prices (but excludes food), was down to 0.9% y/y in November, following October's 1% reading. We expect core inflation will decelerate over the coming months. Base effects...

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GDP Reference Last Previous Units Frequency
Real Private Consumption 2018 Q3 299,902 300,450 Bil. Ch. 2011 JPY, SAAR Quarterly
Private Consumption 2018 Q3 305,099 304,528 Bil. JPY, SAAR Quarterly
Real Government Consumption 2018 Q3 107,100 106,856 Bil. Ch. 2011 JPY, SAAR Quarterly
Real Fixed Investment (gross fixed capital formation) 2018 Q3 125,711 128,510 Bil. Ch. 2011 JPY, SAAR Quarterly
Nominal Fixed Investment (gross fixed capital formation) 2018 Q3 131,734 134,157 Bil. JPY, SAAR Quarterly
Real Gross Domestic Product 2018 Q3 532,648 536,036 Bil. Ch. 2011 JPY, SAAR Quarterly
Government Consumption 2018 Q3 108,308 108,065 Bil. JPY, SAAR Quarterly
Nominal Gross Domestic Product 2018 Q3 546,738 550,547 Bil. JPY, SAAR Quarterly
Real Investment 2016 124,944,155,753,300 124,599,323,584,100 NCU Annual
Investment 2016 126,880,900,000,000 127,704,800,000,000 NCU Annual
Price Reference Last Previous Units Frequency
Producer Price Index (PPI) Dec 2018 101.5 102.1 Index 2015=100, NSA Monthly
Labor Reference Last Previous Units Frequency
Total Employment Non-Ag Nov 2018 6,499 6,512 Ten Ths., NSA Monthly
Labor Force Employment Nov 2018 6,713 6,688 Ten Thousand Persons, SA Monthly
Total Employment Nov 2018 6,713 6,688 Ten Thousand Persons, SA Monthly
Labor Force Nov 2018 6,888 6,858 Ten Thousand Persons, SA Monthly
Unemployment Nov 2018 173 168 Ten Thousand Persons, SA Monthly
Unemployment Rate Nov 2018 2.5 2.4 Percent, SA Monthly
Real Wages & Salaries 2018 Q3 271,203 272,522 Bil. Ch. 2011 JPY, SAAR Quarterly
Agriculture Employment 2017 2,320,973 2,340,886 # Annual
Wage & Salaries 2014 252,097,472 249,624,331 Mil. JPY Annual
Trade Reference Last Previous Units Frequency
Exports of Goods Nov 2018 6,842,174 7,054,637 Mil. JPY, SA Monthly
Balance of Goods Nov 2018 -492,194 -288,154 Mil. JPY, SA Monthly
Imports of Goods Nov 2018 7,334,368 7,342,791 Mil. JPY, SA Monthly
Current Account Balance Nov 2018 14,386 12,112 100 Mil. JPY, SA Monthly
Real Exports of Goods and Services 2018 Q3 91,931 93,601 Bil. Ch. 2011 JPY, SAAR Quarterly
Real Imports of Goods and Services 2018 Q3 93,707 95,033 Bil. Ch. 2011 JPY, SAAR Quarterly
Exports of Goods and Services 2018 Q3 100,482 101,187 Bil. JPY, SAAR Quarterly
Net Exports 2018 Q3 543.7 2,713 Bil. JPY, SAAR Quarterly
Real Net Exports 2018 Q3 -1,775 -1,431 Bil. Ch. 2011 JPY, SAAR Quarterly
Imports of Goods and Services 2018 Q3 99,938 98,473 Bil. JPY, SAAR Quarterly
Government Reference Last Previous Units Frequency
Outstanding Public Debt - Foreign Nov 2018 0 0 100 Mil. JPY, NSA Monthly
Outstanding Public Debt Nov 2018 11,072,575 10,986,022 100 Mil. JPY, NSA Monthly
Outstanding Public Debt - Domestic Nov 2018 9,571,424 9,495,650 100 Mil. JPY, NSA Monthly
Gross External Debt 2018 Q3 141,795 140,940 Bil. JPY, NSA Quarterly
Government Revenues 31 Mar 2015 189,539 179,132 Bil. JPY 365 days
Government Budget Balance 31 Mar 2015 -17,443 -25,431 Bil. JPY 365 days
Markets Reference Last Previous Units Frequency
Stock Market Index 17 Jan 2019 20,402 20,442 Index, NSA Daily
Average Long-term Government Bond 17 Jan 2019 0.8 0.8 %, NSA Daily
Treasury Bills (over 31 days) Jun 2017 -0.1 -0.13 % p.a., NSA Monthly
Lending Rate Feb 2017 0.99 1 % p.a., NSA Monthly
Money Market Rate Apr 2016 0 0 %, NSA Monthly
Real Estate Reference Last Previous Units Frequency
House Price Index 2017:2 50.1 50.1 Index 2000=100 Annual
Dwelling Stocks 2013 60,631 Ths. # Annual
Consumer Reference Last Previous Units Frequency
Consumer Confidence Dec 2018 42.7 42.9 Index, SA Monthly
Retail Sales Nov 2018 12,128 11,943 Bil. JPY, NSA Monthly
Business Reference Last Previous Units Frequency
Business Confidence 2019 Q2 1.4 4.7 Diffusion Index, NSA Quarterly
Industrial Production Nov 2018 104.8 105.9 Index 2015=100, SA Monthly
Real Change in Inventories 2018 Q3 1,120 937.5 Bil. Ch. 2011 JPY, SAAR Quarterly
Change in Inventories 2018 Q3 1,028 1,057 Bil. JPY, SAAR Quarterly
Demographics Reference Last Previous Units Frequency
Population Dec 2018 1,264 1,264 Hundred Thousands, NSA Monthly
Net Migration 2017 250,000 # Annual
Birth Rate 2017 7.6 7.8 # per Ths. pop. Annual
Births 2017 946,065 976,978 # Annual
Death Rate 2017 10.8 10.5 # per Ths. pop. Annual
Deaths 2017 1,340,397 1,307,748 # Annual

