MONTHLY FINANCE REVIEW · ISSN 0388-0605 MONTHLY FINANCE REVIEW October 2018 No. 543 Policy Research Institute MINISTRY OF FINANCE JAPAN

ISSN 0388-0605

MONTHLY FINANCE REVIEW

October 2018

No. 543

Policy Research Institute

MINISTRY OF FINANCE

JAPAN


October 2018 (No.543)

CONTENTS

STATISTICS（Released by Ministry of Finance）

A. Balance of the Fiscal Loan Fund (20 Aug.) ............................................................. 2

B. Trade Statistics (30 Aug .) ..................................................................................... 4

C. Taxes and Stamp Revenues (3 Sep.) ...................................................................... 8

D. Receipts and Payments of the Treasury Funds with the Private Sector (4 Sep.) ..... 12

E. Official Reserve Assets at the End of Periods (7 Sep.) ........................................... 16

F. Balance of Payments (10 Sep.) ............................................................................ 18

G. International Transaction in Securities (Monthly; based on reports from

designated major investors) (10 Sep.) ................................................................... 22

H. The balance of Offshore Accounts (21 Sep.) ......................................................... 24

I. Financial Statements Statistics of Corporations by Industry, Quarterly

(3 Sep.) ................................................................................................................ 26

J. Business Outlook Survey (12 Sep.) .................................................................... 30

PUBLIC RELATIONS & PRESS RELEASE A. Tax Convention with Ecuador Agreed in Principle (5 Sep.) ....................................... 34

B. New Tax Convention with Russia will Enter into Force (11 Sep.) ............................ 36

C. Convention to Implement Measures to Prevent BEPS will Enter into Force

(27 Sep.) ..................................................................................................................... 38

D. New Tax Convention with Austria will Enter into Force (28 Sep.) ........................... 40

APPENDIX A. Quarterly Estimates of GDP, Apr.-Jun. 2018 (The Second Preliminary) (10 Sep.)

..................................................................................................................................... 42

B. Monthly Economic Report (September) (14 Sep.) .................................................... 53

MAIN ECONOMIC INDICATORS OF JAPAN .......................................................... 57

STATISTICS

A. Balance of the Fiscal Loan Fund (End of July 2018) (August 20, 2018)

( billion yen)2017 2018Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul

Assets 128,460.7 128,075.3 125,730.6 122,519.4 124,278.8 124,643.0 123,887.5 124,498.2 127,564.6 127,517.3 129,909.7 126,655.5 125,069.8

Cash/Deposits 2,345.5 2,159.9 2,737.3 324.4 17.0 669.4 550.9 910.7 3,646.4 4,554.7 5,484.6 4,108.1 2,664.7

Securities 196.8 196.8 196.8 196.8 195.9 195.9 170.9 170.7 157.7 45.5 20.5 1.8 -

Government Bonds - - - - - - - - - - - - -Trust Beneficiary Rights and Others 196.8 196.8 196.8 196.8 195.9 195.9 170.9 170.7 157.7 45.5 20.5 1.8 -

Loans 125,918.4 125,718.5 122,796.5 121,998.1 124,065.9 123,777.7 123,165.8 123,416.8 123,760.5 122,917.1 124,404.6 122,545.7 122,405.1

Loans to General Account and Special Accounts 21,468.5 21,540.1 21,331.5 20,738.4 22,706.0 22,419.3 22,071.4 22,181.8 22,579.4 21,961.1 21,919.1 20,472.0 20,100.0Loans to Government-related Institutions 18,512.0 18,410.0 18,138.9 17,966.3 18,013.3 18,110.4 18,088.1 18,080.6 18,211.1 18,003.0 17,929.4 17,847.2 17,799.5Loans to Local Government 49,651.8 49,652.3 47,483.0 47,520.8 47,606.1 47,715.1 47,766.0 47,885.9 46,999.9 47,059.5 48,254.6 48,255.1 48,255.6Loans to Special Corporations 36,286.1 36,116.2 35,843.0 35,772.5 35,740.6 35,532.9 35,240.3 35,268.4 35,970.2 35,893.4 36,301.6 35,971.3 36,250.1

Liabilities 128,460.7 128,075.3 125,730.6 122,519.4 124,278.8 124,643.0 123,887.5 124,498.2 127,564.6 127,517.3 129,909.7 126,655.5 125,069.8

Deposits 31,325.9 29,894.1 32,226.9 29,088.5 30,545.8 27,991.6 29,774.5 30,043.6 31,848.1 31,790.4 33,657.5 31,937.6 30,715.5

Special Account Deposits 23,376.7 22,018.4 24,302.1 21,193.7 22,639.7 19,978.5 21,766.4 22,046.5 23,915.6 23,857.4 25,773.3 24,022.4 22,721.8Fund Deposits 1,357.2 1,363.2 1,363.2 1,368.1 1,375.1 1,517.1 1,507.1 1,496.1 1,426.6 1,421.6 1,372.8 1,372.8 1,506.4Mutual Aid Cooperative Deposits 3,359.6 3,280.6 3,329.7 3,264.7 3,269.7 3,234.7 3,239.7 3,239.7 3,244.7 3,250.7 3,250.7 3,211.7 3,162.7Other Deposits 3,232.5 3,232.0 3,232.0 3,262.0 3,261.2 3,261.2 3,261.2 3,261.2 3,261.2 3,260.7 3,260.7 3,330.7 3,324.7

Long-term Bonds 96,369.5 97,389.5 92,510.2 92,420.2 92,600.2 92,933.8 93,243.8 93,563.8 94,617.8 94,617.8 95,117.8 93,797.8 93,377.8

Others 765.3 791.7 993.5 1,010.6 1,132.8 3,717.5 869.2 890.7 1,098.7 1,109.1 1,134.5 920.1 976.5

(Note) Figures may not total due to rounding.

Source : Financial Bureau (https://www.mof.go.jp/english/filp/flf_balance/index.htm)

― 2 ―

･ Trend of Balance of the Fiscal Loan Fund

200,000.0

150,000.0

100,000.0

50,000.0

0.0

50,000.0

100,000.0

150,000.0

200,000.0

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul

2015 2016 2017 2018

Assets: Cash/Deposits Liabilities: Deposits

Assets: Securities Liabilities: Long-term Bonds

Assets: Loans Liabilities: others

( billion yen)

Assets

Liabilities

― 3 ―

B. Trade Statistics (30 August 2018)

1.Value of Exports and Imports by Area (Country) ( 100 million yen )

2017* 2018Jul Aug Sep Oct Nov Dec Jan** Feb** Mar** Apr** May** Jun** Jul(P)

Total Exports 64,946 62,785 68,107 66,929 69,200 73,039 60,863 64,633 73,827 68,223 63,236 70,532 67,479Imports 60,880 61,817 61,569 64,144 68,148 69,477 70,345 64,634 65,893 62,016 69,069 63,348 69,799Balance 4,066 968 6,538 2,786 1,052 3,562 -9,483 -1 7,933 6,208 -5,833 7,184 -2,319

Asia Exports 34,946 35,106 37,044 37,121 38,945 41,128 33,510 33,761 40,342 36,544 35,504 38,842 37,752Imports 30,316 30,006 30,911 32,051 34,599 33,828 34,641 31,508 30,319 29,413 32,067 30,675 32,422Balance 4,630 5,100 6,133 5,070 4,346 7,300 -1,132 2,253 10,023 7,131 3,437 8,167 5,330

P.R.China Exports 12,110 12,188 12,840 13,539 13,795 15,074 11,602 10,804 14,398 13,166 12,724 13,859 13,554Imports 14,690 14,604 15,675 16,209 18,121 17,059 17,396 15,056 13,495 14,641 15,536 14,542 15,677Balance -2,580 -2,415 -2,834 -2,670 -4,326 -1,984 -5,795 -4,252 903 -1,475 -2,811 -682 -2,123

Hong Kong Exports 2,887 3,169 3,663 3,149 3,704 3,660 2,933 3,064 3,042 3,098 2,840 3,605 3,063Imports 91 88 314 91 90 270 165 177 378 117 107 326 87Balance 2,796 3,081 3,349 3,058 3,614 3,389 2,767 2,887 2,664 2,981 2,733 3,279 2,976

Taiwan Exports 3,786 3,573 3,943 3,841 3,997 4,340 3,553 3,674 4,088 3,833 3,750 3,963 3,954Imports 2,523 2,489 2,471 2,441 2,578 2,446 2,481 2,211 2,414 2,315 2,495 2,434 2,637Balance 1,262 1,084 1,472 1,400 1,419 1,893 1,073 1,462 1,674 1,518 1,255 1,529 1,317

Korea Exports 4,777 4,814 5,022 4,950 5,183 5,431 4,785 4,769 5,480 4,813 4,632 4,848 4,687Imports 2,681 2,513 2,532 2,547 2,906 3,052 3,044 2,889 3,016 2,743 2,912 2,906 3,016Balance 2,095 2,301 2,490 2,404 2,277 2,380 1,741 1,881 2,464 2,070 1,720 1,942 1,671

Singapore Exports 2,097 2,403 1,889 2,152 2,171 2,329 2,178 2,171 2,424 2,059 2,241 2,086 2,177Imports 757 759 805 727 823 800 904 1,073 890 787 914 829 964Balance 1,341 1,644 1,084 1,425 1,348 1,529 1,274 1,097 1,534 1,272 1,327 1,257 1,213

Thailand Exports 2,926 2,628 2,894 2,858 2,908 3,048 2,498 2,834 3,215 2,737 2,734 3,124 2,946Imports 2,185 2,097 2,054 2,277 2,563 2,222 2,171 2,225 2,331 2,011 2,272 2,352 2,379Balance 741 530 840 581 344 826 327 609 884 726 462 773 567

Malaysia Exports 1,207 1,134 1,250 1,248 1,319 1,355 1,048 1,201 1,471 1,291 1,204 1,372 1,347Imports 1,799 1,707 1,609 1,776 1,851 2,008 2,033 1,823 1,935 1,567 1,681 1,522 1,654Balance -593 -574 -358 -528 -532 -653 -985 -622 -463 -276 -477 -150 -307

Indonesia Exports 1,278 1,229 1,348 1,339 1,511 1,330 1,225 1,351 1,571 1,532 1,141 1,522 1,552Imports 1,766 1,917 1,830 1,988 1,877 2,131 2,157 2,128 2,014 1,688 1,980 1,884 1,971Balance -488 -688 -481 -649 -365 -801 -932 -777 -442 -156 -839 -362 -420

Philippines Exports 1,029 1,033 1,052 1,106 1,167 1,050 890 1,028 1,076 1,038 1,082 1,044 1,095Imports 1,040 929 864 987 909 845 991 904 1,005 840 1,026 969 951Balance -12 104 188 118 259 206 -101 124 71 198 56 75 144

Vietnam Exports 1,335 1,355 1,598 1,423 1,669 1,757 1,292 1,232 1,498 1,330 1,415 1,580 1,576Imports 1,779 1,765 1,694 1,959 1,892 1,780 2,053 1,776 1,556 1,629 2,026 1,855 1,952Balance -444 -410 -97 -536 -223 -23 -761 -545 -58 -299 -611 -274 -376

India Exports 385 919 819 812 839 927 839 919 1,240 901 962 1,114 1,096Imports 480 528 490 499 445 602 590 601 531 477 534 435 524Balance 355 391 329 314 394 325 249 318 709 424 428 679 571

(ASEAN) Exports 10,010 9,906 10,192 10,251 10,875 11,047 9,245 9,960 11,393 10,127 9,944 10,847 10,797Imports 9,693 9,596 9,256 10,106 10,291 10,208 10,781 10,395 10,272 8,909 10,278 9,844 10,309Balance 316 310 936 145 584 839 -1,536 -435 1,121 1,218 -334 1,003 487

Oceania Exports 2,168 1,991 2,150 1,857 1,700 1,901 1,814 2,023 2,428 2,340 2,053 2,085 2,166Imports 4,177 4,547 3,735 3,782 4,254 4,581 4,396 4,552 4,276 4,231 4,696 4,202 4,906Balance -2,009 -2,556 -1,585 -1,925 -2,554 -2,680 -2,581 -2,529 -1,847 -1,891 -2,643 -2,116 -2,740

Australia Exports 1,572 1,595 1,738 1,499 1,400 1,586 1,464 1,672 1,739 1,726 1,576 1,707 1,673Imports 3,533 3,966 3,293 3,277 3,812 4,086 3,908 4,127 3,880 3,875 4,166 3,680 4,316Balance -1,960 -2,370 -1,555 -1,778 -2,411 -2,500 -2,445 -2,455 -2,141 -2,149 -2,590 -1,973 -2,643

New Zealand Exports 225 236 244 293 208 232 182 203 235 284 266 290 267Imports 252 267 211 217 218 175 229 202 214 227 352 286 264Balance -27 -31 33 76 -11 57 -48 1 21 57 -85 5 3

North America Exports 14,094 12,756 13,831 13,653 14,551 15,015 11,424 13,700 14,575 14,097 12,332 13,787 13,301Imports 7,780 7,415 7,914 7,427 8,143 8,032 8,155 7,616 8,319 7,920 9,128 8,071 8,678Balance 6,315 5,341 5,917 6,226 6,408 6,983 3,270 6,084 6,256 6,177 3,203 5,715 4,623

U S A Exports 13,188 11,834 12,975 12,818 13,685 14,121 10,666 12,762 13,559 12,864 11,459 12,922 12,506Imports 6,736 6,501 6,828 6,379 7,095 6,999 7,170 6,456 7,331 6,712 8,061 7,023 7,482Balance 6,452 5,334 6,147 6,439 6,590 7,122 3,496 6,306 6,228 6,151 3,398 5,899 5,025

Canada Exports 906 922 856 835 865 894 759 938 1,016 1,233 872 865 795Imports 1,036 905 1,077 1,042 1,040 1,028 979 1,154 984 1,201 1,061 1,044 1,190Balance -130 16 -221 -206 -175 -133 -221 -216 32 32 -189 -179 -396

Latin America Exports 2,815 2,152 2,840 2,600 2,517 2,562 2,801 2,724 2,891 2,647 2,443 3,162 2,720Imports 2,382 2,650 2,504 2,648 2,889 3,009 3,138 2,635 2,667 2,457 3,155 2,656 2,782Balance 433 -498 335 -48 -373 -447 -337 89 224 191 -712 506 -62

Brazil Exports 361 375 354 346 333 345 320 402 395 391 389 387 383Imports 665 646 753 680 894 926 742 635 554 487 847 649 581Balance -304 -271 -399 -334 -561 -581 -423 -233 -160 -96 -457 -263 -198

― 4 ―

2017* 2018Jul Aug Sep Oct Nov Dec Jan** Feb** Mar** Apr** May** Jun** Jul(P)

Mexico Exports 1,143 967 1,083 1,110 1,012 1,110 848 868 1,099 1,010 1,053 1,126 1,115Imports 456 568 453 670 673 659 548 558 558 601 509 583 773Balance 686 399 631 439 339 452 300 310 541 408 544 543 342

Chile Exports 166 138 192 128 145 209 161 217 156 143 155 270 213Imports 547 652 569 547 602 660 773 751 797 585 727 608 638Balance -381 -514 -377 -419 -457 -451 -612 -534 -640 -441 -572 -338 -425

West Europe Exports 7,362 7,152 8,027 7,731 7,665 8,132 7,413 8,122 8,527 8,474 7,225 8,157 7,614Imports 7,336 7,986 8,096 8,632 8,288 8,525 8,773 8,003 8,828 7,666 8,847 8,112 9,326Balance 27 -834 -70 -900 -623 -393 -1,361 119 -301 809 -1,622 46 -1,712

Germany Exports 1,803 1,638 1,930 1,856 1,870 2,076 1,777 1,904 2,068 1,920 1,702 2,048 1,898Imports 2,037 2,473 2,425 2,352 2,085 2,504 2,329 2,184 2,640 2,015 2,385 2,214 2,632Balance -234 -834 -495 -496 -215 -428 -553 -281 -572 -95 -683 -166 -734

United Exports 1,410 1,205 1,420 1,145 1,240 1,157 1,359 1,244 1,230 1,415 1,162 1,278 1,517Kingdom Imports 625 609 673 783 740 706 684 598 751 676 741 751 870

Balance 785 596 747 362 500 451 675 646 479 739 422 527 648France Exports 551 550 615 644 551 702 583 664 709 645 590 624 680

Imports 879 899 1,074 1,042 1,022 1,066 1,094 897 909 920 865 992 1,112Balance -328 -348 -460 -398 -471 -364 -512 -233 -199 -275 -275 -369 -432

Netherlands Exports 1,175 1,145 1,234 1,270 1,125 1,267 1,071 1,288 1,292 1,268 1,130 1,170 1,144Imports 195 256 229 249 309 213 240 265 262 226 234 306 239Balance 981 889 1,005 1,021 815 1,054 831 1,023 1,031 1,042 896 864 905

Italy Exports 403 349 413 476 407 448 434 450 482 455 405 432 403Imports 1,095 973 884 1,176 1,016 1,073 1,129 1,124 1,040 1,034 1,218 1,100 1,115Balance -692 -624 -472 -700 -609 -625 -695 -674 -558 -579 -813 -668 -712

Belgium Exports 532 512 531 596 576 605 503 591 602 583 526 518 625Imports 232 266 232 239 285 387 270 260 308 282 311 268 283Balance 300 246 299 357 290 217 233 331 294 301 215 250 342

Switzerland Exports 344 549 513 398 616 373 352 455 526 448 429 372 194Imports 691 583 807 824 811 750 703 785 789 705 834 637 676Balance -348 -34 -294 -425 -195 -376 -351 -329 -263 -257 -404 -265 -482

Sweden Exports 127 103 133 142 141 152 126 159 173 139 112 127 105Imports 224 255 240 249 237 197 240 199 329 206 259 224 269Balance -97 -151 -107 -107 -96 -46 -115 -40 -156 -68 -147 -97 -163

Ireland Exports 66 57 57 85 134 94 80 67 77 101 97 132 98Imports 297 526 460 620 519 421 674 492 499 470 729 419 835Balance -230 -469 -403 -535 -385 -327 -594 -425 -422 -369 -632 -287 -737

Spain Exports 271 265 336 283 273 286 264 420 354 386 305 291 253Imports 305 306 289 276 302 292 396 287 295 277 303 274 332Balance -35 -41 47 7 -29 -6 -133 133 59 109 2 16 -79

Central and Exports 1,221 1,167 1,374 1,347 1,117 1,275 1,231 1,515 1,527 1,498 1,290 1,479 1,475East Europe, Imports 1,906 1,832 1,699 1,998 1,777 2,008 1,987 1,928 2,128 1,783 2,044 1,839 2,163Russia Balance -686 -664 -325 -650 -660 -733 -756 -413 -601 -285 -754 -360 -688

Russia Exports 553 516 654 621 521 564 620 693 760 684 609 691 675Imports 1,305 1,233 1,032 1,275 1,110 1,368 1,345 1,353 1,414 1,219 1,349 1,134 1,490Balance -753 -717 -378 -654 -590 -804 -724 -660 -654 -534 -740 -443 -815

(EU) Exports 7,210 6,718 7,665 7,534 7,174 7,922 7,174 7,809 8,034 8,193 6,972 7,939 7,670Imports 6,889 7,571 7,504 8,039 7,676 7,866 8,184 7,341 8,194 7,164 8,213 7,649 8,898Balance 321 -854 162 -505 -503 56 -1,010 467 -161 1,028 -1,241 290 -1,228

Middle East Exports 1,717 1,749 2,142 2,007 2,059 2,321 1,863 2,115 2,711 1,908 1,720 2,096 1,696Imports 6,301 6,604 5,896 6,858 7,276 8,712 8,539 7,718 8,568 7,698 8,265 6,947 8,733Balance -4,585 -4,854 -3,754 -4,851 -5,217 -6,392 -6,676 -5,604 -5,858 -5,790 -6,545 -4,852 -7,038

U A E Exports 489 549 675 593 700 787 535 709 1,002 689 669 869 613Imports 1,787 1,949 1,685 1,971 2,020 2,587 2,377 1,976 2,405 2,274 2,239 1,742 2,651Balance -1,298 -1,401 -1,009 -1,377 -1,320 -1,800 -1,842 -1,268 -1,402 -1,585 -1,570 -874 -2,038

Saudi Arabia Exports 365 345 417 428 364 461 422 458 510 329 269 311 283Imports 2,451 2,441 2,126 2,731 2,775 3,270 2,900 3,139 2,783 3,058 2,961 2,416 2,988Balance -2,086 -2,096 -1,710 -2,303 -2,410 -2,808 -2,478 -2,682 -2,273 -2,728 -2,692 -2,106 -2,705

Kuwait Exports 112 99 117 135 176 164 178 167 175 150 126 144 168Imports 428 456 617 457 494 715 770 502 603 641 550 624 670Balance -316 -357 -500 -321 -318 -551 -592 -335 -428 -491 -424 -479 -502

Qatar Exports 95 117 116 96 122 119 128 141 173 117 84 94 82Imports 1,038 910 839 1,072 1,070 1,213 1,447 1,148 1,585 1,199 1,318 1,150 1,073Balance -944 -793 -723 -976 -949 -1,093 -1,319 -1,007 -1,413 -1,081 -1,234 -1,056 -991

Oman Exports 220 256 238 227 212 227 168 189 203 174 182 187 203Imports 211 212 182 192 152 166 243 212 259 149 330 293 315Balance 9 44 56 35 59 61 -75 -23 -56 25 -147 -105 -112

Iran Exports 85 70 77 67 87 101 82 92 89 92 77 111 41Imports 153 358 327 275 453 452 408 329 595 42 375 354 665Balance -68 -288 -250 -208 -366 -351 -327 -237 -506 50 -297 -244 -624

Africa Exports 623 711 699 613 646 706 808 675 825 716 669 924 755Imports 682 777 812 748 921 782 717 674 787 848 865 846 787Balance -59 -66 -112 -135 -275 -76 91 1 38 -132 -196 78 -32

South Africa Exports 252 241 295 238 217 258 184 217 236 233 229 261 254Imports 405 496 414 531 575 467 467 393 371 498 485 505 481Balance -152 -255 -119 -293 -358 -208 -283 -176 -135 -265 -256 -244 -227

(Notes) 1. The value of exports is based upon the F.O.B.value, while the value of imports is based upon the C. I. F.value.2."(P)" means Provisional. "*" and "**"means "fixed" and "detailed".

