Japan Economic Outlook
June 2, 2020
The economy will likely contract for the third consecutive quarter in Q2 due to the coronavirus crisis and the declaration of a national state of emergency on 16 April, which gave power to prefecture governors to request people to stay at home. Although the private-sector PMI reading increased slightly in May, it still remained close to April’s reading, which was the lowest recorded since current data started being collected over a decade ago. To help businesses and consumers cope, the government rolled out stimulus worth roughly 20% of GDP in April, which subsumed previously announced stimulus and included subsidies for businesses to help them retain employees. On 27 May, the cabinet approved additional stimulus which doubled the amount previously provided, bringing the total to 40% of GDP. In the same month, Prime Minister Shinzo Abe ended the national state of emergency.Japan Economic Growth
The economy will shrink this year, as the Covid-19 crisis disrupts business activity, weighs on consumption and investment appetite, and reduces overseas demand for Japanese exports. Moreover, the Tokyo Olympic Games have already been postponed until next year. That said, huge and coordinated fiscal and monetary policy stimulus should support economic activity. FocusEconomics panelists see the economy contracting 4.7% in 2020, which is down 0.8 percentage points from last month’s forecast, before growing 2.6% 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 confidence hits 11-year low in Q2
July 1, 2020
Business sentiment among large manufacturers regarding current business conditions came in at negative 34.0 in Q2, down from the negative 8.0 reading in Q1.
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Japan: Consumer confidence improves in June
July 1, 2020
The consumer confidence index came in at 28.4 in June, up from May's 24.0.
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Japan: Industrial activity falls at softer pace in May
June 30, 2020
Industrial production dropped 8.4% month-on-month in seasonally-adjusted terms in May (April: -9.8% mom), according to a first estimate.
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Japan: Services PMI rebounds in June but manufacturing PMI suffers
June 23, 2020
The Jibun Bank Composite Purchasing Managers’ Index (PMI), which combines the PMIs of the services and manufacturing sectors, climbed to 37.9 in June, up from 27.4 in May, according to a flash reading.
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Japan: Core consumer prices fall again in May
June 19, 2020
The core consumer price index, which excludes the price of fresh food, decreased 0.1% month-on-month in seasonally-adjusted terms in May, after falling 0.5% in April.
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