Factbook

Background

Central Intelligence Agency

Geography

Location:
Eastern Asia, island chain between the North Pacific Ocean and the Sea of Japan, east of the Korean Peninsula
Geographic coordinates:
36 00 N, 138 00 E
Map references:
Asia
Area:
total: 377,915 sq km
land: 364,485 sq km
water: 13,430 sq km
note: includes Bonin Islands (Ogasawara-gunto), Daito-shoto, Minami-jima, Okino-tori-shima, Ryukyu Islands (Nansei-shoto), and Volcano Islands (Kazan-retto)
country comparison to the world: 63
Area - comparative:
slightly smaller than California
Area comparison map:
Land boundaries:
0 km
Coastline:
29,751 km
Maritime claims:
territorial sea: 12 nm; between 3 nm and 12 nm in the international straits - La Perouse or Soya, Tsugaru, Osumi, and Eastern and Western Channels of the Korea or Tsushima Strait
contiguous zone: 24 nm
exclusive economic zone: 200 nm
Climate:
varies from tropical in south to cool temperate in north
Terrain:
mostly rugged and mountainous
Elevation:
mean elevation: 438 m
elevation extremes: lowest point: Hachiro-gata -4 m
highest point: Mount Fuji 3,776 m
Natural resources:
negligible mineral resources, fish
note: with virtually no natural energy resources, Japan is the world's largest importer of coal and liquefied natural gas, as well as the second largest importer of oil
Land use:
agricultural land: 12.5%
arable land 11.7%; permanent crops 0.8%; permanent pasture 0%
forest: 68.5%
other: 19% (2011 est.)
Irrigated land:
24,690 sq km (2012)
Population - distribution:
all primary and secondary regions of high population density lie on the coast; one-third of the population resides in and around Tokyo on the central plain (Kanto Plain)
Natural hazards:
many dormant and some active volcanoes; about 1,500 seismic occurrences (mostly tremors but occasional severe earthquakes) every year; tsunamis; typhoons
volcanism: both Unzen (1,500 m) and Sakura-jima (1,117 m), which lies near the densely populated city of Kagoshima, have been deemed Decade Volcanoes by the International Association of Volcanology and Chemistry of the Earth's Interior, worthy of study due to their explosive history and close proximity to human populations; other notable historically active volcanoes include Asama, Honshu Island's most active volcano, Aso, Bandai, Fuji, Iwo-Jima, Kikai, Kirishima, Komaga-take, Oshima, Suwanosejima, Tokachi, Yake-dake, and Usu
Environment - current issues:
0air pollution from power plant emissions results in acid rain; acidification of lakes and reservoirs degrading water quality and threatening aquatic life; Japan is one of the largest consumers of fish and tropical timber, contributing to the depletion of these resources in Asia and elsewhere; following the 2011 Fukushima nuclear disaster, Japan originally planned to phase out nuclear power, but it has now implemented a new policy of seeking to restart nuclear power plants that meet strict new safety standards; waste management is an ongoing isue; Japanese municipal facilities used to burn high volumes of trash, but air pollution issues forced the government to adopt an aggressive recycling policy
Environment - international agreements:
party to: Antarctic-Environmental Protocol, Antarctic-Marine Living Resources, Antarctic Seals, Antarctic Treaty, Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Environmental Modification, Hazardous Wastes, Law of the Sea, Marine Dumping, Ozone Layer Protection, Ship Pollution, Tropical Timber 83, Tropical Timber 94, Wetlands, Whaling
signed, but not ratified: none of the selected agreements
Geography - note:
strategic location in northeast Asia; composed of four main islands - from north: Hokkaido, Honshu (the largest and most populous), Shikoku, and Kyushu (the "Home Islands") - and 6,848 smaller islands and islets

