Unemployment in Japan
Japan - Unemployment
As expected, preliminary data showed the economy contracted in Q1. Record Covid-19 case numbers led the government to introduce quasi-state-of-emergency measures, which along with rising inflation caused private consumption to fall. In Q2, a recovery is under way. Its driving force is private consumption: Most Covid-19 restrictions were scrapped in late March, more than offsetting the drag from higher inflation. Consumer confidence and the services PMI have risen in the quarter so far. Further reopening will boost private spending even more; some foreign tourists will be permitted entry from June. This said, the external sector appears to be dragging on activity, with export growth and the manufacturing PMI sliding in the quarter so far, due to supply bottlenecks and a slowing global economy due to war in Ukraine, Covid-19 lockdowns in China, and higher global inflation and interest rates.Japan - Unemployment Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Unemployment Rate | 3.4 | 3.1 | 2.8 | 2.4 | 2.4 |
Japan Unemployment Chart
Source: Statistics Bureau of Japan.
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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Economic News
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Japan: Japanese government unveils JPY 29.1 trillion (USD 200 billion) supplementary budget in November
November 22, 2022
On 8 November, the Japanese government unveiled a JPY 29.1 trillion (USD 200 billion) supplementary budget—worth around 5% of GDP. Around 25% of it will be spent on shielding businesses and households from rising inflation via electricity and fuel subsidies, and measures to boost wages. Additional funds will be spent on initiatives to boost wealth equality, disaster resilience and national security. Impact on inflation: The Japanese government has claimed that the budget will bring down inflation by 1.2 percentage points between January and September next year.
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Japan: Inflation comes in at highest level since January 1991 in October
November 18, 2022
Inflation rose to 3.7% in October, above September’s 3.0%.
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Japan: Trade deficit widens as merchandise exports grow at weaker pace in October
November 17, 2022
Yen-denominated merchandise exports rose 25.3% over the same month last year in October, weaker than September’s 28.9% jump.
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Japan: Decline in core machinery orders softens in September
November 16, 2022
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—decreased 4.6% in month-on-month seasonally -adjusted terms in September, which was a smaller drop than August's 5.8% decrease.
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Japan: Industrial activity deteriorates in September
November 15, 2022
Industrial production decreased 1.7% month-on-month in seasonally-adjusted terms in September (August: +3.4% mom).
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