― 5 ―

･ Trend of Value of Exports and Imports ( 100 million yen )

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Exports Imports Balance

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AsiaExports

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E UExports

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Middle EastExports

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ug

Sep Oct

Nov

Dec

Jan Feb

Mar

Apr

May

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2015 2016 2017 2018

U S AExports

Imports

Balance

― 6 ―

2.Value of Exports and Imports by Principal Commodity ( 100 million yen )

2017* 2018Jul Aug Sep Oct Nov Dec Jan** Feb** Mar** Apri** May** Jun** Jul(P)

Exports 64,946 62,785 68,107 66,929 69,200 73,039 60,863 64,633 73,827 68,223 63,236 70,532 67,479

Foodstuff 491 494 533 593 614 767 518 472 633 645 589 621 598

Raw materials 893 917 926 915 956 1,092 824 927 999 979 990 1,035 954

Mineral fuels 843 1,185 1,054 821 991 1,115 1,082 1,042 901 973 1,059 908 1,206

Chemicals 6,675 6,621 6,997 7,236 7,145 7,643 6,969 6,711 7,864 7,268 6,991 7,293 7,402

Manufactured goods 7,151 6,943 7,448 7,340 7,552 8,208 6,828 7,097 8,216 7,358 7,608 8,086 7,658

Machinery 13,040 12,355 13,313 13,097 13,720 15,147 11,907 13,087 16,286 14,048 13,079 14,470 13,672

Electrical machinery 11,345 11,488 12,381 11,936 12,333 13,143 10,303 10,522 12,391 11,609 10,940 12,253 12,147

Transport equipment 15,611 13,536 15,761 15,632 16,193 16,315 14,415 16,194 17,047 16,324 13,451 16,423 14,981

Motor vehicles 10,224 8,900 10,550 10,587 11,087 11,158 8,650 10,924 10,965 10,712 8,629 10,344 9,937

Others 8,896 9,246 9,693 9,360 9,696 9,610 8,016 8,582 9,490 9,018 8,529 9,444 8,861

Imports 60,880 61,817 61,569 64,144 68,148 69,477 70,345 64,634 65,893 62,016 69,069 63,348 69,799

Foodstuff 5,865 6,057 5,797 6,138 6,441 6,173 5,830 5,580 5,603 6,037 6,447 6,023 6,155

Raw materials 4,087 4,069 3,825 3,859 4,062 3,986 4,368 4,013 4,049 3,977 4,926 4,284 4,312

Mineral fuels 12,200 12,630 11,156 12,392 13,576 16,679 15,975 15,453 15,997 13,715 14,727 12,726 15,946

Petroleum 5,444 5,625 5,243 5,736 6,354 7,743 7,119 6,599 7,223 6,654 6,809 5,742 7,635

Chemicals 6,055 6,331 6,075 6,492 6,569 6,445 7,520 6,943 6,704 6,527 7,658 6,561 7,797

Manufactured goods 5,696 5,718 5,590 5,857 6,293 5,885 6,325 5,735 5,640 5,905 6,629 6,415 6,376

Machinery 6,381 5,908 6,053 5,487 6,240 6,307 6,712 6,313 6,728 6,068 6,764 6,295 6,807

Electrical machinery 9,377 8,937 10,224 11,449 12,355 11,513 11,339 9,254 9,419 8,889 9,657 9,403 10,034

Transport equipment 2,539 2,625 2,862 2,748 2,898 3,120 2,540 2,257 3,078 2,297 3,393 2,737 2,955

Others 8,682 9,542 9,988 9,723 9,714 9,368 9,737 9,085 8,674 8,601 8,867 8,903 9,417

(Notes) 1. The value of exports is based upon the F.O.B.value, while the value of imports is based upon the C.Ⅰ.F.value.2. "(P)" means Provisional. "*" and "**"means "fixed" and "detailed".

Source : Customs and Tariff Bureau (http://www.customs.go.jp/toukei/info/index_e.htm)

0

5,000

10,000

15,000

20,000

25,000

30,000

Ju

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Sep Oct

Nov

Dec

Jan Feb

Mar

Apr

May

Ju

nJu

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ug

Sep Oct

Nov

Dec

Jan Feb

Mar

Apr

May

Ju

nJu

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Sep Oct

Nov

Dec

Jan Feb

Mar

Apr

May

Ju

nJu

l

2015 2016 2017 2018

Foodstuff Raw materials Mineral fuels Chemicals

Manufactured goods Machinery Electrical machinery Transport equipment

( 100 million yen )

Ju

lA

ug

Sep Oct

Nov

Dec

Jan Feb

Mar

Apr

May

Ju

nJu

lA

ug

Sep Oct

Nov

Dec

Jan Feb

Mar

Apr

May

Ju

nJu

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ug

Sep Oct

Nov

Dec

Jan Feb

Mar

Apr

May

Ju

nJu

l

2015 2016 2017 2018

Exports Imports

― 7 ―

C. Taxes and Stamp Revenues (3 September 2018)FY 2017 (100 million yen)

2017 2018

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

Income Tax 179,480 -3,225 9,052 13,164 37,110 13,261 9,546 9,300 13,631 14,135 29,707 7,775 7,574 27,027 759 188,816

Withheld atSource

148,740 -2,675 9,081 12,835 32,265 12,985 9,370 9,107 8,592 13,724 29,537 6,664 3,556 11,130 100 156,271

Self-assessed 30,740 -550 -29 329 4,845 276 176 193 5,038 412 170 1,111 4,018 15,897 660 32,544

123,910 -962 -877 1,837 -1,367 6,351 1,882 4,187 34,574 2,099 2,447 12,266 2,458 4,522 50,537 119,953

21,150 102 69 1,743 1,562 1,602 1,888 1,948 2,182 2,225 1,377 1,982 3,200 1,663 1,378 22,920

171,380 -438 -1,166 -1,944 17,523 17,832 11,497 14,270 18,870 10,090 14,025 19,595 8,716 18,338 27,931 175,139

13,110 36 63 1,117 1,160 1,187 1,172 1,099 1,032 1,044 1,140 1,434 684 871 1,001 13,041

9,290 2 763 720 740 747 774 728 689 691 819 575 630 761 2 8,642

23,940 0 12 2,057 2,056 1,886 1,908 2,160 2,167 2,027 1,948 1,773 2,533 1,977 1,458 23,962

80 0 1 7 7 7 7 7 7 7 7 7 7 6 6 82

520 0 42 44 42 46 48 44 44 42 44 43 39 43 0 522

6,880 -108 79 622 662 536 814 469 480 644 564 499 576 653 419 6,908

3,130 0 264 240 239 274 294 273 246 251 277 312 306 281 0 3,257

3,700 305 311 338 330 297 322 307 294 274 263 319 420 0 0 3,778

－－－－－－－－－－－－－－－－

9,530 344 398 822 826 866 840 869 917 917 882 860 834 474 391 10,241

100 9 9 8 8 8 8 7 9 9 8 8 8 0 0 99

－ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

10,920 1,459 732 826 800 772 860 772 762 951 691 736 1,106 47 1 10,515

577,120 -2,479 9,751 21,601 61,699 45,671 31,859 36,440 75,904 35,405 54,196 48,185 29,091 56,666 83,884 587,875

(Reference)

6,439 -25 -17 91 65 400 91 223 1,801 91 97 602 114 218 2,788 6,539

2,562 0 1 220 220 202 204 231 232 217 208 190 271 212 156 2,564

80 0 1 7 7 7 7 7 7 7 7 7 7 6 6 82

149 0 12 13 12 13 14 13 13 12 13 12 11 12 0 149

2,539 209 213 232 226 204 221 211 202 188 180 219 288 0 0 2,593

125 11 11 10 10 10 10 9 11 11 10 10 10 0 0 123

20,025 504 754 789 1,850 3,523 1,931 991 973 559 5,989 352 362 0 0 18,578

1,437 0 118 111 115 116 120 113 107 107 127 89 98 118 0 1,337

3,764 -68 190 275 772 278 199 194 285 294 619 162 158 566 16 3,939

－ -2 4 8 2 2 1 1 -1 4 1 1 2 0 0 23other

Estimate(Revised)

Corporation Tax

ConsumptionTax

Inheritance Tax

Tobacco Tax

Aviation FuelTax

Motor VehicleTonnage Tax

Liquor Tax

Local SpecialCorporate Tax

Liquefied PetroleumGas Tax

InternationalTourist Tax

Settlement

(Notes) 1.* is distributed amount to local governments.2.Totals may not add due to rounding.

Gasoline Tax

other

General AccountTotal

LocalCorporation Tax

Stamp Revenue

Customs Duty

Tonnage Due

Source : Tax Bureau (https://www.mof.go.jp/tax_policy/reference/taxes_and_stamp_revenues/index.htm)

Special TobaccoTax

Special incometax forreconstruction

Petroleum andCoal Tax

Motor VehicleTonnage Tax*

Aviation FuelTax*

Liquefied PetroleumGas Tax*

Local Road Tax

Promotion of Power-ResourcesDevelopment Tax

Special TonnageDue

― 8 ―

FY 2018 (100 million yen)

2018 2019

Apr May Jun Jul(P) Aug Sep Oct Nov Dec Jan Feb Mar Apr May

Income Tax 190,200 -3,721 9,056 14,087 39,363 58,786

Withheld atSource

157,250 -3,117 9,085 13,683 34,581 54,231

Self-assessed 32,950 -604 -29 405 4,782 4,554

121,670 -586 -480 1,947 1,066 1,947

22,400 25 55 2,124 1,320 3,525

175,580 -642 -924 -2,101 18,175 14,508

13,110 38 66 1,075 1,047 2,226

8,740 1 708 721 719 2,149

23,300 6 16 2,065 1,887 3,974

80 0 1 6 6 13

520 0 42 44 43 130

7,090 -69 129 717 639 1,416

3,230 0 250 240 245 735

3,950 278 313 318 343 1,253

60 －－－－－

10,220 368 455 820 922 2,566

100 8 9 8 9 35

－ 0 0 0 0 0

10,540 1,454 764 900 810 3,927

590,790 -2,840 10,460 22,973 66,595 97,188

(Reference)

6,533 -12 -2 85 112 183

2,493 1 2 221 202 425

80 0 1 6 6 13

149 0 12 13 12 37

2,711 191 215 219 236 860

125 10 12 11 11 43

20,260 586 962 800 2,285 4,634

1,288 0 110 112 111 332

4,003 -79 190 294 819 1,224

－ 1 1 2 7 12

Tonnage Due

ConsumptionTax

Inheritance Tax

Corporation Tax

Estimate

Gasoline Tax

Tobacco Tax

Liquor Tax

Special TonnageDue

Special incometax forreconstruction

Total(P)

LocalCorporation Tax

General AccountTotal

Customs Duty

Motor VehicleTonnage Tax

Promotion of Power-ResourcesDevelopment Tax

Petroleum andCoal Tax

Local SpecialCorporate Tax

Stamp Revenue

Special TobaccoTax

other

Motor VehicleTonnage Tax*

Aviation FuelTax*

Liquefied PetroleumGas Tax*

Local Road Tax

Aviation FuelTax

Liquefied PetroleumGas Tax

InternationalTourist Tax

other

― 9 ―

･ Trends in general account tax revenue (100 million yen)

-10,000

0

10,000

20,000

30,000

40,000

50,000

60,000

Apr

May

Jun

Jul

Au

g

Sep Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2017 2018

Income Tax Corporation Tax Consumption Tax

-10,000

0

10,000

20,000

30,000

40,000

50,000

60,000

Apr

May

Jun

Jul

Au

g

Sep Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2018 2019

-10,000

0

10,000

20,000

30,000

40,000

50,000

60,000

Apr

May

Jun

Jul

Au

g

Sep Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2015 2016

FY2015

-10,000

0

10,000

20,000

30,000

40,000

50,000

60,000

Apr

May

Jun

Jul

Au

g

Sep Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2016 2017

FY2016

FY2017 FY2018

― 10 ―

･ Trends in general account tax revenue (total) (100 million yen)

-20,000

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

Apr

May

Jun

Jul

Au

g

Sep Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2017 2018

Income Tax Corporation Tax Consumption Tax

-20,000

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

Apr

May

Jun

Jul

Au

g

Sep Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2018 2019

-20,000

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000A

pr

May

Jun

Jul

Au

g

Sep Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2015 2016

FY2015

-20,000

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

Apr

May

Jun

Jul

Au

g

Sep Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

2016 2017

FY2016

FY2017 FY2018

― 11 ―

2017

Sep Oct Nov Dec

Receipts Payments Balance Receipts Payments Balance Receipts Payments Balance Receipts Payments Balance

1 General Account 54,977 75,125 -20,148 46,133 47,310 -1,177 54,172 76,923 -22,750 88,370 53,200 35,170

Taxes 50,370 10,702 39,668 42,700 7,845 34,856 51,344 5,465 45,879 85,123 12,804 72,320

Non-tax Receipt 1,384 - 1,384 1,443 - 1,443 1,873 - 1,873 2,218 - 2,218

Social Security - 11,852 -11,852 - 20,253 -20,253 - 12,567 -12,567 - 14,521 -14,521

Grants to LocalGovernment Entities 3,223 42,801 -39,578 1,990 1 1,989 955 47,145 -46,190 1,028 2,784 -1,755

National Defense - 2,888 -2,888 - 3,327 -3,327 - 2,766 -2,766 - 5,235 -5,235

Public Works - 2,354 -2,354 - 2,108 -2,108 - 2,321 -2,321 - 3,722 -3,722

Treasury's Share inCompulsory EducationExpenditure

- 932 -932 - 932 -932 - 936 -936 - 2,944 -2,944

Miscellaneous - 3,597 -3,597 - 12,844 -12,844 - 5,723 -5,723 - 11,191 -11,191

2 Special Accountsetc.

108,819 59,405 49,414 59,873 101,226 -41,353 56,632 36,260 20,372 52,979 112,139 -59,160

Fiscal Investmentand Loan

39,759 7,566 32,193 10,188 4,355 5,833 3,991 4,765 -774 7,665 7,057 608

Foreign ExchangeEqualization Fund

6,986 6,689 297 9,615 6,928 2,687 13,319 9,633 3,685 4,723 3,604 1,119

Insurance 46,118 22,497 23,621 37,544 83,439 -45,896 37,507 17,025 20,483 38,495 82,890 -44,395

Miscellaneous 15,956 22,652 -6,696 2,526 6,503 -3,977 1,815 4,837 -3,023 2,096 18,589 -16,493

3 Subtotal （1+2） 163,797 134,530 29,266 106,006 148,536 -42,530 110,804 113,183 -2,379 141,349 165,339 -23,990

4 GovernmentBonds etc.

112,065 119,342 -7,278 113,827 18,436 95,391 115,651 32,136 83,515 111,913 101,014 10,900

Government Bonds(over one year)

105,565 113,342 -7,778 108,327 12,936 95,391 109,912 26,616 83,296 106,413 95,014 11,400

Borrowings 6,500 6,000 500 5,500 5,500 -0 5,739 5,521 218 5,500 6,000 -500

5 TreasuryDiscount Bills etc.

256,898 233,399 23,499 297,798 247,044 50,754 274,699 234,535 40,164 252,898 217,557 35,341

TreasuryDiscount Bills

225,398 201,899 23,499 266,298 215,544 50,754 222,198 182,034 40,164 221,398 186,057 35,341

Short TermBorrowings

31,500 31,500 0 31,500 31,500 -0 52,500 52,500 0 31,500 31,500 -0

6 Subtotal （4+5） 368,963 352,741 16,222 411,625 265,480 146,145 390,350 266,671 123,679 364,812 318,571 46,241

7 Total （3+6） 532,759 487,271 45,488 517,631 414,016 103,615 501,154 379,854 121,300 506,160 483,910 22,251

8 Adjustments 5,299 6,389 -1,090 4,139 3,736 403 5,897 3,745 2,152 8,039 8,793 -754

9Grand Total（7+8）

538,059 493,661 44,398 521,770 417,752 104,018 507,051 383,600 123,452 514,200 492,703 21,497

(Notes) Figures do not sum up to total because of rounding.

(Annotations)Redemption of T-Bills held to maturity by the Bank of Japan, acquired through outright purchase operations, is excluded from theabove table but is indicated in the following lines for information.

