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
USD turnaround
01 February, 2026
• Reversal. Positive data & Trump’s Fed Chair announcement boosted the USD. Commodities fell. AUD also lost ground (now ~2% below Thursday’s peak).• Macro risks. RBA expected to hike rates...
Warsh nomination lifts dollar
30 January, 2026
The dollar is edging higher after US president Donald Trump said he will nominate Kevin Warsh to lead the Federal Reserve, a move that would place a long-time critic of expansive monetary intervention...
Dollar resumes its decline as shutdown risks fade
29 January, 2026
Good morning. Risk-sensitive currencies are advancing as shutdown fears recede and investors resume betting on a weaker dollar. According to the New York Times, US president Donald Trump and Senate minority...
RBA U-turn
28 January, 2026
• Holding on. No change in rates by US Fed. US equities & bond yields consolidate. USD index ticks up, but AUD outperformance continues.• RBA hikes. Stronger CPI boosted RBA rate rise bets. Hike next...
Fed holds rates in broadly-supported decision, shifts statement language into neutral
28 January, 2026
The Federal Reserve left rates unchanged this afternoon, and subtly upgraded its assessment of labour markets and growth, disappointing those expecting a more dovish bias and lending the dollar some much-needed...
Bank of Canada stays sidelined, preserves optionality for future moves
28 January, 2026
As markets had overwhelmingly anticipated, the Bank of Canada left its policy settings on hold this morning, and again clearly signalled that rates are already at near-neutral levels, keeping expectations...
Dollar stages half-hearted recovery attempt
28 January, 2026
Good morning. The almighty greenback is struggling to climb off a four-year low after US president Donald Trump said he didn’t think it had fallen too far, remarking that he could make it “go up or go...
USD slide continues
27 January, 2026
• Weaker USD. US equities rose again while the USD remains under pressure. EUR at a multi-year high. AUD touched highest point since Q1 2023.• Macro trends. Q4 Australian CPI out today. Will it help or...
Dollar plunges as Trump downplays recent weakness
27 January, 2026
The dollar is tumbling through technical barriers across most major currency pairs after US president Donald Trump told reporters “I could have it go up or down like a yo-yo,” and that he’s not concerned...
Currency markets calm, but remain dollar bearish
27 January, 2026
Foreign exchange markets are enjoying a brief period of respite, with most major pairs showing signs of mean reversion after the weekend’s sharp moves. The dollar is edging higher and measures of currency...