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December 2018
December 20th 2018
TOKYO OLYMPICS IN 2020 WILL CONTINUE TO SUSTAIN ECONOMIC MOMENTUM
GDP highly increased in 2017, driven by foreign trade, even if private consumption remains weak. In order to avoid a decrease of private consumption, Japanese Government decided to postpone until October 2019 the next VAT increase from 8% to 10%. Labour market is very strong and an unemployment rate at 2.8% in April 2018, the lowest level from 1994. Wages and productivity are stable due to rigid permanent contracts and growing number of temporary workers. 2017 saw a widening fiscal deficit due to on going policy stimulus, rebuilding of infrastructure after a series of natural disaster and constructions linked to Olympic Games. Yen remained weak against the dollar, boosting exports in 2017. High demand from developed markets, stabilization of the Chinese economy and improvement in global commodity prices, have pushed the increase in exports since the part part of 2016. But this trend is not expected to continue due to slowing demand from Japan's main commercial partners like China, United States and Eurozone countries and commodity prices decrease. The trade balance is expected to remain in surplus and services will continue to increase thanks to rise of tourism from China.
Source: COFACE
Top export destinations: Top import origins are:
1) USA 19% 1) China 26%
2) China 17% 2) USA 11%
3) South Korea 6,7% 3) South Korea 4,1%
4) Hong Kong 4,8% 4) Germany 3,7%
5) Germany 3,3% 5) Thailand 3,5%
Source: https://atlas.media.mit.edu
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