39,628 57,153 47,763 44,341

Source : Financial Bureau (https://www.mof.go.jp/english/exchequer/receipts_payments/index.htm)

Category

D. Receipts and Payments of the Treasury Funds with the Private Sector (4 September 2018)

Redemption of T-Bills(TBs and FBs) held tomaturity by the Bank ofJapan

― 12 ―

(100 million yen)

2018

Jan Feb Mar Apr


62,060 34,406 27,654 49,480 38,269 11,211 65,994 115,636 -49,642 74,957 127,656 -52,699 1 General Account

59,302 8,013 51,289 42,780 5,806 36,974 62,259 21,200 41,059 63,572 14,751 48,820 Taxes

1,728 - 1,728 1,294 - 1,294 3,356 - 3,356 10,996 - 10,996 Non-tax Receipt

- 9,623 -9,623 - 11,166 -11,166 - 30,297 -30,297 - 30,368 -30,368 Social Security

1,029 - 1,029 5,406 7,740 -2,335 379 9,926 -9,547 390 38,392 -38,002Grants to LocalGovernment Entities

- 2,777 -2,777 - 3,283 -3,283 - 7,088 -7,088 - 6,497 -6,497 National Defense

- 1,985 -1,985 - 2,337 -2,337 - 31,192 -31,192 - 13,562 -13,562 Public Works

- 936 -936 - 936 -936 - 1,096 -1,096 - 937 -937Treasury's Share inCompulsory EducationExpenditure

- 11,073 -11,073 - 7,000 -7,000 - 14,837 -14,837 - 23,149 -23,149 Miscellaneous

49,881 42,147 7,734 85,744 106,261 -20,517 87,684 96,494 -8,810 58,972 106,756 -47,7852 Special Accounts

etc.

6,786 3,538 3,248 4,299 5,488 -1,189 40,006 36,292 3,714 6,843 3,140 3,703Fiscal Investmentand Loan

4,878 8,229 -3,351 5,496 7,838 -2,343 8,547 6,561 1,986 11,895 8,915 2,980Foreign ExchangeEqualization Fund

33,846 21,688 12,158 72,622 86,867 -14,245 35,175 18,419 16,755 37,551 82,791 -45,239 Insurance

4,370 8,691 -4,321 3,327 6,067 -2,740 3,956 35,221 -31,265 2,682 11,911 -9,228 Miscellaneous

111,940 76,552 35,388 135,224 144,530 -9,306 153,678 212,129 -58,452 133,929 234,412 -100,483 3 Subtotal （1+2）

117,004 15,931 101,073 119,242 15,585 103,657 114,252 119,807 -5,555 110,921 13,809 97,1124 Government

Bonds etc.

111,504 10,931 100,573 113,282 10,124 103,158 110,752 116,807 -6,055 102,421 6,809 95,612Government Bonds(overone year)

5,500 5,000 500 5,960 5,461 499 3,500 3,000 500 8,500 7,000 1,500 Borrowings

252,698 222,219 30,479 274,898 246,373 28,525 252,799 237,896 14,902 250,799 222,013 28,7855

TreasuryDiscount Billsetc

221,198 190,718 30,479 222,397 193,873 28,525 221,298 206,396 14,902 219,298 190,513 28,785TreasuryDiscount Bills

31,500 31,500 0 52,500 52,500 0 31,500 31,500 0 31,500 31,500 0Short TermBorrowings

369,702 238,149 131,553 394,140 261,958 132,182 367,051 357,704 9,348 361,719 235,822 125,898 6 Subtotal （4+5）

481,642 314,702 166,941 529,363 406,487 122,876 520,729 569,833 -49,104 495,649 470,234 25,415 7 Total （3+6）

3,583 3,616 -33 3,783 3,974 -192 7,951 7,149 803 4,342 4,119 223 8 Adjustments

485,225 318,317 166,908 533,146 410,462 122,684 528,680 576,982 -48,301 499,991 474,353 25,638 9Grand Total（7+8）

36,180 33,625 20,502 30,385

Category

Redemption of T-Bills (TBsand FBs) held to maturity

by the Bank of Japan

― 13 ―

(100 million yen)

2018

May June July Aug


1 General Account 62,443 36,891 25,552 104,653 91,854 12,799 74,443 60,726 13,717 66,963 39,538 27,425

Taxes 57,817 7,310 50,507 102,081 24,646 77,435 71,239 20,636 50,603 62,332 12,147 50,185

Non-tax Receipt 4,009 - 4,009 1,655 - 1,655 2,132 - 2,132 2,013 - 2,013

Social Security - 19,977 -19,977 - 11,842 -11,842 - 18,742 -18,742 - 12,379 -12,379

Grants to LocalGovernment Entities 617 1,300 -683 918 39,060 -38,143 1,071 368 703 2,618 4,071 -1,453

National Defense - 2,876 -2,876 - 2,998 -2,998 - 5,302 -5,302 - 3,613 -3,613

Public Works - 1,289 -1,289 - 1,942 -1,942 - 1,622 -1,622 - 2,064 -2,064

Treasury's Share inCompulsory EducationExpenditure

- 937 -937 - 2,848 -2,848 - 937 -937 - 937 -937

Miscellaneous - 3,203 -3,203 - 8,518 -8,518 - 13,119 -13,119 - 4,327 -4,327

2 Special Accountsetc.

48,311 50,522 -2,211 55,965 112,261 -56,296 60,752 56,321 4,431 61,604 101,122 -39,518

Fiscal Investmentand Loan

5,198 19,224 -14,026 8,625 2,814 5,812 7,210 8,863 -1,653 5,065 3,931 1,134

Foreign ExchangeEqualization Fund

4,187 5,889 -1,702 3,643 7,872 -4,229 9,469 9,053 416 6,839 6,923 -84

Insurance 37,017 20,067 16,949 37,949 83,282 -45,333 40,481 16,746 23,735 46,827 84,962 -38,135

Miscellaneous 1,909 5,341 -3,432 5,748 18,292 -12,545 3,592 21,660 -18,068 2,873 5,306 -2,432

3 Subtotal （1+2） 110,754 87,413 23,341 160,618 204,115 -43,497 135,195 117,048 18,147 128,567 140,660 -12,093

4 GovernmentBonds etc.

118,162 20,335 97,827 106,239 92,486 13,753 112,112 25,643 86,469 112,976 22,880 90,095

Government Bonds(over one year)

109,569 12,796 96,773 98,739 85,486 13,254 105,112 18,643 86,469 106,010 14,914 91,096

Borrowings 8,593 7,539 1,054 7,500 7,000 500 7,000 7,000 -0 6,966 7,966 -1000

5 TreasuryDiscount Bills etc.

315,898 274,030 41,868 249,797 223,412 26,385 289,496 268,072 21,425 267,298 245,463 21,835

TreasuryDiscount Bills

263,397 221,530 41,867 218,297 191,912 26,384 257,996 236,572 21,425 214,798 192,963 21,835

Short TermBorrowings

52,501 52,500 1 31,500 31,500 0 31,500 31,500 0 52,500 52,500 0

6 Subtotal （4+5） 434,059 294,365 139,694 356,036 315,898 40,138 401,608 293,715 107,893 380,274 268,343 111,930

7 Total （3+6） 544,813 381,778 163,035 516,655 520,013 -3,359 536,803 410,763 126,041 508,841 409,004 99,837

8 Adjustments 5,298 5,231 67 3,993 9,657 -5,664 7,625 4,581 3,043 8,274 7,246 1,028

9Grand Total（7+8）

550,111 387,009 163,102 520,647 529,670 -9,023 544,428 415,344 129,084 517,114 416,249 100,865

44,767 29,386 28,525 28,634

Category

Redemption of T-Bills(TBs and FBs) held to

maturity by the Bank ofJapan

― 14 ―

･ Trend of Receipts and Payments

･ Trend of Balance (Grand Total)

800,000

600,000

400,000

200,000

0

200,000

400,000

600,000

800,000

Au

gS

ep Oct

Nov

Dec

Jan Feb

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Ju

nJu

lA

ug

Sep Oct

Nov

Dec

Jan Feb

Mar

Apr

May

Ju

nJu

lA

ug

Sep Oct

Nov

Dec

Jan Feb

Mar

Apr

May

Ju

nJu

lA

ug

2015 2016 2017 2018

General Account Special Accounts Government Bonds Treasury Discount Bills

(100 million yen)

-100,000

-50,000

0

50,000

100,000

150,000

200,000

250,000

Au

gS

ep Oct

Nov

Dec

Jan Feb

Mar

Apr

May

Ju

nJu

lA

ug

Sep Oct

Nov

Dec

Jan Feb

Mar

Apr

May

Ju

nJu

lA

ug

Sep Oct

Nov

Dec

Jan Feb

Mar

Apr

May

Ju

nJu

lA

ug

2015 2016 2017 2018

(100 million yen)

Receipts

Payments

― 15 ―

E. Official Reserve Assets (the End of the Month) (7 September 2018)

2016 (million US dollar)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Official reserve assets 1,248,107 1,254,149 1,262,099 1,262,509 1,253,967 1,265,402 1,264,750 1,256,053 1,260,145 1,242,792 1,219,291 1,216,903

Foreign currency reserves 1,192,824 1,193,683 1,201,196 1,200,407 1,193,989 1,202,686 1,201,838 1,193,344 1,196,234 1,180,425 1,159,321 1,157,790

Securities 1,067,634 1,068,486 1,076,126 1,075,380 1,069,261 1,077,607 1,076,267 1,066,903 1,068,188 1,054,462 1,031,886 1,031,902

Deposits 125,190 125,197 125,070 125,027 124,728 125,079 125,571 126,441 128,046 125,963 127,435 125,888

IMF reserve position 8,369 12,470 12,495 12,393 12,267 12,370 12,068 12,026 12,706 12,645 12,274 12,019

SDRs 19,059 17,110 17,451 17,556 17,377 17,327 17,295 17,942 18,136 17,905 18,214 18,087

Gold 27,353 30,381 30,434 31,630 29,821 32,494 33,017 32,210 32,537 31,295 28,984 28,516

Other reserve assets 502 505 523 523 513 525 532 531 532 522 498 491

2017Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Official reserve assets 1,231,573 1,232,340 1,230,330 1,242,295 1,251,868 1,249,847 1,260,040 1,268,006 1,266,310 1,260,925 1,261,242 1,264,283

Foreign currency reserves 1,170,803 1,170,660 1,168,909 1,180,046 1,189,360 1,188,139 1,197,552 1,204,226 1,203,236 1,198,464 1,198,933 1,202,071

Securities 1,043,826 1,042,763 1,042,952 1,052,925 1,061,544 1,062,210 1,074,963 1,081,532 1,080,790 1,076,041 1,076,384 1,079,459

Deposits 126,977 127,897 125,957 127,121 127,816 125,929 122,589 122,694 122,446 122,423 122,549 122,612

IMF reserve position 12,201 11,979 11,936 12,041 12,126 11,819 11,775 11,883 11,886 11,760 11,203 10,582

SDRs 18,233 18,310 18,350 18,542 18,715 18,810 19,005 19,100 19,099 18,930 19,078 19,195

Gold 29,837 30,891 30,626 31,157 31,151 30,562 31,185 32,272 31,567 31,249 31,496 31,897

Other reserve assets 499 500 509 509 516 517 523 525 522 522 532 538

2018Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Official reserve assets 1,268,535 1,261,749 1,268,287 1,256,018 1,254,477 1,258,748 1,256,276 1,259,305

Foreign currency reserves 1,204,746 1,198,857 1,205,149 1,193,513 1,192,596 1,197,493 1,195,817 1,199,284

Securities 1,082,243 1,076,009 1,080,727 1,068,584 1,063,435 1,068,386 1,067,226 1,067,254

Deposits 122,503 122,848 124,422 124,929 129,161 129,107 128,591 132,030

IMF reserve position 10,511 10,418 10,402 10,246 10,086 11,029 11,065 11,101

SDRs 19,640 19,511 19,618 19,407 19,141 18,936 18,831 18,812

Gold 33,091 32,422 32,570 32,308 32,115 30,765 30,039 29,583

Other reserve assets 547 541 548 544 539 525 524 525(Note) 1. Coverage of this template is the monetary authorities and other central government, excluding social security.

2. Current market exchange rates are used for valuation of non-US dollar denominated assets/liabilities.3. Securities and gold reflect marked to market values.4. Figures may not total due to rounding.

Source : International Bureau (https://www.mof.go.jp/english/international_policy/reference/official_reserve_assets/index.htm)

― 16 ―

・ Trend of Official Reserve Assets

950,000

1,000,000

1,050,000

1,100,000

1,150,000

1,200,000

1,250,000

1,300,000

1,350,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2016 2017 2018

Foreign currency reserves IMF reserve position SDRs Gold Other reserve assets

(million US dollar)

― 17 ―

F. Balance of Payments (10 September 2018)

( 100 million yen )

2017 2018

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr(P) May(P) June(P) Jul(P)

Current Account 23,471 24,007 22,583 21,885 13,407 7,965 5,924 21,082 31,816 18,451 19,383 11,756 20,097

Goods & Services 3,401 3,523 8,012 4,064 2,180 3,308 -8,238 3,453 14,158 723 -2,616 6,453 -1,754

Goods 5,659 3,346 8,583 4,286 1,991 5,250 -6,607 1,977 11,876 5,738 -3,038 8,205 -10

Exports 63,742 61,840 67,343 65,797 67,896 72,707 62,349 64,276 74,537 66,321 63,232 69,752 67,708

Imports 58,083 58,494 58,760 61,511 65,904 67,458 68,956 62,299 62,661 60,583 66,271 61,548 67,717

-2,258 177 -571 -223 189 -1,941 -1,631 1,476 2,282 -5,015 423 -1,751 -1,744

Primary income 21,630 22,479 16,683 19,426 13,302 6,203 15,290 19,468 21,315 19,394 23,980 5,876 23,549

Secondary income -1,561 -1,995 -2,112 -1,605 -2,075 -1,546 -1,129 -1,839 -3,657 -1,666 -1,982 -573 -1,698

Capital Account -147 -13 -44 -171 -217 -187 -260 -123 -491 45 -145 -457 -143

Financial Account 10,078 17,337 18,402 -5,378 17,486 18,645 12,502 17,063 46,057 4,254 33,208 6,206 -8,319

12,053 6,119 16,474 8,040 6,527 22,563 19,343 8,800 8,024 13,648 5,651 16,333 11,334

63,013 -14,168 -294 -21,570 -19,562 -13,292 49,795 -15,416 49,014 -19,861 19,549 -17,252 29,623

3,715 -16 1,621 5,133 5,899 8,169 2,002 -4,084 -1,967 -2,062 2,189 1,724 1,674

-69,143 22,462 -5,549 3,345 25,995 -572 -63,798 23,942 -7,889 13,649 2,119 -545 -52,773

441 2,941 6,149 -327 -1,372 1,776 5,160 3,820 -1,125 -1,121 3,700 5,946 1,823

-13,245 -6,657 -4,138 -27,092 4,296 10,866 6,839 -3,896 14,732 -14,242 13,970 -5,093 -28,273

(Notes) 1. Totals may not add due to rounding.2. "(P)" means Preliminary.

Services

Direct investment

Portfolio investment

Financial derivatives(other than reserves)

Other investment

Reserve assets

Net errors & omissions

― 18 ―

･ Trend of Balance of Payments

-60,000

-40,000

-20,000

0

20,000

40,000

60,000

80,000

100,000

120,000

Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul

2015 2016 2017 2018

Goods & Services Primary income Secondary income Capital Account Financial Account Net errors & omissions

( 100 million yen )

― 19 ―

(Appendix table）

1. Direct Investment Assets/Liabilities( 100 million yen )

2017 2018


Direct Investment Assets Execution 41,853 31,016 45,780 43,281 32,061 58,439 49,699 34,473 122,092 55,655 33,823 56,447 44,329

Withdrawal 29,158 22,543 30,415 33,412 23,574 31,030 32,521 24,188 108,835 43,019 20,337 37,547 29,526

Net 12,695 8,472 15,365 9,869 8,487 27,409 17,179 10,285 13,257 12,636 13,486 18,900 14,804

Equity other than Execution 9,564 5,801 13,379 15,996 4,819 19,653 7,745 5,183 75,698 28,946 6,480 9,558 7,303

reinvestment of Withdrawal 2,351 5,038 979 9,999 1,370 5,272 3,847 840 71,264 19,801 2,093 1,569 1,559

earnings Net 7,213 763 12,401 5,997 3,448 14,381 3,898 4,343 4,434 9,144 4,386 7,989 5,744

Reinvestment of Execution 4,890 4,891 5,834 5,832 5,834 5,860 5,850 5,871 5,875 5,878 5,879 5,902 5,889

earnings Withdrawal - - - - - - - - - - - - -

Net 4,890 4,891 5,834 5,832 5,834 5,860 5,850 5,871 5,875 5,878 5,879 5,902 5,889

Debt instruments Execution 27,399 20,324 26,567 21,453 21,408 32,926 36,105 23,419 40,519 20,832 21,465 40,987 31,138

Withdrawal 26,807 17,505 29,437 23,413 22,204 25,757 28,674 23,349 37,571 23,217 18,244 35,978 27,967

Net 592 2,819 -2,870 -1,960 -795 7,169 7,431 70 2,948 -2,386 3,221 5,009 3,170

Execution 42,784 36,302 33,904 36,189 34,109 36,720 31,878 29,939 42,646 28,241 29,072 31,885 36,424

Withdrawal 42,142 33,949 35,014 34,360 32,149 31,873 34,042 28,455 37,412 29,252 21,237 29,318 32,955

Net 642 2,354 -1,109 1,828 1,961 4,847 -2,164 1,485 5,233 -1,011 7,835 2,567 3,469

Equity other than Execution 1,092 721 771 2,463 1,007 3,407 801 1,126 2,034 5,774 5,775 2,030 1,516

reinvestment of Withdrawal 374 804 551 2,665 1,011 2,300 1,870 693 809 6,164 1,390 1,245 2,263

earnings Net 717 -83 219 -203 -4 1,106 -1,068 433 1,224 -390 4,384 785 -746

Reinvestment of Execution 1,460 1,448 1,570 1,566 1,592 1,591 1,596 1,588 1,533 1,529 1,533 1,158 1,158

earnings Withdrawal - - - - - - - - - - - - -

Net 1,460 1,448 1,570 1,566 1,592 1,591 1,596 1,588 1,533 1,529 1,533 1,158 1,158

Debt instruments Execution 40,232 34,133 31,563 32,160 31,511 31,722 29,481 27,226 39,079 20,937 21,764 28,698 33,750

Withdrawal 41,768 33,144 34,462 31,695 31,138 29,573 32,173 27,762 36,603 23,088 19,847 28,073 30,692

Net -1,536 989 -2,899 465 373 2,149 -2,692 -536 2,476 -2,151 1,917 625 3,058(Notes) 1. Reinvestment of earnings are recorded under "Execution" . Negative figures are recorded when retained earnings decrease.

2. "(P)" means Preliminary.