People & Society

Population:
126,451,398 (July 2017 est.)
country comparison to the world: 10
Nationality:
noun: Japanese (singular and plural)
adjective: Japanese
Ethnic groups:
Japanese 98.5%, Korean 0.5%, Chinese 0.4%, other 0.6%
note: up to 230,000 Brazilians of Japanese origin migrated to Japan in the 1990s to work in industries; some have returned to Brazil (2004 est.)
Languages:
Japanese
Religions:
Shintoism 79.2%, Buddhism 66.8%, Christianity 1.5%, other 7.1%
note: total adherents exceeds 100% because many people practice both Shintoism and Buddhism (2012 est.)
Age structure:
0-14 years: 12.84% (male 8,361,611/female 7,875,045)
15-24 years: 9.64% (male 6,417,085/female 5,778,904)
25-54 years: 37.5% (male 23,435,323/female 23,980,781)
55-64 years: 12.15% (male 7,692,424/female 7,665,157)
65 years and over: 27.87% (male 15,397,309/female 19,847,759) (2017 est.)
population pyramid:
Dependency ratios:
total dependency ratio: 64
youth dependency ratio: 21.3
elderly dependency ratio: 42.7
potential support ratio: 2.3 (2015 est.)
Median age:
total: 47.3 years
male: 46 years
female: 48.7 years (2017 est.)
country comparison to the world: 2
Population growth rate:
-0.21% (2017 est.)
country comparison to the world: 211
Birth rate:
7.7 births/1,000 population (2017 est.)
country comparison to the world: 223
Death rate:
9.8 deaths/1,000 population (2017 est.)
country comparison to the world: 45
Net migration rate:
0 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 86
Population distribution:
all primary and secondary regions of high population density lie on the coast; one-third of the population resides in and around Tokyo on the central plain (Kanto Plain)
Urbanization:
urban population: 94.3% of total population (2017)
rate of urbanization: 0.15% annual rate of change (2015-20 est.)
Major urban areas - population:
TOKYO (capital) 38.001 million; Osaka-Kobe 20.238 million; Nagoya 9.406 million; Kitakyushu-Fukuoka 5.51 million; Shizuoka-Hamamatsu 3.369 million; Sapporo 2.571 million (2015)
Sex ratio:
at birth: 1.06 male(s)/female
0-14 years: 1.06 male(s)/female
15-24 years: 1.11 male(s)/female
25-54 years: 0.98 male(s)/female
55-64 years: 1 male(s)/female
65 years and over: 0.77 male(s)/female
total population: 0.94 male(s)/female (2017 est.)
Mother's mean age at first birth:
30.7 years (2015 est.)
Maternal mortality ratio:
5 deaths/100,000 live births (2015 est.)
country comparison to the world: 171
Infant mortality rate:
total: 2 deaths/1,000 live births
male: 2.2 deaths/1,000 live births
female: 1.8 deaths/1,000 live births (2017 est.)
country comparison to the world: 224
Life expectancy at birth:
total population: 85.3 years
male: 81.9 years
female: 88.8 years (2017 est.)
country comparison to the world: 2
Total fertility rate:
1.41 children born/woman (2017 est.)
country comparison to the world: 209
Contraceptive prevalence rate:
40.4%
note: percent of women aged 20-49 (2015)
Health expenditures:
10.2% of GDP (2014)
country comparison to the world: 23
Physicians density:
2.37 physicians/1,000 population (2014)
Hospital bed density:
13.4 beds/1,000 population (2012)
Drinking water source:
improved:
urban: 100% of population
rural: 100% of population
total: 100% of population
unimproved:
urban: 0% of population
rural: 0% of population
total: 0% of population (2015 est.)
Sanitation facility access:
improved:
urban: 100% of population
rural: 100% of population
total: 100% of population
unimproved:
urban: 0% of population
rural: 0% of population
total: 0% of population (2015 est.)
HIV/AIDS - adult prevalence rate:
NA
HIV/AIDS - people living with HIV/AIDS:
NA
HIV/AIDS - deaths:
NA
Obesity - adult prevalence rate:
4.3% (2016)
country comparison to the world: 186
Children under the age of 5 years underweight:
3.4% (2010)
Education expenditures:
3.6% of GDP (2014)
country comparison to the world: 115
School life expectancy (primary to tertiary education):
total: 15 years
male: 15 years
female: 15 years (2014)
Unemployment, youth ages 15-24:
total: 5.1%
male: 5.7%
female: 4.5% (2016 est.)
country comparison to the world: 148

