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Nominal GDP2

Nominal GDP
  • *Average exchange rate for July 2019: USD = JPY 108
  • **The Japanese fiscal year starts in April and concludes in March of the following year.
  • 2Source: Cabinet Office “National Accounts,” “Fiscal 2019 Economic Outlook and Basic Stance for Economic and Fiscal Management”

Corporate pre-tax profit3

Corporate pre-tax profit
  • *Average exchange rate for July 2019: USD = JPY 108
  • **The Japanese fiscal year starts in April and concludes in March of the following year.
  • 3Source: Ministry of Finance “Financial Statements Statistics of Corporations by Industry,” all industries, all (firm) sizes

Private non-residential investment4

Private non-residential investment
  • *Average exchange rate for July 2019: USD = JPY 108
  • **The Japanese fiscal year starts in April and concludes in March of the following year.
  • 4Source: Cabinet Office “National Accounts,” private non-residential investment

Number of employed persons and unemployment rate5

Number of employed persons
  • *Average exchange rate for July 2019: USD = JPY 108
  • **The Japanese fiscal year starts in April and concludes in March of the following year.
  • 5Source: Ministry of International Affairs and Communications “Labour Force Survey,” seasonally adjusted figures; Ministry of Internal Affairs and Communications “Labour force survey,” seasonally adjusted figures

Female labor force participation rate6 (age 15-64)

Ratio of effective job offers and unemployment rate
  • *Average exchange rate for July 2019: USD = JPY 108
  • **The Japanese fiscal year starts in April and concludes in March of the following year.
  • 6Source: OECD. stats

Tax revenue7

Tax revenue
  • *Average exchange rate for July 2019: USD = JPY 108
  • **The Japanese fiscal year starts in April and concludes in March of the following year.
  • 7Source: Ministry of Finance “Highlights of the Draft FY2019 Budget”

Dependency ratio on Japanese government bonds7

Dependency ratio on Japanese government bonds
  • *Average exchange rate for July 2019: USD = JPY 108
  • **The Japanese fiscal year starts in April and concludes in March of the following year.
  • 7Source: Ministry of Finance “Highlights of the Draft FY2019 Budget”

About Abenomics

Since coming to power in late 2012, Prime Minister Shinzo Abe and his government unveiled a comprehensive policy package to revive the Japanese economy from two decades of deflation, all while maintaining fiscal discipline. This program became known as Abenomics.

While Abenomics started as a stimulus measure based on three arrows, over the years it has evolved into a broader blueprint for pro-growth socioeconomic change that aims to lead Japan in tackling today’s challenges head-on.
The changes are designed to benefit all parts of Japan’s economy—the people, companies, investors, and the country as a whole.

Abenomics keeps boosting Japan’s economy1

Setting the economy on course to overcome deflation and continue steady growth

2012 vs Latest

  • Nominal GDP

    64.7JPY tn (599 USD bn)

    493 JPY tn
    (4565 USD bn)
    >558 JPY tn
    (5164 USD bn)

    Record high
  • Number of Employed Persons (Female)

    3.8mn (2.9mn)

    62.8 mn
    (26.6 mn)
    >66.6 mn
    (29.5 mn)

    Record high
  • Corporate Pre-Tax Profit

    41.3JPY tn (382 USD bn)

    39.7 JPY tn
    (368 USD bn)
    >81.0 JPY tn
    (750 USD bn)

    Record high
  • Unemployment Rate

    2.4%

    4.3 % > 2.4 %

  • Private Non-Residential Investment

    18.0JPY tn (167 USD bn)

    71.9 JPY tn
    (665 USD bn)
    >89.9 JPY tn
    (832 USD bn)

  • Tax Revenue

    20.1JPY tn (187 USD bn)

    42.3 JPY tn
    (392 USD bn)
    >62.5 JPY tn
    (579 USD bn)

    Record high

2012 vs Latest

  • Nominal GDP
  • Number of Employed Persons (female)
  • Corporate Pre-tax Profit
  • Unemployment Rate
  • Private Non-Residential Investment
  • Tax Revenue

Nominal GDP2

Nominal GDP
View Graph
  • *Average exchange rate for July 2019: USD = JPY 108
  • **The Japanese fiscal year starts in April and concludes in March of the following year.
  • 1Pre-Abenomics vs. Post-Abenomics
    Nominal GDP = 3Q FY2012 vs. 1Q FY2019, seasonally adjusted series [annualized]
    Corporate Pre-Tax Profit = FY2012 vs. FY2017
    Private Non-Residential Investment = FY2012 vs. FY2018
    Number of Employed Persons (Female) (basic tabulation) = 2012 avg. vs. 2018 avg.
    Unemployment Rate = 2012 avg. vs. 2018 avg.
    Tax Revenue = FY2012 vs. FY2019
  • 2Source: Cabinet Office “National Accounts,” “Fiscal 2019 Economic Outlook and Basic Stance for Economic and Fiscal Management”

CORPORATE PERFORMANCE

Corporate pre-tax profit3

Corporate pre-tax profit
View Graph

Private non-residential investment4

Private non-residential investment
View Graph

JOB MARKET

Number of employed persons and unemployment rate5

Number of employed persons and unemployment rate
View Graph

Female labor force participation rate6 (age 15-64)

Female labor force participation rate6 (age 15-64)
View Graph

FISCAL CONDITION

Tax revenue7

Tax revenue
View Graph

Dependency ratio on Japanese government bonds7

Dependency ratio on Japanese government bonds
View Graph
  • 3Source: Ministry of Finance “Financial Statements Statistics of Corporations by Industry,” all industries, all (firm) sizes
  • 4Source: Cabinet Office “National Accounts,” private non-residential investment
  • 5Source: Ministry of International Affairs and Communications “Labour Force Survey,” seasonally adjusted figures; Ministry of Internal Affairs and Communications “Labour force survey,” seasonally adjusted figures
  • 6Source: OECD. stats
  • 7Source: Ministry of Finance “Highlights of the Draft FY2019 Budget”

About Abenomics

Since coming to power in late 2012, Prime Minister Shinzo Abe and his government unveiled a comprehensive policy package to revive the Japanese economy from two decades of deflation, all while maintaining fiscal discipline. This program became known as Abenomics.

While Abenomics started as a stimulus measure based on three arrows, over the years it has evolved into a broader blueprint for pro-growth socioeconomic change that aims to lead Japan in tackling today’s challenges head-on. The changes are designed to benefit all parts of Japan’s economy—the people, companies, investors, and the country as a whole.

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