Liabilities

Direct Investment

― 20 ―

2. Portfolio Investment Assets/Liabilities( 100 million yen )

2017 2018


Portfolio Investment Assets 59,270 24,279 6,494 -1,562 9,688 10,087 36,425 -24,437 10,857 34,896 -4,776 22,103 24,184

Acquisition 50,450 54,901 52,858 53,852 58,328 48,561 61,119 61,855 52,987 55,917 59,952 65,793 56,599

fund shares Disposition 39,813 39,469 47,195 41,559 41,448 35,115 44,035 59,675 60,259 45,455 49,408 49,465 43,277

Net 10,637 15,432 5,663 12,293 16,879 13,446 17,084 2,180 -7,271 10,462 10,544 16,328 13,322

Long-term Acquisition 277,454 231,209 275,823 240,872 247,941 180,792 310,422 278,867 304,982 278,333 284,679 283,230 291,559

debt securities Disposition 230,575 225,204 276,709 255,572 254,885 183,693 293,871 308,164 290,746 255,445 299,221 277,446 277,792

Net 46,879 6,005 -886 -14,700 -6,944 -2,900 16,551 -29,297 14,237 22,888 -14,543 5,784 13,767

Short-term Acquisition 50,343 52,762 56,010 45,879 54,286 43,750 53,023 52,867 65,409 63,687 57,754 53,645 45,715


Net 1,755 2,842 1,717 845 -247 -458 2,790 2,680 3,891 1,546 -778 -9 -2,905

-3,742 38,447 6,788 20,008 29,250 23,378 -13,370 -9,021 -38,158 54,757 -24,326 39,355 -5,439

Acquisition 383,216 395,318 420,680 499,225 556,333 453,515 492,744 554,535 517,277 454,304 467,848 456,696 442,724

fund shares Disposition 376,650 405,948 433,894 464,712 560,371 453,930 486,055 557,402 556,689 437,617 472,112 465,909 435,527

Net 6,566 -10,630 -13,214 34,514 -4,038 -415 6,689 -2,867 -39,412 16,687 -4,264 -9,213 7,196

Long-term Acquisition 80,641 70,308 101,758 57,964 82,350 69,834 69,852 67,017 86,877 81,708 60,335 69,996 96,219


Net 16,658 24,078 13,138 4,449 11,401 -2,341 -6,929 615 -7,809 22,785 -2,648 3,922 18,975

Short-term Acquisition 159,240 197,965 171,235 176,441 181,059 172,448 162,082 167,711 208,981 199,946 175,303 221,960 195,514


Net -26,966 24,999 6,863 -18,954 21,887 26,134 -13,130 -6,769 9,064 15,285 -17,414 44,646 -31,610

(Notes) 1. Totals may not add due to rounding.2. "(P)" means Preliminary.

Source : International Bureau (https://www.mof.go.jp/english/international_policy/reference/balance_of_payments/index.htm)

Portfolio Investment Liabilities

Equity and investment

Equity and investment

― 21 ―

G. International Transaction in Securities (Monthly; based on reports from designated major investors) (10 September 2018)

Portfolio Investment Assets ( 100 million yen )2017 2018Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug46,173 47,972 47,850 52,417 43,431 52,845 53,435 46,531 49,782 54,829 60,237 51,014 51,94535,594 37,733 37,827 37,990 31,889 40,208 54,890 53,226 40,431 45,173 44,696 38,774 42,811

Net 10,579 10,239 10,023 14,427 11,542 12,637 -1,455 -6,695 9,351 9,657 15,541 12,240 9,135221,447 265,376 229,174 236,441 168,155 292,372 263,264 290,497 260,522 269,703 270,262 278,796 290,110213,995 266,175 243,509 237,250 169,438 278,485 290,595 274,471 244,395 280,935 259,671 265,945 289,839

Net 7,453 -799 -14,334 -810 -1,283 13,887 -27,331 16,027 16,127 -11,232 10,591 12,852 270

Subtotal Net (A) 18,032 9,440 -4,311 13,617 10,259 26,524 -28,786 9,331 25,478 -1,575 26,132 25,092 9,405

51,823 53,773 44,764 53,384 41,872 51,301 52,353 64,028 62,681 56,758 51,407 44,674 69,05349,592 53,832 43,797 53,415 43,128 49,700 49,206 60,325 60,365 57,507 52,687 46,094 70,504

Net 2,230 -59 968 -31 -1,257 1,600 3,147 3,703 2,316 -749 -1,279 -1,420 -1,451

Total (C) 20,262 9,382 -3,344 13,586 9,003 28,125 -25,639 13,034 27,794 -2,324 24,853 23,672 7,954

Portfolio Investment Liabilities394,205 416,602 498,038 554,808 446,657 492,258 553,973 514,995 450,621 463,821 454,232 440,931 450,028405,004 432,390 463,750 559,034 452,755 485,576 557,105 555,411 436,597 469,980 464,263 434,551 459,071

Net -10,800 -15,788 34,288 -4,226 -6,098 6,682 -3,131 -40,416 14,025 -6,159 10,030 6,380 -9,04467,803 76,064 48,247 73,831 64,846 59,646 61,559 74,103 68,892 55,784 65,958 78,240 66,53444,532 79,800 48,545 68,279 68,858 69,495 62,177 86,808 54,211 52,442 61,512 68,837 75,279

Net 23,271 -3,735 -298 5,552 -4,012 -9,849 -618 -12,705 14,681 3,342 4,446 9,403 -8,746

Subtotal Net (B) 12,472 -19,524 33,990 1,325 -10,110 -3,167 -3,749 -53,121 28,706 -2,817 -5,585 15,783 -17,789

195,556 166,260 173,362 176,784 169,448 159,832 165,527 204,318 197,794 172,411 218,941 193,788 214,193170,418 161,658 192,054 156,929 144,611 171,606 170,744 196,103 180,969 188,794 175,094 224,000 178,513

Net 25,137 4,602 -18,692 19,855 24,837 -11,774 -5,217 8,215 16,826 -16,384 43,847 -30,211 35,679

Total (D) 37,609 -14,922 15,298 21,180 14,727 -14,942 -8,966 -44,906 45,532 -19,201 38,263 -14,429 17,890

Subtotal Net (A) - (B) 5,560 28,964 -38,301 12,292 20,369 29,691 -25,037 62,453 -3,228 1,242 31,717 9,309 27,194

Total Net (C) - (D) -17,347 24,303 -18,642 -7,594 -5,724 43,066 -16,673 57,940 -17,738 16,877 -13,410 38,101 -9,936

(Notes) 1. Totals may not add due to rounding.2. International Transactions in Securities show net aquisition with a plus sign(＋) and net disposition with a minus sign(－).3. "Designated Major Investors” indicate banks, financial instruments firms, insurance companies, investment trust management companies and asset management companies,

etc. that were designated by the Minister of Finance in accordance with Article 21 of the Ministerial Ordinance Concerning Report on Foreign Exchange transactions, etc.

Source : International Bureau (https://www.mof.go.jp/english/international_policy/reference/itn_transactions_in_securities/index.htm)

Short-term debtsecurities

Short-term debtsecurities

Equity andinvestment fundshares

Long-term debtsecurities

AcquisitionDisposition




Equity andinvestment fundshares


Long-term debtsecurities


― 22 ―

･ Trend of International Transaction in Securities

-80,000

-60,000

-40,000

-20,000

0

20,000

40,000

60,000

80,000

100,000

120,000

Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug

2015 2016 2017 2018

Portfolio Investment Assets Portfolio Investment Liabilities

( 100 million yen )

― 23 ―

H. The balance of Offshore Accounts (21 September 2018)

1. End of July 2018Assets (100 million yen, %) Liabilities (100 million yen, %)

Total balance Denominated in Denominated in Total balance Denominated in Denominated in

Foreign Currency yen Foreign Currency yen

To non- To non- To non- To non- To non- To non-

residents residents residents residents residents residents

Deposits /Call Loans 27,627 24,170 22,247 19,605 5,380 4,565 Deposits/ Call Money 62,204 59,396 56,465 53,967 5,739 5,429

Securities 214,646 214,600 209,821 209,775 4,825 4,825 Securities - - - - - -

Loans 29,965 29,965 27,986 27,986 1,979 1,979 Borrowed Money 34,172 34,014 21,048 20,970 13,124 13,044

Inter-Office Accounts 507,743 507,743 366,813 366,813 140,930 140,930 Inter-Office Accounts 111,919 111,919 111,847 111,847 72 72

Total 780,472 776,966 627,354 624,663 153,118 152,303 Total 208,560 205,587 189,536 186,954 19,024 18,633

-2.0 -2.0 -2.5 -2.4 0.0 -0.1 -4.1 -4.1 -2.0 -2.0 -20.4 -20.6

(Notes) Figures are not rounded out.

2. Revised data (Monthly) (100 million Yen)illion Yen)

2017 2018

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Jul(P)

Assets 811,200 837,151 840,161 849,888 846,124 860,329 837,823 790,024 786,411 783,617 795,914 796,576 780,472

To non-residents 805,912 830,638 834,787 845,188 840,730 854,665 832,894 783,877 779,688 780,533 792,916 792,680 776,966

Denominated in Foreign Currency 693,667 716,802 730,139 719,826 718,342 717,960 689,369 642,676 654,181 655,296 646,619 643,427 627,354

To non-residents 690,489 712,499 726,025 716,856 714,678 713,236 685,880 638,459 647,893 652,767 643,966 640,276 624,663

Denominated in yen 117,533 120,349 110,022 130,062 127,782 142,369 148,454 147,348 132,230 128,321 149,295 153,149 153,118

To non-residents 115,423 118,139 108,762 128,332 126,052 141,429 147,014 145,418 131,795 127,766 148,950 152,404 152,303

Liabilities 227,311 219,106 229,375 224,829 218,250 222,338 231,115 231,337 251,321 200,724 214,000 217,367 208,560

To non-residents 221,257 211,845 223,392 220,431 212,908 216,583 226,476 225,764 209,010 198,064 211,165 214,319 205,587

Denominated in Foreign Currency 196,487 189,617 200,724 197,694 190,553 194,209 206,330 205,980 190,014 177,903 191,330 193,474 189,536

To non-residents 192,544 184,567 195,852 194,877 186,992 189,521 202,831 201,837 183,914 175,574 188,766 190,848 186,954

Denominated in yen 30,824 29,489 28,651 27,135 27,697 28,129 24,785 25,357 25,307 22,821 22,670 23,893 19,024

To non-residents 28,713 27,278 27,540 25,554 25,916 27,062 23,645 23,927 25,096 22,490 22,399 23,471 18,633

(Notes) Figures are not rounded out.

Source : International Bureau (https://www.mof.go.jp/english/international_policy/reference/offshore/index.htm)

Monthly change(%)Monthly change(%)

― 24 ―

･ Trend of the balance of Offshore Accounts

400,000

200,000

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul

2015 2016 2017 2018

Assets:Denominated in Foreign Currency Liabilities:Denominated in Foreign Currency

Assets:Denominated in yen Liabilities:Denominated in yen

(100 million yen)

Assets

Liabilities

― 25 ―

I. Financial Statements Statistics of Corporations by Industry, Quarterly (3 September 2018)

1. Sales (100 million yen)

2017 2018

Jan - Mar Apr - Jun Jul - Sep Oct - Dec Jan - Mar Apr - Jun

All Industries 3,506,366 3,279,184 3,386,999 3,582,061 3,617,780 3,446,149

Manufacturing 1,013,281 928,977 981,471 1,041,376 1,027,216 990,886

Food 103,394 108,460 104,413 112,621 97,122 109,305

Chemical and Allied Products 98,428 100,355 102,468 107,854 102,908 105,730

Petroleum and Coal Products 38,581 23,413 29,711 28,797 30,918 27,953

Iron and Steel 38,975 40,178 40,223 42,631 42,542 43,549

Fabricated Metal Products 45,704 45,598 51,609 55,333 54,165 48,038

General-Purpose Machinery 16,327 15,042 15,522 16,106 18,666 17,177

Production Machinery 60,210 54,357 62,926 72,443 69,296 64,309

Business oriented Machinery 34,110 29,300 32,370 33,238 34,843 29,041Electrical Machinery , Equipment and Supplies 87,143 71,212 78,078 82,970 87,989 86,827Information and CommunicationElectronics Equipment

86,274 74,298 81,896 80,900 79,406 76,888

Transportation Equipment 202,976 179,174 189,758 202,774 208,222 186,597

Non-Manufacturing 2,493,086 2,350,207 2,405,528 2,540,686 2,590,563 2,455,263

Construction 319,056 238,633 258,445 255,914 327,255 256,672

Wholesale and Retail Trade 1,233,562 1,221,166 1,264,280 1,355,284 1,317,672 1,284,712

Real estate 95,766 77,186 78,118 86,295 91,981 87,532

Goods rental and Leasing 36,494 37,113 35,089 37,077 36,910 35,253

Information and Communications 189,709 171,925 161,868 171,063 183,344 172,850

Transport and Postal activities 153,230 142,680 148,034 150,006 145,731 150,572

Production ,Transmission andDistribution of Electricity

63,195 56,298 64,456 58,575 68,144 59,534

Services 372,317 379,098 369,522 395,874 389,002 382,411

Corporations with capital of

1 billion yen or over 1,447,670 1,350,154 1,391,460 1,506,310 1,510,537 1,435,172

100 million to 1 billion yen 712,108 664,769 691,158 720,177 738,672 697,699

10 to 100 million yen 1,346,588 1,264,262 1,304,381 1,355,575 1,368,571 1,313,278(Notes) All Industries and Non-Manufacturing don't include Finance and Insurance.

0

1,000,000

2,000,000

3,000,000

4,000,000

Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun

2015 2016 2017 2018

Manufacturing Non-manufacturing

(i100 million yen)

― 26 ―

2. Ordinary profits (100 million yen)

2017 2018


All Industries 201,314 223,900 178,928 209,410 201,652 264,011

Manufacturing 72,162 82,172 68,323 77,532 66,002 104,766

Food 3,364 8,111 6,168 6,335 2,734 6,817


Petroleum and Coal Products 1,628 431 1,160 1,533 1,092 1,480

Iron and Steel 1,194 3,290 960 1,693 1,659 2,835


General-Purpose Machinery 1,653 1,497 1,264 1,499 1,747 1,489



6,617 4,411 6,688 5,341 3,965 20,289


Non-Manufacturing 129,152 141,727 110,606 131,878 135,650 159,245

Construction 26,153 14,018 14,569 12,622 27,066 11,536

Wholesale and Retail Trade 33,499 35,732 32,737 36,189 38,665 41,664

Real estate 13,738 13,444 9,936 12,302 13,556 14,796





-1,099 2,508 4,721 1,594 -18 4,230

Services 30,749 39,796 20,800 33,192 30,319 45,911


1 billion yen or over 98,401 142,619 103,441 120,847 100,027 178,241


10 to 100 million yen 68,977 55,292 45,185 56,598 67,480 56,479(Notes) All Industries and Non-Manufacturing don't include Finance and Insurance.

-50,000

0

50,000

100,000

150,000

200,000

250,000

300,000


2015 2016 2017 2018


(100 million yen)

― 27 ―

3. Ratio of ordinary profits to sales (%)

2017 2018


All Industries 5.7 6.8 5.3 5.8 5.6 7.7

Manufacturing 7.1 8.8 7.0 7.4 6.4 10.6

Food 3.3 7.5 5.9 5.6 2.8 6.2

Chemical and Allied Products 9.9 14.5 10.7 12.0 10.8 14.0

Petroleum and Coal Products 4.2 1.8 3.9 5.3 3.5 5.3

Iron and Steel 3.1 8.2 2.4 4.0 3.9 6.5

Fabricated Metal Products 6.6 7.1 6.2 6.3 6.0 6.1

General-Purpose Machinery 10.1 10.0 8.1 9.3 9.4 8.7

Production Machinery 7.7 9.7 9.3 7.8 9.6 11.6

Business oriented Machinery 10.8 9.9 9.2 7.9 11.7 12.2Electrical Machinery , Equipment and Supplies 9.4 10.9 6.5 8.0 7.7 11.0Information and CommunicationElectronics Equipment

7.7 5.9 8.2 6.6 5.0 26.4

Transportation Equipment 8.7 10.0 7.4 8.3 5.9 10.6

Non-Manufacturing 5.2 6.0 4.6 5.2 5.2 6.5

Construction 8.2 5.9 5.6 4.9 8.3 4.5

Wholesale and Retail Trade 2.7 2.9 2.6 2.7 2.9 3.2

Real estate 14.3 17.4 12.7 14.3 14.7 16.9

Goods rental and Leasing 6.6 6.7 6.5 8.3 9.2 8.7

Information and Communications 9.2 10.9 7.9 10.6 8.5 12.6

Transport and Postal activities 1.8 8.6 7.5 7.6 2.9 9.2


-1.7 4.5 7.3 2.7 0.0 7.1

Services 8.3 10.5 5.6 8.4 7.8 12.0


1 billion yen or over 6.8 10.6 7.4 8.0 6.6 12.4

100 million to 1 billion yen 4.8 3.9 4.4 4.4 4.6 4.2

10 to 100 million yen 5.1 4.4 3.5 4.2 4.9 4.3(Notes) All Industries and Non-Manufacturing don't include Finance and Insurance.

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0


2015 2016 2017 2018

Total Manufacturing Non-manufacturing

(%)

― 28 ―

4. Investment in plant and equipment (100 million yen)

2017 2018


All Industries 142,901 94,506 107,920 114,000 147,720 106,613

131,639 86,004 98,893 104,596 134,355 98,087

Manufacturing 47,152 32,424 38,763 41,913 48,484 38,841

43,886 29,893 36,056 38,865 44,988 36,196

Food 4,010 3,260 3,811 4,405 4,306 3,376


Petroleum and Coal Products 976 255 680 317 500 652

Iron and Steel 2,884 2,099 2,518 2,279 2,843 2,079


General-Purpose Machinery 556 519 434 433 487 698



4,612 3,446 4,007 5,165 5,992 5,724


Non-Manufacturing 95,749 62,082 69,156 72,087 99,236 67,773

87,753 56,111 62,837 65,731 89,367 61,891

Construction 6,939 3,871 4,175 4,233 4,833 3,646

Wholesale and Retail Trade 16,914 11,746 13,873 15,882 17,261 13,499

Real estate 8,231 7,071 4,966 5,283 10,088 5,695





9,784 4,460 5,460 7,147 10,311 7,166

Services 14,404 11,839 13,534 10,710 16,247 11,302


1 billion yen or over 83,329 50,245 58,816 61,932 88,990 62,049


10 to 100 million yen 34,226 26,330 29,636 30,597 32,778 26,004(Notes) 1. Figures include investment in software. Figures of the lower row exclude investment in software.