Government

Country name:
conventional long form: none
conventional short form: Japan
local long form: Nihon-koku/Nippon-koku
local short form: Nihon/Nippon
etymology: the English word for Japan comes via the Chinese name for the country "Cipangu"; both Nihon and Nippon mean "where the sun originates" and are frequently translated as "Land of the Rising Sun"
Government type:
parliamentary constitutional monarchy
Capital:
name: Tokyo
geographic coordinates: 35 41 N, 139 45 E
time difference: UTC+9 (14 hours ahead of Washington, DC, during Standard Time)
Administrative divisions:
47 prefectures; Aichi, Akita, Aomori, Chiba, Ehime, Fukui, Fukuoka, Fukushima, Gifu, Gunma, Hiroshima, Hokkaido, Hyogo, Ibaraki, Ishikawa, Iwate, Kagawa, Kagoshima, Kanagawa, Kochi, Kumamoto, Kyoto, Mie, Miyagi, Miyazaki, Nagano, Nagasaki, Nara, Niigata, Oita, Okayama, Okinawa, Osaka, Saga, Saitama, Shiga, Shimane, Shizuoka, Tochigi, Tokushima, Tokyo, Tottori, Toyama, Wakayama, Yamagata, Yamaguchi, Yamanashi
Independence:
3 May 1947 (current constitution adopted as amendment to Meiji Constitution); notable earlier dates: 660 B.C. (traditional date of the founding of the nation by Emperor JIMMU); 29 November 1890 (Meiji Constitution provides for constitutional monarchy)
National holiday:
Birthday of Emperor AKIHITO, 23 December (1933); note - celebrates the birthday of the current emperor
Constitution:
history: previous 1890; latest approved 6 October 1946, adopted 3 November 1946, effective 3 May 1947
amendments: proposed by the Diet; passage requires approval by at least two-thirds majority of both houses of the Diet and approval by majority in a referendum; note - the constitution has not been amended since its enactment in 1947 (2017)
Legal system:
civil law system based on German model; system also reflects Anglo-American influence and Japanese traditions; judicial review of legislative acts in the Supreme Court
International law organization participation:
accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction
Citizenship:
citizenship by birth: no
citizenship by descent only: at least one parent must be a citizen of Japan
dual citizenship recognized: no
residency requirement for naturalization: 5 years
Suffrage:
18 years of age; universal
Executive branch:
chief of state: Emperor AKIHITO (since 7 January 1989); note - The Imperial Council ruled on 2 December 2017 that the Emperor will be allowed to abdicate in April 2019
head of government: Prime Minister Shinzo ABE (since 26 December 2012); Deputy Prime Minister Taro ASO (since 26 December 2012)
cabinet: Cabinet appointed by the prime minister
elections/appointments: the monarchy is hereditary; the leader of the majority party or majority coalition in the House of Representatives usually becomes prime minister
Legislative branch:
description: bicameral Diet or Kokkai consists of the House of Councillors or Sangi-in (242 seats; 146 members directly elected in multi-seat districts by simple majority vote and 96 directly elected in a single national constituency by proportional representation vote; members serve 6-year terms with half the membership renewed every 3 years) and the House of Representatives or Shugi-in (475 seats; 295 members directly elected in single-seat districts by simple majority vote and 180 directly elected in multi-seat districts by party-list proportional representation vote; members serve 4-year terms); note - Japan's amended electoral law, changed in May 2017, reduced the total number of House seats to 465 - the number of House of Representatives seats in single-seat districts is reduced to 289 and the number of House of Representatives seats in multi-seat districts reduced to 176; the change is effective for the December 2018 House of Representatives election
note: the Diet in June 2017 redrew Japan's electoral district boundaries and reduced the current 275 seats in the House of Representatives to 265; the law, which cuts 6 seats in single-seat districts and 4 in multi-seat districts, was reportedly intended to reduce voting disparities between densely and sparsely populated voting districts
elections: House of Councillors - last held on 10 July 2016 (next to be held in July 2019); House of Representatives - last held on 22 October 2017 (next to be held by 21 October 2021)
