Japan Economic Outlook
March 3, 2020
The economy contracted at the fastest pace in five-and-a-half years in the fourth quarter of last year, as private consumption slumped following the consumption tax increase in October and the devastation wreaked by Typhoon Hagibis in the same month. Fixed investment also contracted sharply, as business confidence among large manufacturers dropped to a near seven-year low. Exports of goods and services dropped for the second consecutive quarter in Q4, although at a slower pace than in Q3. Turning to this year, prospects of an economic rebound appear to be waning, as the coronavirus outbreak in China has spread across the East Asia region and taken root in Japan, with hundreds of cases now reported nationally. The private sector PMI tumbled in February, indicating the fastest decline in activity in nearly six years, as service providers reported the spread of the virus was hampering tourism.Japan Economic Growth
Economic growth will slow this year as the sales tax hike constrains private consumption and the coronavirus outbreak hampers activity. That said, the economy should benefit from ultra-low interest rates and low unemployment. A downside risk is the global coronavirus outbreak becoming a global pandemic, forcing the cancellation of the 2020 Summer Olympics. FocusEconomics panelists see the economy growing 0.3% in 2020, which is down 0.2 percentage points from last month’s forecast, and 0.8% in 2021.Japan Economy Data
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Japan Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | -0.02 | -4.41 % | Dec 30 |
| Exchange Rate | 108.7 | -0.35 % | Jan 01 |
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Japan Economic News
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Japan: Business sentiment plummets in Q1 and prospects appear bleak
April 1, 2020
According to the Bank of Japan’s quarterly Tankan business survey, which was conducted from 25 February to 31 March, sentiment among large manufacturers regarding current business conditions fell in the first quarter to minus 8, down from 0 in the fourth quarter and representing the lowest reading in seven years.
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Japan: Industrial production growth slows in February
March 31, 2020
Industrial production increased 0.4% in February on a month-on-month and seasonally-adjusted basis, down from the revised 1.0% increase in January (previously reported: +0.8% month-on-month). February’s reading was supported by increased production of electronic parts and devices, chemicals, and metals.
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Japan: Olympics postponed as government eyes enormous fiscal stimulus
March 28, 2020
On 24 March, Prime Minister Shinzo Abe announced the postponement of the Tokyo 2020 Olympic Games until the summer of next year at the latest.
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Japan: Olympics postponed as government eyes urgent fiscal stimulus
March 25, 2020
On 24 March, Prime Minister Shinzo Abe announced the postponement of the Tokyo 2020 Olympic Games until the summer of next year at the latest.
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Japan: Private sector activity falls at fastest pace in nearly a decade in March
March 24, 2020
The Jibun Bank composite Purchasing Managers’ Index (PMI) slumped to 35.8 in March from 47.0 in February, according to a flash reading, suggesting private sector activity declined from the previous month at the fastest pace in nearly a decade. The services PMI led the decline, falling to 32.7 in March from a revised 46.8 in February (previously reported: 46.7), marking the lowest reading since contemporary records began in September 2007.
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