2. All Industries and Non-Manufacturing don't include Finance and Insurance.

Source : Policy Research Institute (https://www.mof.go.jp/english/pri/reference/ssc/index.htm)

0

50,000

100,000

150,000

200,000


2015 2016 2017 2018


(100 million yen)

― 29 ―

J. Business Outlook Survey (July-September 2018) (12 September 2018)

1.Business conditionsBusiness survey index (Difference of “up”-“down” compared with previous quarter) ( % points )

2017 2018 2019

Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar

(previous) (present) (outlook) (outlook)

-2.0 5.1 6.2 3.3 -2.0 3.8 7.6 5.8

-2.9 9.4 9.7 2.9 -3.2 6.5 9.9 5.4

-1.6 2.9 4.5 3.4 -1.4 2.4 6.5 6.0

-3.1 5.1 5.3 0.8 -1.0 2.2 7.0 4.1

-5.5 7.3 13.1 -2.6 -1.1 5.4 12.8 -0.2

-2.4 4.4 3.0 1.8 -1.0 1.3 5.3 5.4

-9.9 -6.5 -2.3 -9.9 -10.6 -10.0 -0.6 -3.8

-9.9 -6.8 2.0 -8.0 -10.1 -13.6 -0.1 -3.2

-9.9 -6.4 -3.2 -10.3 -10.7 -9.2 -0.7 -3.9

2.Domestic economic conditionsBusiness survey index (Difference of “up”-“down” compared with previous quarter) ( % points )

2017 2018 2019

Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar


4.8 6.9 13.6 8.6 7.2 6.9 5.0 5.0

4.6 9.1 13.1 8.0 5.6 8.3 3.9 3.0

5.0 5.8 13.9 8.9 8.0 6.2 5.6 6.0

2.7 4.3 14.5 8.1 6.9 4.9 6.3 3.8

1.2 7.0 18.0 11.0 7.4 5.1 9.0 4.0

3.1 3.5 13.4 7.3 6.8 4.8 5.5 3.8

-11.5 -8.2 0.0 -3.4 -4.3 -7.3 -2.3 -4.2

-13.1 -8.5 4.1 -1.9 -2.4 -8.1 1.0 -2.2

-11.1 -8.1 -0.8 -3.7 -4.7 -7.1 -2.9 -4.6

Trend of Business Outlook Survey1.Business conditions 2.Domestic economic conditions

Source : Policy Research Institute (https://www.mof.go.jp/english/pri/reference/bos/index.htm)

Non-manufacturing

All industries

All industries

All industries

Corporationswith capital of1 billion yen orover

Corporationswith capital of100 million to1 billion yen

Manufacturing

Non-manufacturing

Manufacturing

All industries

All industries

Manufacturing

Non-manufacturing

Manufacturing



Corporationswith capital of10 to 100million yen

All industries


Manufacturing

Non-manufacturing

Manufacturing

Non-manufacturing

Non-manufacturing

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

Jul-Sep

Oct-Dec

Jan-Mar

Apr-Jun

Jul-Sep

Oct-Dec

Jan-Mar

Apr-Jun

Jul-Sep

Oct-Dec

Jan-Mar

Apr-Jun

Jul-Sep

Oct-Dec

Jan-Mar

2015 2016 2017 2018 2019

Corporations with capital of 1 billion yen or over

Corporations with capital of 100 million to 1 billion yen

Corporations with capital of 10 to 100 million yen

( % points )

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

Jul-Sep

Oct-Dec

Jan-Mar

Apr-Jun

Jul-Sep

Oct-Dec

Jan-Mar

Apr-Jun

Jul-Sep

Oct-Dec

Jan-Mar

Apr-Jun

Jul-Sep

Oct-Dec

Jan-Mar

2015 2016 2017 2018 2019

Corporations with capital of 1 billion yen or over

Corporations with capital of 100 million to 1 billion yen

Corporations with capital of 10 to 100 million yen

( % points )

― 30 ―

3.Sales (compared with the previous year) (%)

FY2016 FY2017 FY2018

1st half 2nd half 1st half 2nd half 1st half 2nd half

-1.1 -2.2 -0.0 2.7 3.7 1.8 2.4 2.8 2.1

-1.6 -3.3 0.0 4.4 5.4 3.6 3.5 3.7 3.2

-0.9 -1.8 -0.0 2.1 3.1 1.1 2.0 2.5 1.6

4.Ordinary profits (compared with the previous year) (%)

FY2016 FY2017 FY2018


-2.9 -6.9 1.3 5.2 17.0 -5.5 -0.4 -2.9 2.2

-8.1 -18.5 3.7 11.2 35.8 -7.2 -1.8 -4.4 1.0

-0.5 -1.1 0.2 2.7 10.1 -4.7 0.3 -2.1 2.7

5.Software and investment in plant and equipment (compared with the previous year) (%)

FY2016 FY2017 FY2018


2.0 -0.7 4.1 5.0 6.4 3.8 9.9 13.6 6.9

3.1 -0.8 6.3 3.6 0.8 5.9 21.8 29.0 16.2

1.3 -0.6 2.8 5.8 9.8 2.7 3.3 5.2 1.8

Note: Excludes expense purchasing land.

6.Employment

Business survey index (Difference of “insufficient”-“excessive”) ( % points )

2017 2018 2019

End ofJun.

End ofSep.

End ofDec.

End ofMar.

End ofJun.

End ofSep.

End ofDec.

End ofMar.


16.9 15.4 19.5 21.9 18.8 19.3 16.8 15.0

8.3 9.3 15.2 17.2 14.5 16.2 13.5 10.7

21.2 18.4 21.7 24.3 21.0 20.9 18.4 17.1

29.8 29.0 32.6 34.8 33.1 34.4 30.6 27.6

24.7 22.8 30.4 32.3 33.1 35.3 31.3 26.4

31.4 30.9 33.2 35.5 33.1 34.1 30.5 27.9

24.8 27.1 29.5 31.9 29.5 27.9 25.9 23.5

21.2 23.0 29.1 33.3 31.7 29.5 25.3 23.2

25.5 27.9 29.6 31.6 29.1 27.6 26.0 23.6

Manufacturing

Manufacturing

Non-manufacturing

All industries

All industries

All industries


Manufacturing

Non-manufacturing

All industries

Manufacturing

Non-manufacturing

All industries



All industries

Non-manufacturing

Manufacturing

Non-manufacturing

Non-manufacturing

Manufacturing

― 31 ―

PUBLIC RELATIONS & PRESS RELEASE

A. Tax Convention With Ecuador Agreed in Principle

September 5, 2018

A. Tax Convention with Ecuador Agreed in Principle

September 5, 2018 Ministry of Finance

1. The Government of Japan and the Government of the Republic of Ecuador have agreed in principle onthe tax convention between Japan and the Republic of Ecuador.

2. This Convention includes provisions for the purposes of clarifying the scope of taxation in the twocountries, eliminating international double taxation and preventing tax evasion and avoidance and isexpected to promote further mutual investments and economic exchanges between the two countries.

3. This Convention will be signed after the necessary internal procedures have been completed by each ofthe two Governments. Thereafter, the Convention will enter into force after the completion of theapproval process in both countries (in the case of Japan, approval by the Diet is necessary).

― 34 ―

B. New Tax Convention with Russia will Enter into Force

September 11, 2018

B. New Tax Convention with Russia will Enter into Force


1. On September 10, the exchange of diplomatic notes between the Government of Japan and theGovernment of the Russian Federation for entry into force of the Convention between the Governmentof Japan and the Government of the Russian Federation for the Elimination of Double Taxation withrespect to Taxes on Income and the Prevention of Tax Evasion and Avoidance (signed on September 7,2017) took place in Vladivostok.

2. This Convention, accordingly, will enter into force on October 10, 2018 (the thirtieth day after the dateof exchange of diplomatic notes) and will have effect:

(a) with respect to taxes levied on the basis of a taxable year, for taxes for any taxable years beginning onor after January 1, 2019; and

(b) with respect to taxes levied not on the basis of a taxable year, for taxes levied on or after January 1,2019.

(c) The provisions concerning the exchange of information and the assistance in the collection of taxeshave effect from October 10, 2018, without regard to the date on which the taxes are levied or thetaxable year to which the taxes relate.

＊ This new Convention will not affect the application of the existing Convention (Convention between the Government of Japan and the Government of the Union of Soviet Socialist Republics for the Avoidance of Double Taxation with respect to Taxes on Income) between Japan and the countries other than the Russian Federation.

【Reference】 Texts and Outline of the Convention

“Convention between the Government of Japan and the Government of the Russian Federation for the Elimination of Double Taxation with respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance”

Outline of the Convention. →Tax Convention with Russia was Signed (August 30, 2017)

― 36 ―


September 27, 2018



1. On September 26, Japan deposited the instrument of acceptance of the “Multilateral Convention toImplement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting” (Convention toImplement Measures to Prevent BEPS) to the Secretary-General of the Organisation for Economic Co-operation and Development (OECD) acting as the Depositary of this Convention.

2. Accordingly, this Convention will enter into force for Japan on January 1, 2019 (on the first day of themonth following the expiration of a period of three calendar months beginning on the date of the depositof the instrument of acceptance).

3. This Convention applies to an existing tax treaty where both parties to that tax treaty have chosen toapply this Convention to it and where this Convention has entered into force for those parties.The tax treaties between Japan and the following jurisdictions will satisfy those requirements on January1, 2019.- Israel- New Zealand- Poland- Sweden- United KingdomThis Convention will also apply to a tax treaty between Japan and a jurisdiction other than the

above-mentioned jurisdictions if those requirements are subsequently satisfied for that tax treaty.

4. The provisions of this Convention applicable to an existing tax treaty and the timing of entry into effectof this Convention for it are determined depending on the choices of each of the parties to that tax treaty.For the details of the application of this Convention to the tax treaties of Japan, see the webpages below.

◆The text of the Convention to Implement Measures to Prevent BEPS“Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion andProfit Shifting”

◆List of Reservations and Notifications of Signatories and Parties to the Convention to ImplementMeasures to Prevent BEPS [link to the website of the OECD]

◆Convention to Implement Measures to Prevent BEPS (MLI)-List of Reservations and Notifications of Japan-Application of the MLI to Japan's Tax Treaties

― 38 ―

D. New Tax Convention with Austria will Enter into Force

September 28, 2018

D. New Tax Convention with Austria will Enter into Force


1. On September 27, the exchange of diplomatic notes between the Government of Japan and theGovernment of the Republic of Austria for entry into force of the Convention between Japan andthe Republic of Austria for the Elimination of Double Taxation with respect to Taxes on Income and thePrevention of Tax Evasion and Avoidance (signed on January 30, 2017) took place in Vienna.

2. This Convention, accordingly, will enter into force on October 27, 2018 (the thirtieth day after the dateof exchange of diplomatic notes) and will have effect:

(a) with respect to taxes levied on the basis of a taxable year, for taxes for any taxable years beginning onor after January 1, 2019; and

(b) with respect to taxes levied not on the basis of a taxable year, for taxes levied on or after January 1, 2019.

(c) The provisions concerning the assistance in the collection of taxes have effect fromOctober 27, 2018, without regard to the date on which the taxes are levied or the taxable yearto which the taxes relate.

【Reference】 Texts and Outline of the Convention

“Convention between Japan and the Republic of Austria for the Elimination of Double Taxation with respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance”

Outline of the Convention. →New Tax Convention with Austria was Signed (January 31, 2017)

― 40 ―

APPENDIX

A. Quarterly Estimates of GDPApr. - Jun. 2018（The Second Preliminary）

Cabinet Office September 10, 2018

2018(平成30)年4～6月期四半期別ＧＤＰ速報（２次速報値）Quarterly Estimates of GDP for April - June 2018 (Second Preliminary Estimates)

Ⅰ．国内総生産（支出側）及び各需要項目GDP (Expenditure Approach) and Its Components

１－１．1次速報値と2次速報値の比較（四半期値、実質、季節調整済前期比）

（2011暦年連鎖価格；　単位：％）（Chained (2011) Yen(seasonally adjusted) ；％)

1次速報値(2018.8.10公表)

2次速報値1次速報値

(2018.8.10公表)2次速報値

1st Prelim. 2nd Prelim. 1st Prelim. 2nd Prelim.

0.5 0.7

［1.9］［3.0］

0.6 0.9 0.6 0.9

0.7 1.1 0.5 0.8

0.7 0.7 0.4 0.4

0.7 0.7 0.4 0.4

除く持ち家の帰属家賃 0.8 0.8 0.4 0.4 Excluding

Imputed Rent

-2.7 -2.4 -0.1 -0.1

1.3 3.1 0.2 0.5

*** *** 0.0 0.0

0.2 0.2 0.0 0.0

0.2 0.2 0.0 0.0

-0.1 0.0 -0.0 0.0

*** *** 0.0 0.0

0.5 1.7 0.1 0.4

*** *** -0.1 -0.1

0.2 0.2 0.0 0.0

1.0 0.9 -0.2 -0.2

（参考） (cf)

0.4 0.7 *** ***

0.7 1.0 *** ***

1.9 1.8 *** ***※1 : Changes from the previous quarter (seasonally adjusted)

※2 : Contributions to changes in GDP

※3 : 総固定資本形成は民間住宅、民間企業設備、公的固定資本形成から成る。

Gross Fixed Capital Formation consists of Private Residential Investment, Private Non-Resi. Investment and Public Investment.

※4 : 財貨・サービスの純輸出=財貨・サービスの輸出-財貨・サービスの輸入

Net Exports of Goods & Services = Exports of Goods & Services - Imports of Goods & Services

純輸出の寄与度は輸出と輸入の寄与度の差によって求めている。

The contribution is calculated as the contribution of Exports less that of Imports.

年　・　期

項目

財貨・サービスの輸出

( 控除 ) 財貨・サービスの輸入

( 再掲 ) 総固定資本形成 ※ 3

民間企業設備

公的需要

財貨・サービスの純輸出 ※ 4

政府最終消費支出

公的固定資本形成

民間在庫変動

［年率換算］

民間住宅

民間需要

国内需要

家計最終消費支出

前期比 ※1 寄与度 (対GDP) ※2

　　Private Demand

［Annual rate］***

Gross Domestic Product

Domestic Demand

***

2018／4～6

雇用者報酬 Compensation of Employees

Change in Public Inventories

Net Exports of Goods & Services※4

Exports of Goods & Services

(Regrouped) Gross Fixed CapitalFormation ※3

公的在庫変動

国民総所得（ＧＮＩ） Gross National Income

最終需要Final Sales of

Domestic Product

国内総生産（ＧＤＰ）

民間最終消費支出

Government Consumption

Public Demand

(Less) Imports of Goods & Services

Consumption of Households

Private Residential Investment

Private Non-Resi. Investment

Public Investment

Change in Private Inventories

Private Consumption

Comparison of the First Preliminary and the Second Preliminary Estimates(Quarterly Real Growth Rate,Seasonally Adjusted Series, Quarter-to-Quarter)

Economic and Social Research Institute

Cabinet Office, Government of Japan

Released: 2018.9.10

内閣府経済社会総合研究所国民経済計算部

平成 30 年 9 月 10 日

― 43 ―

Released: 2018.9.10

１－２．1次速報値と2次速報値の比較（四半期値、名目、季節調整済前期比）

（単位：％）（％；seasonally adjusted)

1次速報値(2018.8.10公表)


(2018.8.10公表)2次速報値


0.4 0.7

［1.7］［2.8］

0.6 0.9 0.6 0.8

0.7 1.0 0.5 0.8

0.3 0.3 0.2 0.2

0.3 0.3 0.2 0.2


Imputed Rent

-2.0 -1.8 -0.1 -0.1

2.0 3.7 0.3 0.6

*** *** 0.1 0.1

0.3 0.3 0.1 0.1

0.2 0.2 0.0 0.0

0.5 0.6 0.0 0.0

*** *** 0.0 0.0

1.2 2.4 0.3 0.6

*** *** -0.2 -0.2

0.5 0.5 0.1 0.1

1.4 1.4 -0.2 -0.2

（参考１） (cf)

0.3 0.6 *** ***

0.7 1.0 *** ***

1.5 1.4 *** ***※1 : Changes from the previous quarter (seasonally adjusted)




※4 : 財貨・サービスの純輸出=財貨・サービスの輸出-財貨・サービスの輸入Net Exports of Goods & Services = Exports of Goods & Services - Imports of Goods & Services

（参考２）　四半期デフレーター（季節調整系列） (cf)

１次速報値２次速報値

1st Prelim. 2nd Prelim.

-0.0 -0.0-0.0 -0.0

※5 : Changes from the previous quarter (seasonally adjusted)

2018／4～6

2018／4～6


［年率換算］

民間住宅

民間企業設備

最終需要


［Annual rate］***


***


Final Sales ofDomestic Product

前期比 ※1 寄与度 (対GDP) ※2

年　・　期


項目

Domestic Demand

Private Consumption

民間需要

国内需要

　　Private Demand


Change in Private Inventories民間在庫変動

Private Residential Investment

前期比　※5





Public Investment



公的在庫変動






Comparison of the First Preliminary and the Second Preliminary Estimates (Quarterly Nominal GrowthRate, Seasonally Adjusted Series, Quarter-to-Quarter)

国内需要デフレーター Domestic Demand Deflator

項　　目

年　・　期

公的需要 Public Demand

ＧＤＰデフレーター GDP Deflator

( 控除 ) 財貨・サービスの輸入



― 44 ―

Released: 2018.9.10

２－１．1次速報値と2次速報値の比較（年度値、実質、前年比）Comparison of the First Preliminary and the Second Preliminary Estimates(Annual Real Growth Rate, Fiscal Year)

（2011暦年連鎖価格；　単位：％）（Chained (2011) Yen ；％)

1次速報値(2018.8.10公表)


(2018.8.10公表)2次速報値


1.6 1.6 *** ***

1.2 1.2 1.2 1.2

1.4 1.3 1.0 1.0

0.8 0.8 0.5 0.5

0.8 0.8 0.4 0.4


Imputed Rent

-0.3 -0.4 -0.0 -0.0

3.1 3.1 0.5 0.5

*** *** 0.1 0.1

0.9 0.9 0.2 0.2

0.7 0.7 0.1 0.1

1.4 1.4 0.1 0.1

*** *** 0.0 0.0

2.3 2.3 0.5 0.5

*** *** 0.4 0.4

6.3 6.3 1.0 1.0

4.1 4.1 -0.6 -0.6

（参考） (cf)

1.6 1.6 *** ***

1.4 1.3 *** ***

1.7 1.7 *** ***※1 : Changes from the previous year








民間最終消費支出 Private Consumption


年　

項目

前年　比 ※1 寄与度 (対GDP) ※2


国内需要 Domestic Demand

民間需要　　Private Demand

2017年度（Fiscal Year)

家計最終消費支出 Consumption of Households

民間住宅 Private Residential Investment

民間企業設備 Private Non-Resi. Investment

( 再掲 ) 総固定資本形成 ※ 3(Regrouped) Gross Fixed Capital

Formation ※3

財貨・サービスの純輸出 ※ 4Net Exports of Goods & Services

※4

民間在庫変動 Change in Private Inventories

公的在庫変動



Public Investment




財貨・サービスの輸出 Exports of Goods & Services

( 控除 ) 財貨・サービスの輸入 (Less) Imports of Goods & Services




Domestic Product

― 45 ―

Released: 2018.9.10

２－２．1次速報値と2次速報値の比較（年度値、名目、前年比）Comparison of the First Preliminary and the Second Preliminary Estimates(Annual Nominal Growth Rate, Fiscal Year)

（単位：％）（％)

1次速報値(2018.8.10公表)


(2018.8.10公表)2次速報値


1.7 1.7 *** ***

1.8 1.8 1.8 1.8

1.9 1.9 1.4 1.4

1.2 1.2 0.7 0.7

1.2 1.1 0.6 0.6


Imputed Rent

1.6 1.5 0.0 0.0

4.0 4.0 0.6 0.6

*** *** 0.1 0.1

1.7 1.7 0.4 0.4

1.3 1.3 0.2 0.2

3.2 3.2 0.2 0.2

*** *** 0.0 0.0

3.5 3.5 0.8 0.8

*** *** -0.1 -0.1

10.4 10.4 1.7 1.7

11.7 11.7 -1.8 -1.8


1.6 1.6 *** ***

2.0 2.0 *** ***

2.3 2.3 *** ***

※1 : Changes from the previous year






（参考２） (cf)

0.1 0.1 *** *** GDP Deflator

0.6 0.6 *** ***国内需要デフレーター Domestic　Demand　Deflator


( 控除 ) 財貨・サービスの輸入 (Less) Imports of Goods & Services




Domestic Product

ＧＤＰデフレーター



( 再掲 ) 総固定資本形成 ※ 3(Regrouped) Gross Fixed Capital

Formation ※3

財貨・サービスの純輸出 ※ 4Net Exports of Goods & Services

※4

公的在庫変動


民間在庫変動 Change in Private Inventories


年　

項目

前年　比 ※1 寄与度 (対GDP) ※2

2017年度（Fiscal Year)

民間最終消費支出 Private Consumption

Public Investment

国内総生産（ＧＤＰ） Gross Domestic Product


民間需要　　Private Demand




民間住宅 Private Residential Investment

民間企業設備

― 46 ―

３－１．四半期別の実質成長率（季節調整系列）Quarterly Real Growth Rate (Seasonally Adjusted Series, Quarter-to-Quarter)

前期比の年率換算 ※2

（2011暦年連鎖価格；　単位：％）（Chained (2011) Yen ；％)