election results: House of Councillors - percent of vote by party - NA; seats by party - LDP 55, DP 32, Komeito 14, JCP 6, Osaka Ishin no Kai (Initiatives from Osaka) 7, PLPTYF 1, SDP 1, independent 5
House of Representatives - percent of vote by party - NA; seats by party - LDP 284, CDP 55, Party of Hope 50, Komeito 29, JCP 12, JIP 11, SDP 2, independent 22
Judicial branch:
highest court(s): Supreme Court or Saiko saibansho (consists of the chief justice and 14 associate justices); note - the Supreme Court has jurisdiction in constitutional issues
judge selection and term of office: Supreme Court chief justice designated by the Cabinet and appointed by the monarch; associate justices appointed by the Cabinet and confirmed by the monarch; all justices are reviewed in a popular referendum at the first general election of the House of Representatives following each judge's appointment and every 10 years afterward
subordinate courts: 8 High Courts (Koto-saiban-sho), each with a Family Court (Katei-saiban-sho); 50 District Courts (Chiho saibansho), with 203 additional branches; 438 Summary Courts (Kani saibansho)
Political parties and leaders:
Constitutional Democratic Party of Japan or CDP [Yukio EDANO]
Democratic Party of Japan or DPJ [Kohei OTSUKA]
Group of Reformists [Sakihito OZAWA]
Japan Communist Party or JCP [Kazuo SHII]
Japan Innovation Party or JIP [Ichiro MATSUI]
Party of Hope or Kibo no To [Yuichiro TAMAKI]
Komeito [Natsuo YAMAGUCHI]
Liberal Democratic Party or LDP [Shinzo ABE]
Liberal Party [Ichiro OZAWA] (formerly People's Life Party & Taro Yamamoto and Friends or PLPTYF)
New Renaissance Party [Hiroyuki ARAI]
Party for Japanese Kokoro or PJK [Masashi NAKANO]
Social Democratic Party or SDP [Tadatomo YOSHIDA]
The Assembly to Energize Japan and the Independents [Kota MATSUDA]
Political pressure groups and leaders:
other: business groups; trade unions
International organization participation:
ADB, AfDB (nonregional member), APEC, Arctic Council (observer), ARF, ASEAN (dialogue partner), Australia Group, BIS, CD, CE (observer), CERN (observer), CICA (observer), CP, CPLP (associate), EAS, EBRD, EITI (implementing country), FAO, FATF, G-5, G-7, G-8, G-10, G-20, IADB, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IEA, IFAD, IFC, IFRCS, IGAD (partners), IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), LAIA (observer), MIGA, NEA, NSG, OAS (observer), OECD, OPCW, OSCE (partner), Pacific Alliance (observer), Paris Club, PCA, PIF (partner), SAARC (observer), SELEC (observer), SICA (observer), UN, UN Security Council (temporary), UNCTAD, UNESCO, UNHCR, UNIDO, UNMISS, UNRWA, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO, ZC
Diplomatic representation in the US:
chief of mission: Ambassador Shinsuke SUGIYAMA (since 28 March 2018)
chancery: 2520 Massachusetts Avenue NW, Washington, DC 20008
telephone: [1] (202) 238-6700
FAX: [1] (202) 328-2187
consulate(s) general: Anchorage (AK), Atlanta, Boston, Chicago, Dallas, Denver (CO), Detroit (MI), Honolulu (HI), Houston, Las Vegas (NV), Los Angeles, Miami, Nashville (TN), New Orleans, New York, Oklahoma City (OK), Orlando (FL), Philadelphia (PA), Phoenix (AZ), Portland (OR), San Francisco, Seattle, Saipan (Puerto Rico), Tamuning (Guam)
Diplomatic representation from the US:
chief of mission: Ambassador William F. "Bill" HAGERTY, IV (since 31 August 2017)
embassy: 1-10-5 Akasaka, Minato-ku, Tokyo 107-8420
mailing address: Unit 9800, Box 300, APO AP 96303-0300
telephone: [81] (03) 3224-5000
FAX: [81] (03) 3505-1862
consulate(s) general: Naha (Okinawa), Osaka-Kobe, Sapporo
consulate(s): Fukuoka, Nagoya
Flag description:
white with a large red disk (representing the sun without rays) in the center
National symbol(s):
red sun disc, chrysanthemum; national colors: red, white
National anthem:
name: "Kimigayo" (The Emperor"s Reign)
lyrics/music: unknown/Hiromori HAYASHI
note: adopted 1999; unofficial national anthem since 1883; oldest anthem lyrics in the world, dating to the 10th century or earlier; there is some opposition to the anthem because of its association with militarism and worship of the emperor

