Japan's Economic Indicator 2022

November 2022 Industrial Production

Economic assessment revised downwards for second consecutive month due to production cuts associated with reactionary decline and shrinking overseas demand

November 2022 Consumer Price Index

Core CPI registers highest growth since December of 1981 as growth picks up centering on goods

Current price Highs also Associated with Demand Inflation

Increase in price of services due to demand factors is a test for achieving inflation target

November 2022 Trade Statistics

Exports sluggish, but pace of growth in import value also slow, leading to improved trade balance

October 2022 Machinery Orders

Recovery in non-manufacturing picks up pace, while private sector demand (excluding ships and electrical power) achieves growth for first time in three months

BOJ December 2022 Tankan Survey

Normalization of economic activity provides positive factor, but worsening supply & demand domestically and overseas brings concern for the future

Jul-Sep 2022 2nd Preliminary GDP Estimate

Extent of decline shrinks to -0.8% q/q annualized. Positive growth seen in Oct-Dec period

October 2022 Industrial Production

Production of export-oriented items weak as overseas demand shrinks

Thinking About Risk of Global Recession in 2023

Japan's real GDP growth rate could be pushed down significantly

October 2022 Consumer Price Index

Core CPI growth rate hits forty-year high due to effects of rush to raise food prices and other factors

October 2022 Trade Statistics

Trade deficit expands due to decline in exports to China and growth in import value

September 2022 Machinery Orders

Weak rebound from previous month’s decline, private sector demand (excluding ships and electrical power) declines for second consecutive month

Jul-Sep 2022 1st Preliminary GDP Estimate

GDP shifts into negative growth due to sharp upturn in imports, but consumption, capital expenditure and exports all register gains

Effects of Capital Misallocation on Japanese Economy

Undercapitalization in the accommodations and eating & drinking services.

September 2022 Industrial Production

Indices suffer due to reactionary decline in comparison to previous month’s performance and economic slump in China

September 2022 Consumer Price Index

Range of price hikes expands further, with core CPI at +3.0% y/y

September 2022 Trade Statistics

Import value shows signs of peaking out – trade deficit shrinks

Impact of Electricity Rate Support Measures on Households and Corporations

Total support for households and corporations is expected to be in the range of 4-9 tril yen per year

August 2022 Machinery Orders

Private sector demand (excluding ships and electrical power) down, mainly due to reactionary decline

BOJ September 2022 Tankan Survey

Growing concern over high raw materials prices and deteriorating supply-demand balance in Japan and abroad

August 2022 Industrial Production

Wide range of industries achieve growth as easing up of supply constraints progresses

Will Nationwide Travel Support Act as a Catalyst for Travel Demand?

Economic effect of 2 tril yen exceeding Go To Travel Campaign, with implementation from beginning of October until spring of next year

August 2022 Consumer Price Index

Cost-push inflation associated with high import prices continues

August 2022 Trade Statistics

Trade deficit hits historic high with sluggish recovery in exports to China

July 2022 Machinery Orders

Orders for railway rolling stock surge, surpassing forecast of private sector demand (excluding ships and electrical power) for Jul-Sep period

Apr-Jun 2022 2nd Preliminary GDP Estimate

GDP revised upwards to +3.5% q/q annualized; DIR sees fourth consecutive quarter of positive growth in Jul-Sep period

July 2022 Industrial Production

Motor vehicle production makes progress in recovery while wide range of other industries hit low tone

July 2022 Consumer Price Index

As growth rate of foods continues to climb, “Mobile phones” add to upward movement of overall performance

June 2022 Machinery Orders

Private sector demand (excluding ships and electrical power) achieves a small amount of growth, significantly exceeding quarterly outlook

July 2022 Trade Statistics

Export value exceeds market expectations with motor vehicle exports back on track

Apr-Jun 2022 1st Preliminary GDP Estimate

GDP records +2.2% q/q annualized due to growth in personal consumption and other components, but GDI suffers negative growth

June 2022 Industrial Production

Index achieves sharp recovery as lockdown in China is lifted

June 2022 Consumer Price Index

Upward pressure led by foods continues, with Core CPI growth rate up in comparison to the previous month