年・期2018

項目 4～6 7～9 10～12 1～3 4～6

0.5 0.6 0.2 -0.2 0.7 *** 3.0

[2.0] [2.3] [0.9] [-0.9] [3.0] *** ***

0.8 0.0 0.4 -0.3 0.9 *** 3.5

(0.8) (0.0) (0.4) (-0.3) *** (0.9) ***

0.6 0.2 0.5 -0.4 1.1 (0.8) 4.5

0.8 -0.7 0.3 -0.2 0.7 (0.4) 2.9 Private Consumption

0.8 -0.7 0.3 -0.2 0.7 (0.4) 2.9

除く持ち家の帰属家賃 0.9 -0.9 0.3 -0.3 0.8 (0.4) 3.2 Excluding Imputed Rent

1.3 -1.4 -3.0 -2.5 -2.4 (-0.1) -9.3 Private Residential Investment

0.2 1.3 0.9 0.7 3.1 (0.5) 12.8 Private Non-Resi. Investment

(-0.1) (0.4) (0.2) (-0.2) *** (0.0) ***

1.4 -0.5 -0.1 -0.1 0.2 (0.0) 0.7

0.4 0.1 0.1 0.0 0.2 (0.0) 0.8

5.3 -2.8 -0.6 -0.4 0.0 (0.0) 0.1 Public Investment

(0.0) (0.0) (-0.0) (-0.0) *** (0.0) ***

1.4 0.1 0.0 0.0 1.7 (0.4) 7.2

(-0.3) (0.6) (-0.1) (0.1) *** (-0.1) ***

0.2 2.1 2.1 0.6 0.2 (0.0) 0.9

1.9 -1.5 3.3 0.2 0.9 (-0.2) 3.8

（注）　（　）内は国内総生産に対する寄与度

Note: The figures in （）indicate contributions to changes in GDP


0.6 0.2 0.1 -0.0 0.7 *** 3.0

0.6 0.6 0.0 -0.5 0.7 *** 2.9

0.5 0.8 -0.0 -0.7 1.0 *** 4.0

0.6 0.7 -0.2 1.2 1.8 *** ***

（参考２）四半期別ＧＤＰ成長率（前期比※1）の新旧比較 (cf)

（2011暦年連鎖価格；単位：％）（Chained (2011) Yen ; ％)

4～6 7～9 10～12 1～3 4～6

新（２次速報値） 0.5 0.6 0.2 -0.2 0.7 　Second　Preliminary

[年率] [2.0] [2.3] [0.9] [-0.9] [3.0] ［Annual rate］

旧（１次速報値） 0.5 0.6 0.2 -0.2 0.5 　First　Preliminary

[年率] [2.1] [2.3] [0.8] [-0.9] [1.9] ［Annual rate］

※1 Changes from the previous quarter (seasonally adjusted)

※2 Annualized

※3 総固定資本形成は民間住宅、民間企業設備、公的固定資本形成から成る。


※4 財貨・サービスの純輸出=財貨・サービスの輸出-財貨・サービスの輸入




［Annual rate］


Domestic Demand


2017 2018

Released: 2018.9.10

前期比（季節調整済） ※1






Private Demand

2017 2018

4～6

公的需要


Compensation of Employees

Gross Domestic Income

Gross National Income






Public Demand


民間企業設備

民間在庫変動

民間住宅


民間需要

[年　率　換　算]

国内需要

雇用者報酬

財貨・サービスの純輸出 ※4

(控除)財貨・サービスの輸入


公的在庫変動


最終需要

国民総所得（ＧＮＩ）

国内総所得（ＧＤＩ）

― 47 ―

３－２．四半期別の実質成長率（原系列）Quarterly Real Growth Rate (Original Series, Year-over-Year)

（2011暦年連鎖価格；　単位：％）（Chained (2011) Yen ; ％)

年・期

項目 4～6 7～9 10～12 1～3

1.6 2.0 2.0 1.0 1.3 ***

1.1 1.3 1.7 0.8 0.9 ***

(1.1) (1.3) (1.7) (0.8) *** (0.9)

1.0 1.5 2.0 0.8 1.4 (1.0)

1.8 0.6 1.0 0.1 0.2 (0.1) Private Consumption

1.7 0.6 1.0 0.1 0.1 (0.1)

除く持ち家の帰属家賃 1.8 0.4 0.9 -0.1 -0.1 (-0.0) Excluding Imputed Rent

5.7 1.4 -2.4 -5.8 -8.9 (-0.3) Private Residential Investment

2.7 3.8 3.2 2.9 6.4 (0.9) Private Non-Resi. Investment

(-0.7) (0.2) (0.5) (0.3) *** (0.3)

1.4 0.6 1.0 0.6 -0.4 (-0.1)

0.9 0.6 0.8 0.5 0.3 (0.1)

3.7 0.4 1.2 1.0 -3.3 (-0.1) Public Investment

(0.0) (0.0) (0.0) (-0.0) *** (0.0)

3.3 2.8 2.0 1.4 2.2 (0.5)

(0.4) (0.7) (0.3) (0.2) *** (0.4)

6.8 6.9 6.5 5.1 5.0 (0.9)

4.3 2.7 5.3 3.9 2.9 (-0.5)




2.4 1.8 1.4 0.8 1.0 ***

0.9 1.5 1.4 0.7 0.8 ***

1.0 2.0 1.8 0.5 1.0 ***

2.0 1.7 1.2 2.0 3.6 ***

（参考２）四半期別ＧＤＰ成長率（前年同期比※1）の新旧比較 (cf)

（2011暦年連鎖価格；単位：％）（Chained (2011) Yen ; ％)

4～6 7～9 10～12 1～3 4～6

新（２次速報値） 1.6 2.0 2.0 1.0 1.3

旧（１次速報値） 1.6 2.0 2.0 1.0 1.0

※1 Changes from the previous year







2017 2018

民間住宅

Released: 2018.9.10

前年同期比※1

民間需要 Private Demand





2017 2018

4～6

Public Demand


民間企業設備

民間在庫変動

公的需要




　Second　Preliminary

　First　Preliminary






公的在庫変動


(控除)財貨・サービスの輸入 (Less) Imports of Goods & Services



Domestic Product



財貨・サービスの純輸出 ※3Net Exports of Goods & Services

※3


― 48 ―

３－３．四半期別の名目成長率（季節調整系列）Quarterly Nominal Growth Rate (Seasonally Adjusted Series, Quarter-to-Quarter)

前期比の年率換算

※2

（単位：％）（％)

年・期2018

項目 4～6 7～9 10～12 1～3 4～6

0.8 0.8 0.3 -0.4 0.7 *** 2.8

［3.1] ［3.2] ［1.2] [-1.5] ［2.8] *** ***

0.9 0.1 0.7 -0.2 0.9 *** 3.5

(0.9) (0.1) (0.7) (-0.2) *** (0.8) ***

0.7 0.3 0.9 -0.3 1.0 (0.8) 4.2

0.8 -0.7 0.9 -0.1 0.3 (0.2) 1.2 Private Consumption

0.8 -0.7 0.9 -0.1 0.3 (0.2) 1.2

除く持ち家の帰属家賃 1.0 -0.9 1.0 -0.1 0.3 (0.2) 1.4 Excluding Imputed Rent

1.4 -0.7 -2.6 -2.0 -1.8 (-0.1) -6.9 Private Residential Investment

0.5 1.6 0.8 0.9 3.7 (0.6) 15.8 Private Non-Resi. Investment

(-0.0) (0.4) (0.2) (-0.2) *** (0.1) ***

1.6 -0.3 0.0 0.1 0.3 (0.1) 1.1

0.7 0.2 0.1 0.1 0.2 (0.0) 0.7

5.2 -2.1 -0.3 0.2 0.6 (0.0) 2.5 Public Investment

(0.0) (0.0) (0.0) (-0.0) *** (0.0) ***

1.6 0.5 0.1 0.3 2.4 (0.6) 9.9

(-0.2) (0.7) (-0.4) (-0.2) *** (-0.2) ***

-0.5 3.2 2.9 0.2 0.5 (0.1) 2.1

0.4 -0.6 5.5 1.4 1.4 (-0.2) 5.8


Note: The figures in （）indicate contributions to changes in GDP（参考１） (cf)

0.8 0.4 0.1 -0.1 0.6 *** 2.5

0.7 0.9 0.3 -0.6 1.0 *** 4.0

0.7 0.7 0.4 1.4 1.4 *** ***

0.3 0.2 0.1 -0.2 -0.0 *** ***

0.1 0.1 0.3 0.1 -0.0 *** ***

（参考２）四半期別ＧＤＰ成長率（前期比※1）の新旧比較 (cf)（単位：％）（％)

4～6 7～9 10～12 1～3 4～6

　新（２次速報値） 0.8 0.8 0.3 -0.4 0.7 　Second　Preliminary

　[年率] ［3.1] ［3.2] ［1.2] [-1.5] ［2.8] ［Annual rate］

　旧（１次速報値） 0.8 0.8 0.3 -0.4 0.4 　First　Preliminary

　[年率] ［3.2] ［3.2] ［1.1] [-1.5] ［1.7] ［Annual rate］

※1 Changes from the previous quarter (seasonally adjusted)

※2 Annualized





2017 2018

4～6

2017 2018

GDP Deflator

Domestic Demand Deflator



［Annual rate］

Domestic Demand

Public Demand



民間需要

国内需要


[年　率　換　算]


民間在庫変動

公的需要

民間住宅



国内需要デフレーター

Released: 2018.9.10

前期比（季節調整済）

※1




民間企業設備

Private Demand


雇用者報酬




公的在庫変動


Domestic Product







― 49 ―

３－４．四半期別の名目成長率（原系列）Quarterly Nominal Growth Rate (Original Series, Year-over-Year)

（単位：％）（％)

年・期

項目 4～6 7～9 10～12 1～3

1.2 2.1 2.0 1.5 1.4 ***

1.5 1.8 2.3 1.7 1.5 ***

(1.5) (1.8) (2.3) (1.7) *** (1.5)

1.3 1.9 2.5 1.8 1.9 (1.4)

1.8 0.8 1.3 0.9 0.4 (0.2) Private Consumption

1.7 0.7 1.3 0.8 0.3 (0.2)

除く持ち家の帰属家賃 2.0 0.8 1.5 1.0 0.4 (0.2) Excluding Imputed Rent

7.5 3.7 -0.6 -4.1 -6.9 (-0.2) Private Residential Investment

3.2 4.8 4.1 3.7 7.5 (1.1) Private Non-Resi. Investment

(-0.7) (0.2) (0.5) (0.3) *** (0.3)

2.1 1.5 1.7 1.4 0.2 (0.1)

1.4 1.2 1.3 1.1 0.5 (0.1)

5.3 2.5 2.9 2.5 -1.1 (-0.0) Public Investment

(0.0) (0.0) (0.0) (-0.0) *** (-0.0)

4.2 4.2 3.2 2.5 3.7 (0.8)

(-0.3) (0.3) (-0.3) (-0.1) *** (-0.1)

10.5 14.4 11.7 5.5 7.0 (1.2)

12.9 13.4 14.2 6.7 7.9 (-1.3)




1.9 1.9 1.5 1.2 1.0 ***

1.4 2.6 2.4 1.4 1.6 ***

2.2 2.2 1.9 3.1 4.1 ***

-0.3 0.1 0.1 0.5 0.1 *** GDP Deflator

0.4 0.5 0.6 0.9 0.5 ***

（参考２）四半期別ＧＤＰ成長率（前年同期比※１）の新旧比較 (cf)（単位：％）（％)

4～6 7～9 10～12 1～3 4～6

　新（２次速報値） 1.2 2.1 2.0 1.5 1.4

　旧（１次速報値） 1.2 2.1 2.0 1.5 1.1








4～6

2017 2018

国内需要デフレーター

雇用者報酬

公的需要





公的在庫変動




2018

　Second　Preliminary

　First　Preliminary



Domestic　Demand　Deflator


Private Demand




Public Demand



最終需要

Released: 2018.9.10

前年同期比※1

民間在庫変動


Domestic Demand

民間需要



国内需要

民間住宅

民間企業設備


2017

― 50 ―

４－１. 年次別の実質成長率Annual Real Growth Rate

（2011暦年連鎖価格；　単位：％）（Chained (2011) Yen ; ％)

年

項目 2015 2016 2016

1.4 1.2 1.6 *** 1.0 1.7 ***

1.3 0.4 1.2 *** 0.4 1.2 ***

(1.4) (0.4) *** (1.2) (0.4) *** (1.2)

1.4 0.4 1.3 (1.0) 0.2 1.4 (1.0)

0.8 0.3 0.8 (0.5) 0.1 1.0 (0.6) Private Consumption

0.6 0.1 0.8 (0.4) -0.1 1.0 (0.5) Consumption of Households

除く持ち家の帰属家賃 0.4 -0.1 0.7 (0.3) -0.4 0.9 (0.4) Excluding Imputed Rent

3.7 6.2 -0.4 (-0.0) 5.7 2.7 (0.1) Private Residential Investment

2.3 1.2 3.1 (0.5) 0.6 2.9 (0.4) Private Non-Resi. Investment

(0.2) (-0.3) *** (0.1) (-0.2) *** (-0.1)

1.1 0.6 0.9 (0.2) 1.0 0.6 (0.1)

1.9 0.5 0.7 (0.1) 1.3 0.4 (0.1)

-1.6 0.9 1.4 (0.1) -0.1 1.2 (0.1) Public Investment

(-0.0) (-0.0) *** (0.0) (-0.0) *** (0.0)

1.6 1.8 2.3 (0.5) 1.1 2.5 (0.6)

(0.1) (0.8) *** (0.4) (0.6) *** (0.6)

0.8 3.6 6.3 (1.0) 1.7 6.7 (1.1)

0.4 -0.8 4.1 (-0.6) -1.6 3.4 (-0.5)

（注）　（　）内は国内総生産に対する寄与度 Note: The figures in （）indicate contributions to changes in GDP

（参考） (cf)

1.3 1.5 1.6 *** 1.2 1.8 ***

2.8 1.5 1.1 *** 1.8 1.1 ***

3.0 1.1 1.3 *** 1.3 1.4 ***

1.4 2.7 1.7 *** 3.1 1.5 ***








Released: 2018.9.10


民間企業設備

Domestic Demand


民間在庫変動

Private Demand

前年比※1


Public Demand


年度(Fiscal Year) 暦年(Calendar Year)

2017 2017


( 控除 )財貨・サービスの輸入





雇用者報酬









Domestic Product

公的在庫変動 Change in Public Inventories


民間需要

民間住宅


国内需要



公的需要

― 51 ―

４－２. 年次別の名目成長率Annual Nominal Growth Rate

(単位：％）（％)

年

項目 2015 2016 2016

3.0 1.0 1.7 *** 1.2 1.5 ***

1.3 -0.1 1.8 *** -0.2 1.6 ***

(1.4) (-0.1) *** (1.8) (-0.2) *** (1.5)

1.5 -0.2 1.9 (1.4) -0.5 1.7 (1.2)

0.7 -0.2 1.2 (0.7) -0.5 1.2 (0.6) Private Consumption

0.5 -0.3 1.1 (0.6) -0.6 1.1 (0.6) Consumption of Households

除く持ち家の帰属家賃 0.6 -0.4 1.4 (0.6) -0.7 1.3 (0.6) Excluding Imputed Rent

3.5 5.9 1.5 (0.0) 4.9 4.4 (0.1) Private Residential Investment

2.7 0.5 4.0 (0.6) -0.3 3.5 (0.5) Private Non-Resi. Investment

(0.2) (-0.3) *** (0.1) (-0.2) *** (-0.1)

1.0 0.3 1.7 (0.4) 0.7 1.2 (0.3)

1.6 0.2 1.3 (0.2) 1.1 0.8 (0.1)

-1.1 0.6 3.2 (0.2) -0.9 2.8 (0.1) Public Investment

(-0.0) (-0.0) *** (0.0) (-0.0) *** (0.0)

2.0 1.2 3.5 (0.8) 0.2 3.5 (0.8)

(1.6) (1.1) *** (-0.1) (1.4) *** (-0.0)

-0.6 -3.1 10.4 (1.7) -6.9 11.2 (1.8)

-8.8 -9.3 11.7 (-1.8) -14.6 12.2 (-1.9)

（注）　（　）内は国内総生産に対する寄与度 Note: The figures in （）indicate contributions to changes in GDP

（参考） (cf)

2.8 1.3 1.6 *** 1.4 1.6 ***

3.1 0.6 2.0 *** 0.7 1.8 ***

1.5 2.4 2.3 *** 2.7 1.9 ***

1.5 -0.2 0.1 *** 0.3 -0.2 *** GDP Deflator

0.0 -0.5 0.6 *** -0.5 0.4 ***

※1 Changes from the previous year※2 総固定資本形成は民間住宅、民間企業設備、公的固定資本形成から成る。

　Gross Fixed Capital Formation consists of Private Residential Investment, Private Non-Resi. Investment and Public Investment.





民間住宅

公的在庫変動



民間企業設備




Domestic Product

国内需要デフレーター Domestic Demand Deflator

民間在庫変動






Public Demand


雇用者報酬



公的需要


Released: 2018.9.10

前年比※1



Private Demand

Domestic Demand国内需要

民間需要


年度(Fiscal Year) 暦年(Calendar Year)

2017 2017

― 52 ―

B. Monthly Economic ReportSeptember 2018

Provisional translation

Cabinet Office 14 September 2018

Executive Summary

Assessment of the current state of the Japanese economy

The Japanese economy is recovering at a moderate pace.

• Private consumption is picking up.• Business investment is increasing.• Exports are pausing recently.• Industrial production is increasing moderately.• Corporate profits are improving. Firms' judgment on current business conditions is

almost flat.• The employment situation is improving steadily.• Consumer prices are rising at a slower tempo recently.

Concerning short-term prospects, the economy is expected to continue recovering, supported by the effects of the policies, while employment and income situation is improving. However, attention should be given to the effects of situations over trade issues on the world economy, the uncertainty in overseas economies and the effects of fluctuations in the financial and capital markets. Furthermore, sufficient attention should be given to the economic impacts by the successive natural disasters.

Policy stance

The Government will make its utmost efforts to ensure the economy overcomes deflation and achieve economic revitalization and fiscal consolidation simultaneously, in addition to make effort toward the reconstruction and revitalization from the Great East Japan Earthquake and the restoration and reconstruction from the 2016 Kumamoto Earthquake. To this end, the Government steadily implements the "Basic Policies for Economic and Fiscal Management and Reform 2018", the "Growth Strategy 2018", the "Regulatory Reform Work Plan", the "Basic Policies for Overcoming Population Decline and Vitalizing Local Economy in Japan 2018", and the "Japan's Plan for the Dynamic Engagement of All Citizens". Moreover, in order to tackle the enormous challenge of the declining birthrate and aging population by promoting Supply System Innovation and Human Resources Development Revolution as two wheels of a cart, the Government will steadily implements the "New Economic Policy Package" and the "Basic Design for Human Resources Development Revolution". And the Government will smoothly enforce the Act on Arrangement of Relevant Act on Promoting the Work Style Reform. In addition, the Government implements the FY2017 supplementary budget and the FY2018 budget swiftly and steadily.

The Government will exert every effort for the provision of support for the daily lives of those affected by the successive natural disasters and the restoration and reconstruction of the affected areas.

The Government continuously pursues to expand the economic virtuous cycles which cover local areas, SMEs and small-scale businesses, through directing growing corporate profits towards investment, wage increase and further improvement in the employment situation.

― 53 ―

The Government expects the Bank of Japan to achieve the price stability target of two percent in light of economic activity and prices.

