Japan Economic Outlook
December 23, 2021
The economy shrank slightly more than previously estimated in Q3, according to detailed results, as the inhibiting effects of the state of emergency that ran through the entire period weighed on activity. However, conditions in Q4 appear much brighter as a surge in vaccinations and a dramatic reduction in daily Covid-19 cases since mid-August’s record levels allowed for the easing of restrictions at the outset of the quarter. Consumer sentiment clocked its highest level since before the pandemic in October–November, while the composite PMI remained in expansionary territory throughout the quarter and averaged far above its Q3 level. However, border restrictions were tightened in late November amid the global spread of the Omicron variant, limiting international arrivals to 3,500 a day and banning visitors from countries deemed as high risk.Japan Economic Growth
GDP growth is set to accelerate in 2022 from this year’s projected level, with an improvement in household spending on the back of a release of pent-up consumer demand driving the upturn, bolstered by higher capital spending and robust government consumption. However, the ongoing pandemic and its impact on supply chains remains a key determinant of the outlook. FocusEconomics panelists see the economy expanding 2.8% in 2022, which is up 0.2 percentage points from last month’s forecast, and 1.4% in 2023.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: Bank of Japan holds rates steady at December meeting; tweaks quantitative easing parameters
December 17, 2021
At its final meeting of the year ending on 17 December, the Bank of Japan (BoJ) kept its main monetary policy levers untouched, as widely expected by market analysts.
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Japan: Export growth rises in November
December 16, 2021
Yen-denominated merchandise exports climbed 20.5% year-on-year in November, rising from October’s 9.4% growth.
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Japan: Composite PMI dips in December; remains in expansionary territory
December 16, 2021
The Jibun Bank Composite Purchasing Managers’ Index (PMI)—which combines the PMIs of the services and manufacturing sectors—fell to 51.8 in December according to a flash reading, down from November’s final figure of 53.3.
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Japan: Core machinery orders posts quickest growth since May in October
December 13, 2021
Core machinery orders—which cover the private sector, exclude volatile orders and are a leading indicator for capital spending over the coming three-to-six-month period—rose 3.8% month-on-month in seasonally-adjusted terms in October (September: 0.0% mom).
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Japan: Business sentiment remains positive in Q4
December 13, 2021
Business sentiment among large manufacturers—according to the Bank of Japan’s closely watched Tankan survey—came in at plus 18 in Q4, thus matching the reading clocked in Q3 and marginally above market expectations of a plus 13 reading.
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