Japan
Japan
Real Gross Domestic Product
Real Chained Gross Domestic Product, Quarterly Annualized Change, %, NSA, Updates Quarterly
Real Gross Domestic Product measures the change in the inflation-adjusted value of all goods and services produced in the economy. It comprises private consumption and investment, inventory buildup, government spending and net exports. Markets watch this indicator to gauge the strength and composition of growth.
Japan
Unemployment Rate
Unemployment Rate, All Persons, Total Labour Force, %, SA, Updates Monthly
The Unemployment Rate measures the percentage of the labor force currently not working but actively seeking employment. Markets monitor the unemployment rate to assess the cyclical health of the economy and the likelihood that wage demands may increase inflationary pressures.
Japan
Consumer Prices
All Items, Core (All Items Excluding Fresh Food), Core-Core (All Items Excluding Food and Energy), Annual Change, %, SA
The Consumer Price Index is a measure of the change over time in the average prices paid by consumers for a market basket of consumer goods and services. As the most widely used measure of inflation, changes in the index are closely followed by policymakers, financial markets, businesses, and consumers. Statistics Japan reports an 'All Items' number that includes all categories in the calculation basket, a 'Core' number that strips out highly volatile fresh food prices, and a 'Core-Core' measure that removes fresh food and energy prices.
Japan
Policy Rate
Uncollateralised Overnight Call Rate (pre-1998: Official Discount Rate), %
The Bank of Japan Policy Rate refers to the base rate used by the central bank to implement or signal its monetary policy stance. It is currently represented by the “uncollateralised overnight call rate” charged when financial institutions lend and borrow short-term funds in the call markets, where financial institutions lend and borrow short-term funds, but previously referred to the interest rate charged on excess reserves. The Bank targets this rate to influence monetary variables in the economy, including consumer prices, exchange rates, and credit growth. The rate is reassessed on eight fixed dates each year.
Japan
Money Supply
M2 Money Supply, Annual Change, %, SA
M2 Money Supply is a measure of currency that includes cash, checking deposits, and non-cash assets that can easily be converted into cash. Markets don’t typically respond directly to changes in M2, but growth in the money supply can influence inflation, interest rates, and exchange rates over longer time horizons.
Japan
Central Bank Assets
Bank of Japan Total Assets, Trillions JPY, Updates Monthly
The Bank of Japan’s Balance Sheet is a financial statement that shows what the central bank owes and owns. The Bank’s assets consist primarily of Government of Japan and corporate bonds. Its liabilities are mostly currency in circulation, commercial bank reserves, and collateralized reverse repurchase agreements. The balance sheet is used to influence interest rates – when officials want to stimulate the economy, it expands, and when they wish to tighten financial conditions, it shrinks.
Japan
Debt Ratios
Credit to General Government, Non-Financial Corporate, and Household Sectors, % of Gross Domestic Product at Market Value, Updates Quarterly
Aggregate Debt Ratios measure the total borrowing of the general government, non-financial corporate, and household sectors, expressed as a share of gross domestic product. Total debt is followed by investors as a gauge of the vulnerability of an economy to financial shocks. An overly fast pace of debt growth is also frequently associated with a buildup of unproductive investment and excessively high asset valuations.
Japan
Net International Investment Position
Net International Investment Position, Millions USD, Updates Annually
The Net International Investment Position is the difference between the external financial assets and liabilities of a nation. A nation with a positive position is a creditor nation and is generally considered a safe haven in financial markets. A nation with a negative position is a debtor nation, with deeper balance of payments vulnerabilities.
Japan
Currency Reserves
Official Reserve Assets, Foreign Currency Reserves (in Convertible Foreign Currencies), Billions USD, Updates Monthly
Currency Reserves show external holdings that are freely usable for settlement of international transactions, and are readily available to and controlled by monetary authorities for meeting balance of payments financing needs, for intervention in currency markets to affect exchange rates, and for other related purposes. Developed markets with widely used, freely tradeable international currencies typically provide reserve assets rather than engaging in reserve accumulation.
Latest Analysis
Latest Analysis
US government shutdown looming
28 September, 2025
• Risk uptick. US equities ended a 3-day losing streak on Friday. USD eased back. AUD & NZD tick up. No change expected by RBA this week.• US shutdown. US politics in focus with another shutdown looming....
US Consumer Demand Holds Up, Supporting The Dollar's Rate Premium
26 September, 2025
The Federal Reserve’s preferred inflation measure climbed as expected in August and personal income and spending numbers beat forecasts, making it more difficult to justify an aggressive course of rate...
Dollar Advances As Easing Expectations Pull Back
25 September, 2025
The dollar is trading near a two-week high this morning as traders pull back on overly-optimistic monetary easing expectations and adjust positions amid heavy quarter-end rebalancing. The Canadian dollar,...
Inflation & the RBA
24 September, 2025
• Market swings. US equities dipped again, while US yields & USD rose. NZD remains on backfoot. AUD unwound yesterday’s CPI induced gains.• AU CPI. Inflation hotter than expected in August. Data...
FX Momentum Dies As Fed Officials Outline Dual-Sided Risks
24 September, 2025
After most Federal Reserve officials—with the notable exception of Stephen Miran—sounded a consistently-cautious and incrementally-hawkish tone in appearances during the early part of the week, the US...
Steady as she goes
23 September, 2025
• FX consolidation. In contrast to the dip in US equities & yields the USD tread water. AUD near ~$0.66. Fed Chair Powell notes the “challenging situation”.• AU CPI. Monthly CPI indicator...
Fedspeak Deluge Keeps Markets Guessing
23 September, 2025
The dollar is treading water against its major peers, Treasury yields are drifting lower, and equity futures are pointing to modest gains at the open as investors parse mixed signals emanating from Federal...
Dollar Edges Lower Ahead of Heavy Fedspeak Week
22 September, 2025
Last week’s modest recovery in the dollar is showing signs of exhaustion this morning as investors brace for a week dominated by speeches from Federal Reserve officials. Benchmark ten-year Treasury yields...
Hold the line
21 September, 2025
• Holding on. Quiet end to last week. US equities at record levels. US yields & USD tick up. AUD eased back further. AUD’s first weekly fall in a month.• Event Radar. Global PMIs due (Tues)....
US Fed restarts its cutting cycle
17 September, 2025
• Fed moves. US Fed cut rates by 25bps & flagged more down the track. But this was priced. A burst of vol. overnight. AUD slipped back from ~11mth highs.• Rate cuts. Chair Powell labelled it ‘risk...