Detailed explanations

1. Demand trends such as consumption and investment.

Private consumption is picking up.

Private consumption is picking up. Real wage income of employees is increasing moderately.Consumer confidence has been in a weak tone recently.

The Synthetic Consumption Index, which synthesizes demand-side statistics (Family Income and Expenditure Survey, etc.) and supply-side statistics (Indices of Industrial Producer's Shipments, etc.), increased by 0.8% in July from the previous month. Concerning short-term prospects, consumption is expected to continue to pick up, supported by the improvement in the employment and income situations.

Business investment is increasing.

Business investment is increasing. The Quarterly Financial Statements Statistics of Corporations by Industry (April-June survey) show that business investment increased in the April-June quarter of 2018 by 6.9% from the previous quarter. By industry, business investment increased for manufacturers by 11.0% from the previous quarter, and increased for non-manufacturers by 4.7%. Capital Goods Shipments and Imports, supply-side statistics, are picking up.

According to the Short-Term Economic Survey of Enterprises in Japan (Tankan) (June survey) and the Business Outlook Survey (July September survey) planned business investment for all industries in fiscal year 2018 is expected to increase. In Tankan, firms' judgment on production capacity indicates their sense of shortage. The figures for Orders Received for Machinery, a leading indicator, are picking up.

As for short-term prospects, business investment is expected to continue increasing, mainly reflecting the improvement of corporate profits and actions in growth sectors.

Housing construction is almost flat.

Housing construction is almost flat. Construction of owned houses, houses for rent, and houses for sale is almost flat. In addition, the total number of sales of condominiums in the Tokyo metropolitan area is in a weak tone.

As for short-term prospects, housing construction is expected to remain flat for the time being.

Public investment holds firm.

Public investment holds firm. With a high level of public construction work remained, the amount of public construction completed in June decreased by 0.2% from the previous month,

― 54 ―

the amount of contracted public works in August increased by 1.3% from the previous month, and the amount of public works orders received in July decreased by 11.8% from the previous year.

As for short-term prospects, public investment, partly due to the effect of the supplementary budget, is expected to show steady performance.

Exports are pausing recently. Imports are pausing recently. The surplus in the balance of goods and services is on a decreasing trend.

Exports are pausing recently. By region, exports to Asia are pausing recently. Exports to the U.S., EU and other regions are almost flat. As for short-term prospects, exports are expected to pick up, mainly reflecting the moderate recovery of overseas economies.

Imports are pausing recently. By region, imports from Asia are pausing recently. Imports from the U.S. and EU are almost flat. As for short-term prospects, imports are expected to pick up.

The surplus in the balance of goods and services is on a decreasing trend.

The surplus in the balance of trade in July decreased, as export values increased to a smaller extent import values. The deficit in the balance of services decreased.

2. Corporate activities and employment

Industrial production is increasing moderately.

Industrial production is increasing moderately. The Indices of Industrial Production decreased by 0.1% from the previous month in July. The Indices of Industrial Inventories decreased by 0.2% from the previous month in July. The Survey of Production Forecast in Manufacturing expects an increase of 5.6% in August, and an increase of 0.5% in September.

By industry, transport equipment is pausing recently General-purpose, production and business oriented machinery have a pause observed in their movements of growth. Electronic parts and devices are increasing moderately.

As for short-term prospects, production is expected to continue to increase moderately reflecting the moderate recovery of overseas economies.

Corporate profits are improving. Firms' judgment on current business conditions is almost flat. The number of corporate bankruptcies is almost flat.

Corporate profits are improving. According to the Quarterly Financial Statement Statistics of Corporations by Industry (April-June survey), current profits during the April-June quarter of 2018 increased by 17.9% from the previous year, and by 16.9% from the previous year. By size of company, large and medium –size companies saw an increase of 23.1% from the previous year, and small companies saw an increase of 2.1%. According to the BOJ Tankan (June survey), in fiscal year 2018, sales are expected to increase by 2.2% in the first half of the year, and are expected to increase by 0.9% in the second half from the previous year. Current profits are expected to decrease by 9.1% in the first half, and decrease by 0.9% in the second half from the previous year.

Firms' judgment on current business conditions is almost flat. The Tankan (June survey)

― 55 ―

revealed that firms' judgment on current business conditions was almost flat for all enterprises in all industries. Firms' judgment on future business conditions, which indicates the business condition as of September, becomes more cautious than that on current business conditions. According to the corporate activity-related DI of the Economy Watchers Survey (Augut survey), current and prospective business conditions both rose.

The number of corporate bankruptcies is almost flat.

The employment situation is improving steadily.

The employment situation is improving steadily. Meanwhile, the sense of a labor shortage is at a high level. The total unemployment rate was 2.5% in Junly, an increase of 0.1 percentage points from the previous month. The labor force, the number of employed persons, and the number of unemployed persons increased.

The number of employees has been increasing. The number of new job offers is almost flat. The effective ratio of job offers to applicants is increasing. Overtime hours worked in the manufacturing industry are almost flat.

As for the movement of wages, contractual cash earnings and the total amount of cash earnings are increasing moderately.

According to the BOJ Tankan (June survey), firms' judgment on current employment conditions shows that the labor shortage remained severe.

As for short-term prospects, the employment situation is expected to improve steadily.

3. Prices and the financial market

Producer prices are rising moderately. Consumer prices are rising at a slower tempo recently.

Producer prices are rising moderately.

Consumer prices, in terms of general, excluding fresh food and energy, are rising at a slower tempo recently.

According to the Monthly Consumer Confidence Survey (multi-person households), the ratio of households which forecast a rise in prices was 81.6% in August, an increase of 0.1 percentage points from the previous month.

As for short-term prospects, consumer prices (general, excluding fresh food and energy) are expected to start rising moderately.

As for stock prices, after declining from the 22,800-yen level to the 22,300-yen level, the Nikkei Stock Average rose to the 22,600-yen level. The yen against the U.S. dollar (inter-bank spot rate), after moving in the direction of appreciation from the 111-yen level to the 110-yen level, moved in the direction of depreciation to the 111-yen level.

― 56 ―

Main Economic Indicators of Japan

September　２０１８

Policy Planning & Research Division, Minister's Secretariat,Ministry of Finance

Note ;

Percentage changes is compared with theprevious period (month).

Percentage changes is compared with the sameperiod (month) of the previous year.

Seasonally Adjusted.

Not seasonally Adjusted.

Nominal value or current price.

Real　 value.

〔Public Finance・Money Market〕

Ratio ofActualReve-nueto Budget

IncomeTax

CorporationTax

★

par annum

％daily inte-rest(sen)

CY * 1970 -445.9 7,295.8 100.8 2,428.2 2,567.2 5,556.0 18.6 17.5 －－ -744.7 -486.5 -1,254.0 1,335.2 81.2 3,800.9 15.6 3,947.9 15.5 － 1,693.2 7.693 2,066CY * 1975 -2,125.0 13,752.7 102.2 5,482.3 4,127.9 12,617.1 13.6 19.5 18.8 － -949.3 2,401.0 759.3 -1,207.8 -448.5 8,551.2 17.6 8,876.7 17.6 － 1,967.5 8.513 -CY * 1980 -2,860.3 26,868.7 99.0 10,799.6 8,922.7 19,347.2 7.0 2.6 9.2 － -278.6 1,944.2 764.4 291.1 1,055.5 14,188.3 8.1 13,647.4 7.2 － 3,257.5CY * 1985 4,652.7 38,198.8 100.1 15,435.0 12,020.7 25,474.3 6.1 5.0 8.4 9.4 -1,018.4 -4,282.1 -5,016.4 4,900.8 -115.6 21,740.5 10.0 26,779.4 12.0 9.063 5,045.5CY * 1990 2,152.5 60,105.9 101.6 25,995.5 18,383.6 39,797.8 8.9 2.6 11.7 9.6 -2,377.8 3,636.5 2,585.5 -1,847.0 738.5 46,817.5 8.9 44,330.4 7.5 8.344 26,426.8CY * 1995 17,650.3 51,930.8 102.5 19,515.1 13,735.4 46,244.0 5.3 8.2 3.0 3.8 -3,363.6 -5,487.4 -8,851.0 9,331.1 480.1 47,002.2 3.6 48,635.6 1.3 0.460 41,983.2CY * 2000 34,467.4 50,712.5 101.6 18,788.9 11,747.2 63,397.2 7.4 8.2 2.1 3.1 2,007.5 -26,214.5 -24,207.0 8,878.6 -15,328.4 48,217.5 -0.9 46,391.6 -1.0 0.200 23,225.8CY 2002 64,513.4 43,833.2 99.0 14,812.2 9,523.4 75,471.8 13.1 27.6 3.3 0.5 -6,467.5 -68,004.0 -74,471.5 78,418.6 3,947.1 50,163.0 3.2 43,164.2 -3.7 0.002 15,686.7CY 2003 35,850.5 43,282.4 103.6 13,914.6 10,115.2 76,909.6 5.5 8.2 1.7 0.5 -1,437.7 -39,876.0 -41,313.7 51,781.7 10,468.0 51,167.5 2.0 41,385.3 -4.1 0.001 16,045.4CY 2004 65,317.5 45,589.0 103.5 14,670.5 11,443.7 77,956.4 2.0 - - 2.3 -1,046.7 -62,125.8 -63,172.5 66,320.2 3,147.7 51,868.1 1.4 40,400.0 -2.4 0.002 18,105.4CY 2005 37,792.9 49,065.4 104.3 15,585.9 13,273.6 79,270.5 3.0 0.5 1.8 2.5 -1,313.9 -41,718.6 -43,032.5 42,721.9 -310.6 52,641.0 1.5 40,854.8 1.1 0.004 19,977.2CY 2006 40,765.4 49,069.1 97.2 14,054.1 14,917.9 79,836.7 1.0 -0.3 1.0 3.3 -566.2 -39,499.6 -40,065.8 17,610.5 -22,455.3 52,866.7 0.4 41,557.7 1.7 0.275 20,757.4CY 2007 37,198.1 51,018.2 97.1 16,080.0 14,744.4 81,277.7 1.4 0.2 1.6 3.1 -1,440.8 -37,002.4 -38,443.5 38,154.4 -289.1 54,504.3 3.1 41,763.9 0.5 0.459 22,842.4CY 2008 36,468.8 44,267.4 95.3 14,985.1 10,010.6 81,478.3 0.8 0.8 2.1 1.8 -200.6 -36,806.3 -37,006.9 42,075.8 5,068.9 55,705.5 2.2 43,684.8 4.6 0.103 21,934.0CY 2009 36,478.4 38,733.1 105.1 12,913.9 6,356.4 80,954.2 0.5 1.8 2.7 0.7 524.1 -40,413.2 -39,889.1 45,033.8 5,144.7 56,948.6 2.2 42,856.7 -1.9 0.094 17,057.8CY 2010 34,370.6 41,486.8 104.7 12,984.4 8,967.7 82,314.3 0.9 2.1 2.8 1.9 -1,359.9 -38,068.0 -39,427.9 41,742.2 2,314.3 57,848.5 1.6 42,041.7 -1.9 0.079 16,990.8CY 2011 25,329.2 42,832.6 101.9 13,476.2 9,351.4 83,996.8 2.8 2.2 2.7 1.2 -1,682.2 -15,701.0 -17,383.2 31,264.2 13,881.0 59,866.8 3.5 42,585.8 1.3 0.075 17,098.2CY 2012 38,663.6 43,931.4 103.1 13,992.5 9,758.3 86,653.3 2.1 2.2 2.5 0.6 -2,656.4 -40,222.3 -42,878.7 53,590.2 10,711.5 61,369.0 2.5 43,382.3 1.9 0.076 18,215.1CY 2013 107,113.6 46,952.9 103.5 15,530.8 10,493.7 90,143.1 3.3 2.9 3.6 2.6 -3,489.8 -91,707.4 -95,197.2 155,031.0 59,833.8 64,063.3 4.4 44,913.4 3.5 0.068 18,658.1CY 2014 131,634.4 53,970.7 104.3 16,790.2 11,031.6 93,081.7 3.6 2.8 3.4 3.2 -2,938.4 -124,009.2 -126,947.6 198,006.0 71,058.4 66,084.4 3.2 46,114.7 2.7 0.066 16,916.6CY 2015 105,864.1 56,285.4 99.8 17,807.1 10,827.4 98,429.9 4.9 3.0 3.6 3.5 -5,347.7 -118,721.7 -124,069.4 198,947.0 74,877.6 67,910.6 2.8 47,593.7 3.2 0.038 20,326.8CY 2016 123,949.4 55,468.6 99.3 17,611.1 10,328.9 102,461.2 5.8 2.8 3.4 2.1 -4,030.8 -124,981.5 -129,012.3 206,226.7 77,214.4 73,434.2 8.1 49,157.3 3.3 -0.058 8,920.7CY 2017 98,210.7 58,787.5 101.9 18,881.6 11,995.3 106,716.5 4.5 3.4 4.0 3.0 -4,255.0 -113,160.3 -117,415.3 155,676.7 38,261.4 76,324.4 3.9 50,523.8 2.8 -0.062 9,430.8

2016．Oct.-Dec. 26,708.3 14,094.5 53.8 3,592.1 3,853.3 102,461.2 4.7 3.2 3.7 1.8 -6,141.6 -28,151.2 -34,292.8 52,686.2 18,393.4 73,434.2 8.1 49,157.3 3.3 -0.058 8,798.52017．Jan.-Mar. 30,453.9 25,420.7 99.3 6,541.4 6,162.0 99,800.1 4.5 3.5 4.1 2.3 2,661.1 -32,673.5 -30,012.4 42,539.9 12,527.5 74,849.7 6.2 49,637.4 3.4 -0.060 9,740.22017．Apr.-June 18,988.3 2,887.4 5.0 1,899.1 -0.2 100,363.6 4.4 3.3 3.9 2.9 -563.3 -21,056.1 -21,619.4 41,809.0 20,189.6 75,091.4 5.0 49,573.6 3.7 -0.069 9,089.12017．July-Sept. 30,196.6 13,922.9 29.1 5,991.7 686.6 100,794.5 4.6 3.4 4.0 3.5 -430.9 -30,810.9 -31,241.8 37,423.9 6,182.1 75,516.3 5.2 50,042.2 3.5 -0.063 9,071.12017．Oct.-Dec. 24,896.7 14,774.9 54.7 3,706.6 4,085.9 106,716.5 4.6 3.3 3.9 3.3 -5,921.9 -28,619.8 -34,541.7 33,903.9 -637.8 76,324.4 3.9 50,523.8 2.8 -0.062 9,823.02018．Jan.-Mar. 24,129.1 27,202.2 101.9 7,284.2 7,223.0 104,000.4 4.4 2.7 3.2 2.6 2,716.2 -25,342.7 -22,626.5 32,375.0 9,748.5 77,834.4 4.0 50,915.8 2.6 -0.068 10,574.12018．Apr.-June 17,971.7 3,059.3 5.2 1,942.3 88.1 104,527.0 4.2 2.7 3.1 2.5 -526.6 -18,080.8 -18,607.4 33,990.0 15,382.6 78,187.0 4.1 51,014.9 2.9 -0.069 9,259.22017． July 13,806.2 6,169.9 15.7 3,711.0 -136.7 100,694.7 4.6 3.4 4.0 3.4 -331.1 -12,602.7 -12,933.8 12,906.6 -27.2 75,383.8 5.9 49,615.7 3.7 -0.064 8,742.82017． Aug. 11,950.6 4,567.1 23.6 1,326.1 635.1 100,830.7 4.7 3.4 4.0 3.5 -136.0 -11,938.7 -12,074.7 12,746.5 671.8 75,456.3 5.8 49,597.5 3.6 -0.066 9,043.92017． Sept. 4,439.8 3,185.9 29.1 954.6 188.2 100,794.5 4.6 3.4 4.0 3.5 36.2 -6,269.5 -6,233.3 11,770.8 5,537.5 75,516.3 5.2 50,042.2 3.5 -0.063 9,426.62017． Oct. 10,401.8 3,644.0 35.4 930.0 418.7 101,500.7 4.7 3.4 4.1 3.6 -706.2 -9,823.8 -10,530.0 11,767.7 1,237.7 76,042.9 5.6 49,833.6 3.3 -0.046 9,488.42017． Nov. 12,345.2 7,590.4 48.6 1,363.1 3,457.4 101,973.4 4.8 3.4 4.0 3.5 -472.7 -14,262.0 -14,734.7 9,163.9 -5,570.8 76,459.2 4.9 49,982.7 2.9 -0.055 10,056.22017． Dec. 2,149.7 3,540.5 54.7 1,413.5 209.9 106,716.5 4.4 3.1 3.6 3.0 -4,743.0 -4,534.0 -9,277.0 12,972.3 3,695.3 76,324.4 3.9 50,523.8 2.8 -0.062 9,924.42018． Jan. 16,690.8 5,419.6 64.1 2,970.7 244.7 103,388.5 4.4 2.9 3.4 2.8 3,327.9 -15,564.3 -12,236.4 12,297.1 60.7 76,349.5 4.0 50,422.3 2.8 -0.050 9,884.72018． Feb. 12,268.4 4,818.5 72.5 777.5 1,226.6 103,706.5 4.6 2.7 3.2 2.5 -317.9 -13,143.0 -13,460.9 11,615.2 -1,845.7 76,519.4 4.1 50,384.0 2.6 -0.053 11,069.02018． Mar. -4,830.1 16,964.1 101.9 3,536.0 5,751.7 104,000.4 4.3 2.6 3.1 2.4 -293.8 3,364.6 3,070.8 8,462.7 11,533.5 77,834.4 4.0 50,915.8 2.6 -0.068 10,768.62018． Apr. 2,563.8 -284.0 - -372.1 -58.6 105,024.4 4.3 2.7 3.2 2.5 -1,024.0 -260.7 -1,284.7 11,545.1 10,260.4 78,553.3 4.3 50,828.5 2.9 -0.067 9,413.12018． May 16,310.2 1,046.0 1.3 905.6 -48.0 103,657.5 4.0 2.7 3.2 2.5 1,366.9 -17,602.6 -16,235.7 11,929.2 -4,306.5 78,395.7 4.1 50,661.2 2.6 -0.065 9,528.32018． June -902.3 2,297.3 5.2 1,408.7 194.7 104,527.0 4.2 2.7 3.1 2.5 -869.5 -217.5 -1,087.0 10,515.7 9,428.7 78,187.0 4.1 51,014.9 2.9 -0.069 8,836.32018． July 12,908.4 P 6,659.5 16.5 3,936.3 106.6 104,601.2 4.1 2.5 2.9 2.3 -74.1 -12,399.3 -12,473.4 12,454.4 -19.0 77,345.1 2.6 50,956.9 2.7 -0.065 9,532.02018． Aug. 10,086.5 104,750.1 3.8 P 2.5 P 2.9 P 2.2 -148.8 -10,694.1 -10,842.9 9,668.7 -1,174.2 -0.055 9,780.2

(※） National Tax and Stamp Revenue: Adjusted by adding the part of the tax revenues of April and May ｗhich belongs to the preceding fiscal year to those of March of the preceding fiscal year. Money Stock: Before 2004, figures are Money Supply Domestically Licensed Banks: In and before 1992, figures are banking accounts of all banks. Figures are not in series because of the merger of financial institutions and so on. Including JOM accounts in and after 1986. Average Contracted Interest Rates on Loans & Discounts: Including overdrafts in and after April 1992.

