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Nominal GDP2

Nominal GDP
  • *Average exchange rate for January 2020: USD = JPY 109
  • **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 January 2020: USD = JPY 109
  • **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 January 2020: USD = JPY 109
  • **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 January 2020: USD = JPY 109
  • **The Japanese fiscal year starts in April and concludes in March of the following year.
  • 5Source: 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 January 2020: USD = JPY 109
  • **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 January 2020: USD = JPY 109
  • **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 January 2020: USD = JPY 109
  • **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.

Abenomics strives for boosting Japan’s economy1

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

2012 vs Latest

  • Nominal GDP

    58.5 JPY tn (535 USD bn)

    493 JPY tn
    (4509 USD bn)
    >552 JPY tn
    (5044 USD bn)

  • Number of Employed Persons (Female)

    4.4 mn (3.3mn)

    62.8 mn
    (26.6 mn)
    >67.2 mn
    (29.9 mn)

    Record high
  • Corporate Pre-Tax Profit

    42.1 JPY tn (385 USD bn)

    39.7 JPY tn
    (363 USD bn)
    >81.8 JPY tn
    (748 USD bn)

    Record high
  • Unemployment Rate

    2.4 %

    4.3 % > 2.4 %

  • Private Non-Residential Investment

    16.2 JPY tn (148 USD bn)

    71.9 JPY tn
    (657 USD bn)
    >88.0 JPY tn
    (805 USD bn)

  • Tax Revenue

    16.2 JPY tn (149 USD bn)

    43.9 JPY tn
    (402 USD bn)
    >60.2 JPY tn
    (550 USD bn)

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 January 2020: USD = JPY 109
  • **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 FY2019, seasonally adjusted series [annualized]
    Corporate Pre-Tax Profit = FY2012 vs. FY2018
    Private Non-Residential Investment = FY2012 vs. FY2018
    Number of Employed Persons (Female) (basic tabulation) = 2012 avg. vs. 2019 avg.
    Unemployment Rate = 2012 avg. vs. 2019 avg.
    Tax Revenue = FY2012 (Settlement basis) vs. FY2019 (Supplementary basis)
  • 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 Internal Affairs and Communications “Labour Force Survey,” seasonally adjusted figures
  • 6Source: OECD. stats
  • 7Source: Ministry of Finance “Highlights of the Draft FY2019 Budget”
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About Abenomics

Since coming to power in late 2012, Prime Minister ABE Shinzo 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.

ABENOMICS TOP