Country Report Japan May 2011

Data and charts: Quarterly data

	2009				2010
	1 Qtr	2 Qtr	3 Qtr	4 Qtr	1 Qtr	2 Qtr	3 Qtr	4 Qtr
Outputa
GDP at chained 2000 prices (annual rate; ¥ trn)	508.9	521.9	519.5	528.6	536.6	539.4	543.7	542.0
Real GDP (% change, quarter-on-quarter)	-5.4	2.6	-0.5	1.8	1.5	0.5	0.8	-0.3
Real GDP (% change, year-on-year)	-10.0	-7.0	-6.2	-1.8	5.4	3.3	4.7	2.5
Industrial production index (2005=100)	74.2	79.0	83.2	88.1	94.3	95.7	94.0	92.5
Industrial production index (% change, year on year)	-32.2	-26.9	-20.5	-5.1	27.1	21.1	12.9	5.0
Employment, wages & prices
Employed (m)	62.67	63.21	62.87	62.51	62.03	62.81	62.86	62.55
Unemployed (‘000)	3,037	3,470	3,610	3,307	3,323	3,490	3,360	3,167
Unemployment rate (% of labour force)a	4.5	5.1	5.4	5.2	5.1	5.1	5.0	5.0
Real gross earnings in manufacturing (2005=100)a	94.9	92.9	95.1	94.3	98.9	97.8	99.5	96.9
Consumer prices (2005=100)a	101.0	100.5	100.0	99.7	99.9	99.6	99.2	99.8
Consumer prices (% change, year on year)a	-0.1	-1.0	-2.2	-1.9	-1.2	-1.0	-0.8	0.1
Corporate goods prices (2000=100)	107.1	107.1	107.1	107.1	107.0	107.0	107.0	n/a
Financial indicators
Exchange rate ¥:US$ (av)	93.7	97.3	93.6	89.7	90.7	92.0	85.9	82.6
Exchange rate ¥:US$ (end-period)	98.1	96.0	89.8	92.1	93.3	88.6	83.4	81.5
M1 (period average; ¥ trn)	481.2	482.7	483.5	484.4	486.4	491.0	494.2	498.4
M1 (% change, year on year)	-0.3	0.6	0.8	1.1	1.1	1.7	2.2	2.9
M2 (period average; ¥ trn)b	746.1	751.8	757.2	762.7	767.2	773.8	778.1	782.2
M2 (% change, year on year)b	2.1	2.6	2.8	3.2	2.8	2.9	2.8	2.6
Discount rate (end-period; %)	0.30	0.30	0.30	0.30	0.30	0.30	0.30	0.30
Call money rate (end-period; %)	0.11	0.10	0.10	0.10	0.10	0.09	0.09	0.09
3-month CDs rate (av; %)b	0.56	0.34	0.27	0.23	0.20	0.16	n/a	n/a
Nikkei 225 stock average (¥)	8,110	9,958	10,133	10,546	11,090	9,383	9,369	10,229
Sectoral trendsa
Mining & manufacturing production (2005=100)	93.8	93.8	93.8	93.8	94.5	94.5	94.5	94.5
Investment goods production (2005=100)	106.1	106.1	106.1	106.1	106.6	106.6	106.6	106.6
Consumer goods production (2005=100)	99.0	99.0	99.0	99.0	99.6	99.6	99.6	99.6
Producer goods production (2005=100)	85.0	85.0	85.0	85.0	85.9	85.9	85.9	85.9
Machinery orders, net new, incl ships (¥ bn)c	6,308	6,308	6,308	6,308	6,333	6,333	6,333	6,333
Total construction starts (m sq metres)	58.8	58.8	58.8	58.8	59.3	59.3	59.3	59.3
Residential construction starts (m sq metres)	35.4	35.4	35.4	35.4	35.5	35.5	35.5	35.5
Retail sales (2005=100)	110.2	110.2	110.2	110.2	121.6	121.6	121.6	121.6
Foreign trade (¥ bn)
Exports fob	11,191	12,809	14,462	15,708	16,028	17,066	17,031	17,274
Imports cif	-12,094	-11,992	-13,414	-14,000	-14,415	-15,357	-15,409	-15,584
Trade balance	-902	817	1,049	1,708	1,613	1,709	1,623	1,690
Foreign payments (US$ bn)d
Merchandise trade balance fob-fob	-5.56	12.01	14.35	22.83	22.51	22.12	23.05	23.29
Services balance	-3.34	-7.12	-4.57	-5.35	-2.41	-5.67	-3.21	-4.82
Income balance	40.49	31.79	36.12	22.93	39.11	25.78	40.01	28.38
Net transfer payments	-4.53	-3.25	-2.22	-2.39	-3.71	-2.99	-3.02	-2.68
Current-account balance	27.07	33.43	43.68	38.02	55.50	39.25	56.83	44.17
Reserves excl gold (end-period)	996.0	996.2	1,028.1	1,022.2	1,015.3	1,019.6	1,077.4	1,061.5
a Seasonally adjusted. b Certificates of deposit. c 280 firms. d Bank of Japan.
Sources: OECD, Main Economic Indicators; Statistics Bureau, Government of Japan, Monthly Statistics of Japan; IMF, International Financial Statistics.

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