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Nominal GDP2

Nominal GDP
  • *Average exchange rate for January 2018: USD = JPY 110
  • **The Japanese fiscal year starts in April and concludes in March of the following year.
  • 2Source: Cabinet Office “National Accounts,” “Fiscal 2018 Economic Outlook and Basic Stance for Economic and Fiscal Management”

Corporate ordinary profits3

Corporate ordinary profits
  • *Average exchange rate for January 2018: USD = JPY 110
  • **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, seasonally adjusted figures

Private non-resi. investment4

Private non-resi. investment
  • *Average exchange rate for January 2018: USD = JPY 110
  • **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 persons5

Number of employed persons
  • *Average exchange rate for January 2018: USD = JPY 110
  • **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

Ratio of effective job offers and unemployment rate6

Ratio of effective job offers and unemployment rate
  • *Average exchange rate for January 2018: USD = JPY 110
  • **The Japanese fiscal year starts in April and concludes in March of the following year.
  • 6Source: Ministry of Health, Labour and Welfare “Statistics on Employment Referrals for General Workers,” seasonally adjusted figures; Ministry of Internal Affairs and Communications “Labour force survey,” seasonally adjusted figures

Tax revenue7

Tax revenue
  • *Average exchange rate for January 2018: USD = JPY 110
  • **The Japanese fiscal year starts in April and concludes in March of the following year.
  • 7Source: Ministry of Finance ”Public Finance Statistics Book,” initial budget

Dependency ratio on Japanese government bonds7

Dependency ratio on Japanese government bonds
  • *Average exchange rate for January 2018: USD = JPY 110
  • **The Japanese fiscal year starts in April and concludes in March of the following year.
  • 7Source: Ministry of Finance ”Public Finance Statistics Book,” initial budget

About Abenomics

In early 2013, after two decades of economic stagnation, Prime Minister Shinzo Abe unveiled a comprehensive economic policy package to sustainably revive the Japanese economy while maintaining fiscal discipline. This program became known as Abenomics.

The centerpieces of Abenomics have been the three “policy arrows,” aggressive monetary policy, flexible fiscal policy and growth strategy including structural reform.

Abenomics keeps boosting Japan’s economy1

Has achieved the 8th consecutive quarter of economic growth (4Q FY2015 - 3Q FY2017)

Nominal GDP

58JPY tn

493 JPY tn551 JPY tnRecord high

Nominal GDP

Number of Employed
Persons (female)

2.5mn
(2.0mn)

62.7 mn (26.6 mn)65.2 mn (28.6 mn)

Number of Employed Persons (female)

Corporate
Ordinary Profit

26.5JPY tn

48.5 JPY tn75.0 JPY tnRecord high

Corporate Ordinary Profit

Unemployment Rate

2.4%

4.5 %2.4 %Lowest in the past 24 years

Unemployment Rate

Private Non-Resi.
Investment

11.8JPY tn

71.9 JPY tn83.6 JPY tn

Private Non-Resi. Investment

Tax Revenue

15.4JPY tn

42.3 JPY tn57.7 JPY tn

Tax Revenue

Nominal GDP2

Nominal GDP
View Graph
  • *Average exchange rate for January 2018: USD = JPY 110
  • **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. 3Q FY2017, Seasonally Adjusted Series (Annualized); corporate ordinary profits = FY2012 vs. FY2016; private non-resi. investment = FY2012 vs. FY2016;
    number of employed persons (detailed tabulation) = 2012 avg. vs. 2017 avg.; unemployment rate = January 2012 vs. January 2017; tax revenue = FY2012 vs. FY2017
  • 2Source: Cabinet Office “National Accounts,” “Fiscal 2018 Economic Outlook and Basic Stance for Economic and Fiscal Management”

CORPORATE PERFORMANCE

Corporate ordinary profits3

Corporate ordinary profits
View Graph

Private non-resi. investment4

Private non-resi. investment
View Graph

JOB MARKET

Number of employed persons5

JOB MARKET
View Graph

Ratio of effective job offers and unemployment rate6

Ratio of effective job offers and unemployment rate
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, seasonally adjusted figures
  • 4Source: Cabinet Office “National Accounts,” private non-residential investment
  • 5Source: Ministry of International Affairs and Communications “Labour Force Survey,” seasonally adjusted figures
  • 6Source: Ministry of Health, Labour and Welfare “Statistics on Employment Referrals for General Workers,” seasonally adjusted figures; Ministry of Internal Affairs and Communications “Labour force survey,” seasonally adjusted figures
  • 7Source: Ministry of Finance ”Public Finance Statistics Book,” initial budget

About Abenomics

In early 2013, after two decades of economic stagnation, Prime Minister Shinzo Abe unveiled a comprehensive economic policy package to sustainably revive the Japanese economy while maintaining fiscal discipline. This program became known as Abenomics.

The centerpieces of Abenomics have been the three “policy arrows,” aggressive monetary policy, flexible fiscal policy and growth strategy including structural reform.

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