Japan's Economic Indicator 2023

November 2023 Industrial Production

Production indices maintain firm undertone, while silicon cycle expects further improvement

November2023ConsumerPriceIndex

Slowdown in price increases strengthens due mainly to goods, while general services continue to accelerate

November 2023 Trade Statistics

Export value sluggish overall with decline in export volume of motor vehicles due to the shutdown of factories

BOJ December 2023 Tankan Survey

Price pass-through progressing and employment shortages increasing in small enterprises

Jul-Sep 2023 2nd Preliminary GDP Estimate

GDP results revised downwards to -2.9% q/q annualized, with increased downward pressure from private sector inventories

October 2023 Industrial Production

Production indices rise, suggesting a recovery in the silicon cycle

September 2023 Machinery Orders

Jul-Sep period private sector demand (excluding ships and electric power) declines for second consecutive quarter

October 2023 Trade Statistics

Trade balance worsens due to yen depreciation and rising oil prices

Jul-Sep 2023 1st Preliminary GDP Estimate

GDP down by -2.1% q/q annualized as private sector demand remains weak with high prices and motor vehicle supply constraints

September 2023 Industrial Production

Production indices far below expectations due to slump in capital goods

September 2023 Consumer Price Index

Going forward, pace of growth in prices will gradually slow down

September 2023 Trade Statistics

Trade deficit on a seasonally adjusted basis continues to contract, backed by robust exports

August 2023 Machinery Orders

Private sector demand (excluding ships and electric power) declines for the second consecutive month, contrary to prior expectations

August 2023 Industrial Production

Production indices mark time in comparison to the previous month with suspension of operations at complete vehicle plants

August 2023 Consumer Price Index

New core-core CPI continues high month-to-month growth

August 2023 Trade Statistics

Export value declined due to overall impact of stricter export controls on semiconductor manufacturing equipment

July 2023 Machinery Orders

Manufacturing suffers decline with non-manufacturing registering only a modest increase

Apr-Jun 2023 2nd Preliminary GDP Estimate

GDP results revised downwards to +4.8% q/q annualized, with expectations of negative growth for the first time in four quarters in the Jul-Sep Period

July 2023 Industrial Production

Production indices shift into negative in comparison to previous month due to major production cut in semiconductor manufacturing equipment

July 2023 Consumer Price Index

Growth trend in prices remains strong even when special factors are ignored

July 2023 Trade Statistics

Import prices cease falling, and trade balance marks time on a seasonally adjusted basis

June 2023 Machinery Orders

Apr-Jun period private sector demand (excluding ships and electric power) shifts into decline contrary to corporate outlook

Apr-Jun 2023 1st Preliminary GDP Estimate

High growth of +6.0% q/q annualized achieved. Major source of growth remains overseas demand with private sector demand unmoving

June 2023 Industrial Production

Production indices rise due to increased production of parts in response to recovery production of motor vehicles and other factors

June 2023 Consumer Price Index

New core-core CPI (excluding fresh food and energy) appears to be close to peaking out in y/y terms

June 2023 Trade Statistics

Trade balance turns to surplus for first time in 23 months, but remains in the red on a seasonally adjusted basis

May 2023 Machinery Orders

Private sector demand (excluding ships and electric power) suffers downturn due to major decline in non-manufacturing orders

BOJ June 2023 Tankan Survey

Business conditions DI (actual result) for large manufacturers picking up

May 2023 Industrial Production

Production index declines for first time in four months as pickup in motor vehicle production pauses

May 2023 Consumer Price Index

Core CPI slows due to decline in energy prices, but upward trend in prices remains strong.

May 2023 Trade Statistics

Trade deficit shrinks for second consecutive month on a seasonally adjusted basis despite pause in export growth

April 2023 Machinery Orders

Private sector demand shifts into growth with non-manufacturing industries leading

Jan-Mar 2023 2nd Preliminary GDP Estimate

GDP results revised upwards to +2.7% q/q annualized. Apr-Jun period may see third consecutive quarter of positive growth

April 2023 Industrial Production

Production index declines for first time in three months due to production cuts in semiconductor production equipment and other items

March 2023 Machinery Orders

Private sector demand for the Jan-Mar Period falls below corporate outlook

April 2023 Consumer Price Index

CPI (excluding fresh food and energy) breaks through to +4% y/y level.

April 2023 Trade Statistics

Trade deficit continues to contract due mainly to growth in motor vehicle exports

Jan-Mar 2023 1st Preliminary GDP Estimate

Exports experience major decline, but growth hits +1.6% q/q annualized driven by private sector demand

March 2023 Industrial Production

Production indices rise for the second consecutive month as motor vehicles industry maintains strong performance

March 2023 Consumer Price Index

Results show strengthening of growth trend in prices.

March 2023 Trade Statistics

FY2022 trade deficit expected to hit historic high; Jan-Mar period overseas demand may see negative growth

February 2023 Machinery Orders

Machinery orders (excluding ships and electrical power) decline, but general tone remains unchanged

BOJ March 2023 Tankan Survey

Business conditions DI (actual result) for large manufacturers continues to decline

February 2023 Industrial Production

Weak tone remains despite progress in easing of production constraints

February 2023 Consumer Price Index

Core CPI growth rate decreases due to effects of government policy, but the upward trend in prices is continuing.

January 2023 Machinery Orders

Non-manufacturing orders achieved major growth exceeding market expectations

February 2023 Trade Statistics

Exports achieve growth as Chinese New Year factor recedes, but results have something to be desired

Oct-Dec 2022 2nd Preliminary GDP Estimate

Extent of growth shrinks to +0.1% q/q annualized. Positive growth likely to continue in Jan-Mar period of 2023

January 2023 Industrial Production

Indices of Industrial Production decline significantly due to worsening overseas demand and Chinese New Year

Will Cyclical Rise in Wages and Prices Accelerate?

Continued behavioral changes, large wage increases during spring wage negotiations, and smooth pass-through of cost increases are key

January 2023 Consumer Price Index

Core CPI growth attains +4.2% on a y/y basis

December 2022 Machinery Orders

Private sector demand weak in Oct-Dec period due to decline in manufacturing orders

January 2023 Trade Statistics

Trade deficit at historic high – Chinese New Year is the major factor

Oct-Dec 2022 1st Preliminary GDP Estimate

Consumption and exports continue growth despite modest gains due to decline in inventory

December 2022 Industrial Production

Indices of Industrial Production suffer decline for first time in two months; economic security is a concern for the future

Household Consumption Behavior Transformed by Rising Prices

Households are not all about savings. The tendency to conserve is limited to some essential items.

December 2022 Consumer Price Index

Core CPI growth attains 4% on a y/y basis

December 2022 Trade Statistics

Trade balance in 2022 hits largest deficit recorded since the statistic began due to sluggish exports

November 2022 Machinery Orders

Private sector demand (excluding ships and electrical power) shifts into a decline due to continued downtrend in orders from manufacturers