Economy

Economy - overview:
Over the past 70 years, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (slightly less than 1% of GDP) have helped Japan develop an advanced economy. Two notable characteristics of the post-World War II economy were the close interlocking structures of manufacturers, suppliers, and distributors, known as keiretsu, and the guarantee of lifetime employment for a substantial portion of the urban labor force. Both features have significantly eroded under the dual pressures of global competition and domestic demographic change.
Measured on a purchasing power parity basis that adjusts for price differences, Japan in 2017 stood as the fourth-largest economy in the world after first-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2012. For three postwar decades, overall real economic growth was impressive - averaging 10% in the 1960s, 5% in the 1970s, and 4% in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the aftereffects of inefficient investment and the collapse of an asset price bubble in the late 1980s, which resulted in several years of economic stagnation as firms sought to reduce excess debt, capital, and labor. Modest economic growth continued after 2000, but the economy has fallen into recession four times since 2008.
Japan enjoyed an uptick in growth since 2013, supported by Prime Minister Shinzo ABE’s “Three Arrows” economic revitalization agenda - dubbed “Abenomics” - of monetary easing, “flexible” fiscal policy, and structural reform. Led by the Bank of Japan’s aggressive monetary easing, Japan is making modest progress in ending deflation, but demographic decline – a low birthrate and an aging, shrinking population – poses a major long-term challenge for the economy. The government currently faces the quandary of balancing its efforts to stimulate growth and institute economic reforms with the need to address its sizable public debt, which stands at 235% of GDP. To help raise government revenue, Japan adopted legislation in 2012 to gradually raise the consumption tax rate. However, the first such increase, in April 2014, led to a sharp contraction, so Prime Minister ABE has twice postponed the next increase, which is now scheduled for October 2019. Structural reforms to unlock productivity are seen as central to strengthening the economy in the long-run.
Scarce in critical natural resources, Japan has long been dependent on imported energy and raw materials. After the complete shutdown of Japan’s nuclear reactors following the earthquake and tsunami disaster in 2011, Japan's industrial sector has become even more dependent than before on imported fossil fuels. However, ABE’s government is seeking to restart nuclear power plants that meet strict new safety standards and is emphasizing nuclear energy’s importance as a base-load electricity source. In August 2015, Japan successfully restarted one nuclear reactor at the Sendai Nuclear Power Plant in Kagoshima prefecture, and several other reactors around the country have since resumed operations; however, opposition from local governments has delayed several more restarts that remain pending. Reforms of the electricity and gas sectors, including full liberalization of Japan’s energy market in April 2016 and gas market in April 2017, constitute an important part of Prime Minister Abe’s economic program.
Under the Abe Administration, Japan’s government sought to open the country’s economy to greater foreign competition and create new export opportunities for Japanese businesses, including by joining 11 trading partners in the Trans-Pacific Partnership (TPP). Japan became the first country to ratify the TPP in December 2016, but the United States signaled its withdrawal from the agreement in January 2017. In November 2017 the remaining 11 countries agreed on the core elements of a modified agreement, which they renamed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Japan also reached agreement with the European Union on an Economic Partnership Agreement in July 2017, and is likely seek to ratify both agreements in the Diet this year.
GDP (purchasing power parity):
$5.405 trillion (2017 est.)
$5.325 trillion (2016 est.)
$5.27 trillion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 5
GDP (official exchange rate):
$4.884 trillion (2017 est.)
GDP - real growth rate:
1.5% (2017 est.)
1% (2016 est.)
1.1% (2015 est.)
country comparison to the world: 174
GDP - per capita (PPP):
$42,700 (2017 est.)
$41,900 (2016 est.)
$41,500 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 41
Gross national saving:
27% of GDP (2017 est.)
27.2% of GDP (2016 est.)
27% of GDP (2015 est.)
country comparison to the world: 41
GDP - composition, by end use:
household consumption: 55.9%
government consumption: 19.5%
investment in fixed capital: 23.5%
investment in inventories: 0.2%
exports of goods and services: 17.8%
imports of goods and services: -16.8% (2017 est.)
GDP - composition, by sector of origin:
agriculture: 1%
industry: 29.7%
services: 69.3% (2017 est.)
Agriculture - products:
vegetables, rice, fish, poultry, fruit, dairy products, pork, beef, flowers, potatoes/taros/yams, sugarcane, tea, legumes, wheat and barley
Industries:
among world's largest and most technologically advanced producers of motor vehicles, electronic equipment, machine tools, steel and nonferrous metals, ships, chemicals, textiles, processed foods
Industrial production growth rate:
1.4% (2017 est.)
country comparison to the world: 155
Labor force:
67.77 million (2017 est.)
country comparison to the world: 9
Labor force - by occupation:
agriculture: 2.9%
industry: 26.2%
services: 70.9% (February 2015 est)
Unemployment rate:
2.9% (2017 est.)
3.1% (2016 est.)
country comparison to the world: 33
Population below poverty line:
16.1% (2013 est.)
Household income or consumption by percentage share:
lowest 10%: 2.7%
highest 10%: 24.8% (2008 est.)
Distribution of family income - Gini index:
37.9 (2011 est.)
24.9 (1993 est.)
country comparison to the world: 79
Budget:
revenues: $1.678 trillion
expenditures: $1.902 trillion (2017 est.)
Taxes and other revenues:
34.3% of GDP (2017 est.)
country comparison to the world: 58
Budget surplus (+) or deficit (-):
-4.6% of GDP (2017 est.)
country comparison to the world: 152
Public debt:
223.8% of GDP (2017 est.)
222.2% of GDP (2016 est.)
country comparison to the world: 1
Fiscal year:
1 April - 31 March
Inflation rate (consumer prices):
0.4% (2017 est.)
-0.1% (2016 est.)
country comparison to the world: 19
Central bank discount rate:
0.3% (31 December 2015 est.)
0.3% (31 December 2014 est.)
country comparison to the world: 135
Commercial bank prime lending rate:
1.5% (31 December 2017 est.)
1.48% (31 December 2016 est.)
country comparison to the world: 185
Stock of narrow money:
$6.426 trillion (31 December 2017 est.)
$5.651 trillion (31 December 2016 est.)
country comparison to the world: 3
Stock of broad money:
$8.917 trillion (31 December 2017 est.)
$8.023 trillion (31 December 2016 est.)
country comparison to the world: 4
Stock of domestic credit:
$13.63 trillion (31 December 2017 est.)
$12.11 trillion (31 December 2016 est.)
country comparison to the world: 4
Market value of publicly traded shares:
$4.895 trillion (31 December 2015 est.)
$4.378 trillion (31 December 2014 est.)
$4.543 trillion (31 December 2013 est.)
country comparison to the world: 4
Current account balance:
$175 billion (2017 est.)
$188.1 billion (2016 est.)
country comparison to the world: 3
Exports:
$683.3 billion (2017 est.)
$634.9 billion (2016 est.)
country comparison to the world: 5
Exports - commodities:
motor vehicles 14.9%; iron and steel products 5.4%; semiconductors 5%; auto parts 4.8%; power generating machinery 3.5%; plastic materials 3.3% (2014 est.)
Exports - partners:
US 20.2%, China 17.7%, South Korea 7.2%, Hong Kong 5.2%, Thailand 4.3% (2016)
Imports:
$625.7 billion (2017 est.)
$583.5 billion (2016 est.)
country comparison to the world: 5
Imports - commodities:
petroleum 16.1%; liquid natural gas 9.1%; clothing 3.8%; semiconductors 3.3%; coal 2.4%; audio and visual apparatus 1.4% (2014 est.)
Imports - partners:
China 25.8%, US 11.4%, Australia 5%, South Korea 4.1% (2016)
Reserves of foreign exchange and gold:
$1.217 trillion (31 December 2016 est.)
$1.233 trillion (31 December 2015 est.)
country comparison to the world: 2
Debt - external:
$3.24 trillion (31 March 2016 est.)
$2.83 trillion (31 March 2015 est.)
country comparison to the world: 8
Stock of direct foreign investment - at home:
$268.4 billion (31 December 2017 est.)
$238.4 billion (31 December 2016 est.)
country comparison to the world: 23
Stock of direct foreign investment - abroad:
$1.548 trillion (31 December 2017 est.)
$1.363 trillion (31 December 2016 est.)
country comparison to the world: 8
Exchange rates:
yen (JPY) per US dollar -
111.1 (2017 est.)
108.76 (2016 est.)
108.76 (2015 est.)
121.02 (2014 est.)
97.44 (2013 est.)