June 2022 Trade Statistics

Easing up of supply constraints brings progress in export recovery

May 2022 Machinery Orders

Private sector demand (excluding ships and electrical power) suffers reactionary decline after previous month’s gains, but underlying tone remains firm

BOJ June 2022 Tankan Survey

Business conditions of manufacturers and non-manufacturers contrast sharply as external environment worsens and domestic economic activities resume

May 2022 Industrial Production

Index suffers major decline due to direct hit from influence of China lockdown

May 2022 Consumer Price Index

While price hikes spread further, Core CPI is marking time at +2.1% y/y

What is Behind Sluggish Wages for University Graduates?

Decrease in wages and share of non-managerial employees in their 40s pushed down overall wages significantly

May 2022 Trade Statistics

Import value reaches historic highs due to weak yen and high resource prices, while export volume gains small margin of growth

April 2022 Machinery Orders

Private sector demand (excluding ships and electrical power) achieves major growth due to improvement in COVID-19 infection situation in Japan and overseas

Jan-Mar 2022 2nd Preliminary GDP Estimate

GDP revised upwards due to growth in private inventories and other factors. Growth is seen on the high side in the Apr-Jun period.

April 2022 Industrial Production

Index shifts into decline as stagnant exports cause ripple effect

April 2022 Consumer Price Index

Core CPI hits +2.1% y/y as influence of cuts in mobile phone rates declines

March 2022 Machinery Orders

Orders continue to mark time despite boost from large-scale projects

April 2022 Trade Statistics

China exports a drag on export value and export volume

Jan-Mar 2022 1st Preliminary GDP Estimate

GDP declines by -1.0% q/q annualized due to worsening COVID-19 infection situation and production cuts in motor vehicles

March 2022 Industrial Production

Index grows by a small margin as COVID-19 infection situation improves

March 2022 Consumer Price Index

Cost push inflation progresses, bringing Core CPI to +0.8% y/y

March 2022 Trade Statistics

Exports continue to mark time due to semiconductor shortage and other factors

February 2022 Machinery Orders

Private sector demand declines for second consecutive month due to sharp drop in orders reported by the non-manufacturing industry

BOJ March 2022 Tankan Survey

Rising tensions associated with Ukraine situation bring downward pressure on business conditions DI (forecast)

February 2022 Industrial Production

Index wins only a margin of growth with recovery of motor vehicle production weaker than expected

February 2022 Consumer Price Index

Energy prices continue to bring upward pressure on Core CPI, hitting +0.6% y/y in February

January 2022 Machinery Orders

Private sector demand declines due to worsening COVID-19 situation and reactionary decline in response to growth experienced through the previous month

February 2022 Trade Statistics

Trade deficit continues; impact of Ukraine invasion on imports is a concern

Oct-Dec 2021 2nd Preliminary GDP Estimate

GDP revised downwards to +4.6% q/q annualized. Possible negative growth seen for Jan-Mar 2022

January 2022 Industrial Production

Index suffers decline due to production cuts in motor vehicles despite production growth in broad range of industries

January 2022 Consumer Price Index

Core CPI growth rate declines as base effect of Go To Travel Campaign dissipates

December 2021 Machinery Orders

Government assessment of economy revised upwards to “picking up,” due to continued favorability of manufacturing industry

January 2022 Trade Statistics

Trade deficit sees sharp rise due to growth in imports of vaccines

Oct-Dec 2021 1st Preliminary GDP Estimate

Growth rate reaches +5.4% q/q annualized due to normalization of economic activity and increased production of motor vehicles

December 2021 Industrial Production

Index suffers modest decline due to setback in production of capital goods

December 2021 Consumer Price Index

Energy prices bring upward pressure, while services bring overall performance back down, leaving core CPI y/y to mark time in comparison to November results

December 2021 Trade Statistics

With slow recovery in export volume, contribution of overseas demand during Oct-Dec period of 2021 hovers around zero

November 2021 Machinery Orders

Government assessment of economy revised upwards to “signs of picking up,” due to continued growth in private sector