Energy

Electricity access:
electrification - total population: 100% (2016)
Electricity - production:
976.3 billion kWh (2015 est.)
country comparison to the world: 6
Electricity - consumption:
933.6 billion kWh (2015 est.)
country comparison to the world: 5
Electricity - exports:
0 kWh (2016 est.)
country comparison to the world: 152
Electricity - imports:
0 kWh (2016 est.)
country comparison to the world: 163
Electricity - installed generating capacity:
322.2 million kW (2015 est.)
country comparison to the world: 4
Electricity - from fossil fuels:
59.5% of total installed capacity (2015 est.)
country comparison to the world: 130
Electricity - from nuclear fuels:
12.5% of total installed capacity (2015 est.)
country comparison to the world: 14
Electricity - from hydroelectric plants:
7% of total installed capacity (2015 est.)
country comparison to the world: 126
Electricity - from other renewable sources:
15% of total installed capacity (2015 est.)
country comparison to the world: 48
Crude oil - production:
3,918 bbl/day (2016 est.)
country comparison to the world: 84
Crude oil - exports:
0 bbl/day (2016 est.)
country comparison to the world: 142
Crude oil - imports:
3.181 million bbl/day (2016 est.)
country comparison to the world: 4
Crude oil - proved reserves:
44.12 million bbl (1 January 2017 est.)
country comparison to the world: 80
Refined petroleum products - production:
3.536 million bbl/day (2016 est.)
country comparison to the world: 6
Refined petroleum products - consumption:
4.026 million bbl/day (2016 est.)
country comparison to the world: 5
Refined petroleum products - exports:
381,100 bbl/day (2016 est.)
country comparison to the world: 21
Refined petroleum products - imports:
1.141 million bbl/day (2016 est.)
country comparison to the world: 5
Natural gas - production:
4.453 billion cu m (2015 est.)
country comparison to the world: 53
Natural gas - consumption:
123.6 billion cu m (2015 est.)
country comparison to the world: 10
Natural gas - exports:
0 cu m (2014 est.)
country comparison to the world: 125
Natural gas - imports:
114.7 billion cu m (2015 est.)
country comparison to the world: 2
Natural gas - proved reserves:
20.9 billion cu m (1 January 2017 est.)
country comparison to the world: 76
Carbon dioxide emissions from consumption of energy:
1.257 billion Mt (2013 est.)
country comparison to the world: 6

Communications

Telephones - fixed lines:
total subscriptions: 64,099,179
subscriptions per 100 inhabitants: 51 (July 2016 est.)
country comparison to the world: 4
Telephones - mobile cellular:
total: 166,852,753
subscriptions per 100 inhabitants: 132 (July 2016 est.)
country comparison to the world: 8
Telephone system:
general assessment: excellent domestic and international service
domestic: high level of modern technology and excellent service of every kind
international: country code - 81; numerous submarine cables provide links throughout Asia, Australia, the Middle East, Europe, and US; satellite earth stations - 7 Intelsat (Pacific and Indian Oceans), 1 Intersputnik (Indian Ocean region), 2 Inmarsat (Pacific and Indian Ocean regions), and 8 SkyPerfect JSAT (2012)
Broadcast media:
a mixture of public and commercial broadcast TV and radio stations; 6 national terrestrial TV networks including 1 public broadcaster; the large number of radio and TV stations available provide a wide range of choices; satellite and cable services provide access to international channels (2012)
Internet country code:
.jp
Internet users:
total: 116,565,962
percent of population: 92.0% (July 2016 est.)
country comparison to the world: 6

Transportation

National air transport system:
number of registered air carriers: 23
inventory of registered aircraft operated by air carriers: 627
annual passenger traffic on registered air carriers: 113.762 million
annual freight traffic on registered air carriers: 8,868.745 million mt-km (2015)
Civil aircraft registration country code prefix:
JA (2016)
Airports:
175 (2013)
country comparison to the world: 33
Airports - with paved runways:
total: 142
over 3,047 m: 6
2,438 to 3,047 m: 45
1,524 to 2,437 m: 38
914 to 1,523 m: 28
under 914 m: 25 (2017)
Airports - with unpaved runways:
total: 33
914 to 1,523 m: 5
under 914 m: 28 (2013)
Heliports:
16 (2013)
Pipelines:
gas 4,456 km; oil 174 km; oil/gas/water 104 km (2013)
Railways:
total: 27,311 km
standard gauge: 4,800 km 1.435-m gauge (4,800 km electrified)
dual gauge: 132 km 1.435-1.067-m gauge (132 km electrified)
narrow gauge: 124 km 1.372-m gauge (124 km electrified); 22,207 km 1.067-m gauge (15,430 km electrified); 48 km 0.762-m gauge (48 km electrified) (2015)
country comparison to the world: 11
Roadways:
total: 1,218,772 km
paved: 992,835 km (includes 8,428 km of expressways)
unpaved: 225,937 km (2015)
country comparison to the world: 6
Waterways:
1,770 km (seagoing vessels use inland seas) (2010)
country comparison to the world: 44
Merchant marine:
total: 5,289
by type: bulk carrier 150, container ship 20, general cargo 1,963, oil tanker 714, other 2,442 (2017)
country comparison to the world: 3
Ports and terminals:
major seaport(s): Chiba, Kawasaki, Kobe, Mizushima, Moji, Nagoya, Osaka, Tokyo, Tomakomai, Yokohama
container port(s) (TEUs): Kobe (2,707,000), Nagoya (2,631,000), Osaka (1,970,000), Tokyo (4,150,000), Yokohama (2,787,000) (2015)
LNG terminal(s) (import): Chita, Fukwoke, Futtsu, Hachinone, Hakodate, Hatsukaichi, Higashi Ohgishima, Higashi Niigata, Himeiji, Joetsu, Kagoshima, Kawagoe, Kita Kyushu, Mizushima, Nagasaki, Naoetsu, Negishi, Ohgishima, Oita, Sakai, Sakaide, Senboku, Shimizu, Shin Minato, Sodegaura, Tobata, Yanai, Yokkaichi; Okinawa - Nakagusuku

Military & Security

Military expenditures:
0.93% of GDP (2016)
0.94% of GDP (2015)
0.96% of GDP (2014)
0.95% of GDP (2013)
0.97% of GDP (2012)
country comparison to the world: 119
Military branches:
Japanese Ministry of Defense (MOD): Ground Self-Defense Force (Rikujou Jieitai, GSDF), Maritime Self-Defense Force (Kaijou Jieitai, MSDF), Air Self-Defense Force (Koukuu Jieitai, ASDF) (2011)
Military service age and obligation:
18 years of age for voluntary military service; no conscription; mandatory retirement at age 53 for senior enlisted personnel and at 62 years for senior service officers (2012)

Transnational Issues

Disputes - international:
the sovereignty dispute over the islands of Etorofu, Kunashiri, and Shikotan, and the Habomai group, known in Japan as the "Northern Territories" and in Russia as the "Southern Kuril Islands," occupied by the Soviet Union in 1945, now administered by Russia and claimed by Japan, remains the primary sticking point to signing a peace treaty formally ending World War II hostilities; Japan and South Korea claim Liancourt Rocks (Take-shima/Tok-do) occupied by South Korea since 1954; the Japanese-administered Senkaku Islands are also claimed by China and Taiwan
Refugees and internally displaced persons:
stateless persons: 626 (2016)

Economic Indicators for Japan including actual values, historical data, and latest data updates for the Japan economy.



Latest Analysis
Key Indicators for Japan
  •    Employment Situation
  • Latest: 2.5% for Nov. 2018
  • Previous: 2.4% for Oct. 2018
  • Next Release: Jan 31, 2019
  •    GDP
  • Latest: -0.6% for Jul. 2018
  • Previous: -0.3% for Jul. 2018
  • Next Release: Feb 13, 2019
  •    Monetary Policy
  • Latest: ¥80 tril. for Dec. 2018
  • Previous: ¥80 tril. for Oct. 2018
  • Next Release: Jan 23, 2019
  •    Industrial Production
  • Latest: -1.1% for Nov. 2018
  • Previous: 2.9% for Oct. 2018
  • Next Release: Jan 30, 2019
Latest Data Updates