0.9290.927

0.918

Released by Ministry of Finance Bank of Japan

0.921

0.9650.9620.9550.9550.9540.9460.9430.9400.932

0.9980.9820.9690.9550.9460.932

1.8651.6551.5511.452

0.921

1.2581.1801.1100.9980.946

6.4677.697

1.364

2.1161.8341.7991.7321.6231.7661.945

2.788

％ Billion Yen 10 BillionYen ％

10 BillionYen ％％

BillionYen

8.274

AverageContractedInterest Rateson Loans &Discounts(End of Year orMonth) 　(※)

★ ★

Average Outstanding Changefrom Preceding Year

Treasuryfunds and

others

Surplus/shortage of

funds

The Bank ofJapan

Loans andMarket

Operations

Netchange incurrent accountbalances

ActualDeposits

Out-standing

Loans &BillsDiscountedOut-standing

Billion Yen ％ Billion Yen Billion Yen ％

Uncollat-eralizedOverni-ght End ofPeriod

Net Receipts &Payments(－）ofTreasury Funds

National Tax and Stamp Revenue (※) Accounts of the Bankof Japan Money Stock(※) Sources of Changes in Current Account Balances

at the Bank of Japan and Market Operations Domestically Licensed Banks (※) Call Rates AverageOut-

standingin the Call

MoneyMarket

Total

Actual RevenueBank-

notes incirculation

End ofYear orMonth

AverageAmountsOut-standing

M3 M2Broadly-definedLiqui-dity Banknotes

FY FY FY FY FY

― 59 ―

〔Public and Corporate Bonds・Stocks〕〔Business Failures〕

Jan.4, 1968 May.16, 1949=100 =176.21

CY * 1970 330.0 86.7 280.9 557.5 2,967.7 163.48 138 3.47 2,193.21 164,198.3 335.7 11,589 447.9 9,765 14.5 729.2 32.9CY * 1975 4,820.7 239.3 489.9 1,465.1 7,851.9 312.06 179 2.31 4,243.05 426,638.3 349.6 14,477 1,055.7 12,606 7.9 1,914.6 16.1CY * 1980 13,365.7 724.3 1,539.0 1,048.5 13,520.5 474.00 352 1.63 6,870.16 938,684.2 528.0 16,635 1,446.2 17,884 11.5 2,722.4 24.2CY * 1985 21,133.1 766.2 2,454.8 789.5 23,055.1 997.72 415 0.99 12,565.62 2,110,433.3 524.3 15,337 1,861.2 18,812 -9.7 4,235.6 16.2CY * 1990 36,277.5 996.3 1,774.1 1,834.0 45,523.9 2,177.96 484 0.52 29,437.17 4,033,427.1 699.3 5,292 1,000.8 6,468 -10.5 1,995.8 61.9CY * 1995 65,677.7 1,967.0 2,952.8 5,046.2 42,594.6 1,378.93 357 0.92 17,329.70 1,367,459.9 548.7 10,742 2,496.6 15,108 7.4 9,241.1 64.1CY * 2000 105,996.1 2,200.0 4,854.7 7,975.1 20,979.8 1,545.22 684 0.98 17,145.01 781,782.4 299.1 12,160 3,185.4 18,769 22.2 23,885.0 75.3CY 2002 147,832.0 2,582.5 4,216.0 7,151.2 12,991.6 979.49 843 1.41 10,123.14 500,232.5 282.1 10,730 2,655.2 19,087 -0.4 13,782.4 -16.5CY 2003 154,686.5 4,264.9 6,476.6 7,380.8 9,693.4 918.86 1,254 1.42 9,311.42 444,253.6 183.8 8,189 1,626.2 16,255 -14.8 11,581.8 -15.9CY 2004 175,268.1 5,251.5 8,243.9 5,766.5 8,167.7 1,120.07 1,451 1.20 11,179.25 427,064.9 113.3 6,374 1,267.5 13,679 -15.8 7,817.6 -32.5CY 2005 186,155.7 6,152.7 7,821.1 6,851.5 8,454.9 1,270.09 2,075 1.14 12,422.58 363,760.7 72.4 5,489 1,003.4 12,998 -4.9 6,703.4 -14.2CY 2006 175,683.9 6,031.1 4,434.2 6,544.5 7,227.6 1,625.92 1,927 1.10 16,110.38 326,391.8 130.1 5,227 1,014.5 13,245 1.9 5,500.5 -17.9CY 2007 140,455.1 5,703.8 4,461.5 9,186.3 6,533.2 1,663.69 2,228 1.30 16,996.33 317,128.7 213.6 5,257 1,125.7 14,091 6.3 5,727.9 4.1CY 2008 125,751.8 5,873.6 4,494.4 8,842.8 5,862.0 1,187.82 2,211 1.99 12,150.80 298,333.8 222.9 5,687 1,534.7 15,646 11.0 12,291.9 114.5CY 2009 145,660.1 7,439.5 4,925.6 11,393.1 4,406.6 869.33 2,272 2.30 9,346.11 260,268.7 142.3 4,568 1,338.8 15,480 -1.0 6,930.0 -43.6CY 2010 165,823.5 7,608.1 4,540.1 9,558.9 3,902.4 885.43 2,089 2.04 10,006.49 273,409.6 137.9 3,135 816.8 13,321 -13.9 7,160.7 3.3CY 2011 164,064.4 6,654.9 3,153.5 8,283.5 3,499.5 820.80 2,141 2.12 9,425.42 280,724.5 69.1 2,609 680.7 12,734 -4.4 3,592.9 -49.8CY 2012 172,248.9 6,771.6 4,700.0 8,209.9 3,172.5 768.64 2,096 2.23 9,102.56 272,409.3 83.8 2,390 555.4 12,124 -4.7 3,834.5 6.7CY 2013 181,032.2 7,079.6 4,873.1 8,659.3 2,634.7 1,125.94 3,436 1.70 13,577.87 269,759.5 101.6 1,820 399.0 10,855 -10.4 2,782.3 -27.4CY 2014 175,848.9 6,880.8 4,600.7 8,397.8 2,482.7 1,263.58 2,512 1.62 15,460.43 238,404.6 133.5 1,465 331.8 9,731 -10.3 1,874.0 -32.6CY 2015 174,508.8 6,849.9 3,134.7 6,848.2 2,470.1 1,554.16 2,541 1.51 19,203.77 209,781.5 202.6 1,236 280.3 8,812 -9.4 2,112.3 12.7CY 2016 168,854.8 6,346.1 3,335.6 10,615.9 1,865.7 1,355.93 2,423 1.84 16,920.48 162,578.1 261.1 1,062 244.9 8,446 -4.2 2,006.1 -5.0CY 2017 159,169.0 6,298.0 3,643.9 11,273.5 1,444.4 1,624.09 1,985 1.63 20,209.03 136,273.4 107.2 899 213.4 8,405 -0.4 3,167.6 57.82016．Oct.-Dec. 41,993.9 1,774.0 640.0 2,109.1 422.7 1,432.37 2,398 1.71 17,951.93 35,088.7 43.2 239 44.1 2,086 -3.0 877.3 38.52017．Jan.-Mar. 42,221.0 1,352.9 636.9 2,700.0 405.9 1,541.84 2,113 1.70 19,245.01 34,169.2 44.3 237 46.2 2,079 -3.0 411.1 -11.82017．Apr.-June 38,715.4 1,602.0 855.0 3,005.8 407.8 1,558.25 2,100 1.70 19,520.43 36,881.5 43.2 242 50.6 2,188 2.7 1,799.3 449.82017．July-Sept. 40,062.0 1,572.5 757.0 2,970.7 346.3 1,623.61 1,894 1.57 19,873.05 31,225.8 10.1 219 54.8 2,032 -2.6 318.0 -5.02017．Oct.-Dec. 38,170.5 1,770.5 1,395.0 2,597.0 284.5 1,771.34 1,836 1.45 22,182.06 33,996.7 9.6 201 61.8 2,106 0.9 639.1 -27.12018．Jan.-Mar. 38,954.8 1,156.2 949.4 1,489.0 291.0 1,786.02 1,739 1.54 22,333.55 31,617.0 15.9 195 50.5 2,041 -1.8 327.2 -20.42018．Apr.-June 36,283.9 P 1,707.0 P 830.0 P 2,876.0 337.1 1,761.67 1,656 1.68 22,348.18 34,101.9 11.9 195 37.2 2,107 -3.7 419.3 -76.62017． July 13,264.0 544.2 290.0 1,353.5 116.2 1,620.17 1,927 1.66 20,044.86 9,148.0 3.4 81 12.9 714 0.2 109.8 -11.32017． Aug. 12,411.1 409.0 187.0 698.0 106.6 1,612.95 1,811 1.64 19,670.17 10,564.1 6.5 64 13.9 639 -11.9 92.3 -26.72017． Sept. 14,387.0 619.3 280.0 919.2 123.6 1,638.79 1,952 1.57 19,924.40 11,513.6 0.2 74 27.9 679 4.6 115.8 36.12017． Oct. 12,720.3 631.5 420.0 950.0 91.2 1,721.72 1,858 1.51 21,267.49 11,409.4 3.3 77 30.4 733 7.3 95.8 -13.82017． Nov. 12,877.1 606.0 665.0 382.0 87.2 1,783.26 2,030 1.49 22,525.15 10,641.1 5.4 69 13.7 677 -2.3 145.6 -75.42017． Dec. 12,573.0 533.1 310.0 1,265.0 106.1 1,809.61 1,630 1.45 22,769.89 11,946.2 0.8 55 17.7 696 -1.9 397.5 131.62018． Jan. 13,055.0 407.0 260.0 500.5 85.3 1,882.57 1,743 1.44 23,712.21 9,107.7 2.1 67 10.2 635 4.9 104.5 -18.62018． Feb. 13,011.5 375.0 380.0 307.5 93.3 1,766.57 1,903 1.51 21,991.68 10,741.6 5.8 64 15.3 617 -10.3 89.9 -22.32018． Mar. 12,888.3 374.2 309.4 681.0 112.5 1,716.27 1,588 1.54 21,395.51 11,767.5 8.0 64 25.0 789 0.3 132.6 -20.42018． Apr. 11,743.9 P 563.0 P 135.0 P 848.5 113.6 1,737.42 1,627 1.50 21,868.79 10,383.4 5.4 73 14.8 650 -4.4 95.4 -8.22018． May 12,588.1 P 639.0 P 400.0 P 599.5 101.3 1,783.96 1,739 1.66 22,590.05 11,953.8 1.3 77 14.2 767 -4.3 104.3 -2.32018． June 11,951.9 P 505.0 P 295.0 P 1,428.0 122.2 1,762.48 1,599 1.68 22,562.88 11,764.6 5.3 45 8.2 690 -2.2 219.5 -86.12018． July 12,174.3 P 556.5 P 145.0 P 1,351.0 106.1 1,729.12 1,526 1.68 22,309.06 10,191.6 1.3 67 15.2 702 -1.6 112.7 2.52018． Aug. 1,721.03 1,455 1.71 22,494.14 9,643.6 4.0 77 23.4 694 8.6 121.2 31.2

(※)　Stock Prices and Yields (Nikkei Average): After large replacement of brand components on 24th April, 2000, (※) Suspension of Business Transactions with Banks: Since April 2007, index is discontinuous as for continuously and simply comparing before replacement with after replacement. figures are not series, because survey methodology has been changed. Tokyo Stock Price Index: Average figures are calculated by Policy Planning and Research Division , Minister's Secretariat , Ministry of Finance.

Average Yield of Divided

PayingCompanies

(End of Month)

NikkeiAverage（※）

Issues of Public and Corporate Bonds Stock Prices and Yields (Average)

Tokyo ★

Clearing ofChecks and Bills

ReturnedChecks

and Bills

Suspension of BusinessTransactions with Banks (※) Business Failures

GovernmentBonds

LocalGovernment

Bonds

GovernmentGuaranteed

Bonds

StraightCorporate

BondsTokyo StockPrice Index

Daily AverageTradingVolume

All ClearingHouses

TotalAmount ofLiabilities

Numberof Cases

TotalLiabilities

% Billion Yen

★

Billion Yen Million Shares % Billion Yen Case Billion Yen Case

BankDebentures

Tokyo Stock Exchange (1st Section)

%

Released by Japan Securities Dealers Association Tokyo Stock Exchange Tokyo Clearing House Japanese BankersAssociation Tokyo Shoko Research Co. Ltd.

― 60 ―

〔Industrial Production, Producer Shipments, Producer Inventory, and Capital Utilization〕

● ● ● ◎ ●

CY * 1970 －－ - - －－－－－－－－－－－－－CY * 1975 －－ - - －－－－－－－－－－－－－CY * 1980 71.7 4.7 - - 74.7 192.9 68.1 76.3 60.0 68.2 2.8 105.8 8.4 95.3 8.9 82.6 120.3CY * 1985 84.9 3.7 - - 96.1 168.0 93.5 86.5 71.4 78.9 3.5 105.5 3.5 96.8 4.3 93.3 119.6CY * 1990 105.8 4.0 - - 131.7 203.6 111.8 101.9 88.2 99.7 4.9 114.6 -0.7 89.1 -1.2 101.5 124.5CY * 1995 101.2 3.3 - - 117.0 184.2 93.9 102.9 88.7 96.5 2.6 127.1 5.6 103.2 1.7 105.9 108.5CY * 2000 105.9 5.7 - - 121.6 157.4 105.6 101.4 97.4 104.1 5.9 117.4 2.1 101.1 -3.1 104.7 109.1CY 2002 97.5 -1.2 - - 102.3 138.1 99.6 98.3 91.0 97.3 -0.2 107.2 -8.0 103.0 -7.6 99.1 101.9CY 2003 100.4 3.0 - - 103.6 133.4 101.2 98.3 96.1 100.6 3.4 104.1 -2.9 98.0 -4.9 96.7 106.4CY 2004 105.2 4.8 - - 117.7 131.9 102.8 99.1 100.8 105.5 4.8 104.0 -0.1 93.8 -4.3 96.0 111.3CY 2005 106.7 1.4 - - 122.2 128.8 106.2 96.5 102.5 107.0 1.4 108.9 4.7 96.2 2.6 96.3 112.7CY 2006 111.4 4.5 - - 127.3 127.4 115.3 98.5 107.6 111.9 4.6 112.8 3.6 96.3 0.1 97.8 115.8CY 2007 114.6 2.8 - - 131.0 122.9 119.3 99.7 111.7 115.3 3.1 114.2 1.2 96.5 0.3 100.1 116.8CY 2008 110.7 -3.4 - - 122.3 118.3 115.5 100.8 107.1 110.6 -4.1 121.9 6.7 105.7 9.5 101.7 111.5CY 2009 86.5 -21.8 - - 82.3 101.9 83.9 99.4 83.6 86.6 -21.7 100.5 -17.6 127.2 20.3 100.3 83.6CY 2010 100.0 15.6 - - 100.0 100.0 100.0 100.0 100.0 100.0 15.4 102.9 2.4 100.0 -21.4 99.9 100.0CY 2011 97.2 -2.8 - - 105.2 99.7 88.3 98.9 95.6 96.3 -3.7 105.0 2.0 108.1 8.1 99.8 95.7CY 2012 97.8 0.6 - - 102.8 102.1 93.5 99.6 96.0 97.5 1.2 110.5 5.2 113.2 4.7 98.2 97.8CY 2013 97.0 -0.8 - - 100.5 104.5 89.3 99.2 96.1 96.9 -0.6 105.7 -4.3 109.0 -3.7 97.1 97.3CY 2014 99.0 2.1 - - 107.6 102.5 88.4 99.0 98.0 98.2 1.3 112.3 6.2 109.8 0.7 95.3 101.3CY 2015 97.8 -1.2 - - 105.8 98.3 84.0 99.3 97.7 96.9 -1.3 112.3 0.0 114.2 4.0 95.0 98.7CY 2016 97.7 -0.1 - - 104.6 96.6 85.4 103.2 96.6 96.3 -0.6 106.4 -5.3 114.2 0.0 94.5 97.7CY 2017 102.0 4.4 - - 110.8 97.4 87.0 106.4 101.5 100.1 3.9 108.4 1.9 111.5 -2.4 94.6 101.52016． Oct.-Dec. 100.5 2.1 99.8 1.8 107.8 96.6 88.0 103.4 99.0 98.6 2.4 107.3 -2.4 109.7 -4.0 94.5 100.12017． Jan.-Mar. 101.0 3.5 100.0 0.2 106.5 96.7 86.3 105.0 99.8 98.5 -0.1 109.2 1.8 111.1 1.3 94.1 100.12017． Apr.-June 99.6 5.6 101.8 1.8 110.4 97.2 87.9 106.4 101.1 99.9 1.4 108.9 -0.3 111.8 0.6 94.1 101.82017． July-Sept. 102.1 4.0 102.3 0.5 111.3 98.0 86.7 106.9 101.9 100.5 0.6 107.4 -1.4 111.1 -0.6 94.3 101.62017． Oct.-Dec. 105.1 4.6 103.9 1.6 115.0 97.7 87.4 107.5 103.4 101.3 0.8 109.8 2.2 112.1 0.9 94.6 102.72018． Jan.-Mar. 103.4 2.4 102.5 -1.3 112.5 94.4 85.4 108.4 102.4 100.2 -1.1 113.5 3.4 114.9 2.5 94.3 101.02018． Apr.-June 101.5 1.9 103.8 1.3 113.7 97.2 87.1 110.0 103.2 102.1 1.9 111.4 -1.9 114.7 -0.2 93.7 102.02017． June 105.8 5.2 101.9 1.2 110.8 98.3 87.3 106.1 101.3 100.5 1.6 108.9 -1.6 110.7 -0.9 94.1 101.72017． July 103.1 4.5 101.6 -0.3 109.7 98.6 85.8 106.8 101.5 100.1 -0.4 108.2 -0.6 112.4 1.5 94.3 100.62017． Aug. 97.1 5.0 102.9 1.3 113.5 99.1 87.2 105.9 102.5 101.6 1.5 107.6 -0.6 110.1 -2.0 94.3 102.52017． Sept. 106.1 2.5 102.3 -0.6 110.8 96.2 87.1 108.1 101.6 99.8 -1.8 107.4 -0.2 110.7 0.5 94.3 101.62017． Oct. 104.5 5.7 102.8 0.5 112.5 96.4 86.5 107.2 102.4 99.4 -0.4 110.5 2.9 113.3 2.3 94.6 101.92017． Nov. 105.4 3.6 103.5 0.7 114.9 96.1 86.8 107.3 103.1 101.3 1.9 109.8 -0.6 111.3 -1.8 94.6 102.32017． Dec. 105.3 4.5 105.4 1.8 117.5 100.7 88.9 107.9 104.6 103.3 2.0 109.8 0.0 111.7 0.4 94.6 103.92018． Jan. 95.4 2.9 100.7 -4.5 110.5 93.2 78.7 108.8 100.5 98.7 -4.5 109.3 -0.5 113.7 1.8 94.4 98.62018． Feb. 100.2 1.6 102.7 2.0 112.6 94.1 89.0 108.2 102.8 100.3 1.6 109.9 0.5 114.0 0.3 94.4 101.92018． Mar. 114.5 2.4 104.1 1.4 114.3 95.9 88.5 108.3 103.8 101.5 1.2 113.5 3.3 117.1 2.7 94.3 102.42018． Apr. 100.8 2.6 104.6 0.5 116.6 98.4 91.6 109.8 102.8 103.1 1.6 112.8 -0.6 113.8 -2.8 94.0 104.22018． May 98.8 4.2 104.4 -0.2 114.1 98.5 84.9 110.1 103.8 101.5 -1.6 113.5 0.6 113.9 0.1 94.0 102.02018． June 104.8 -0.9 102.5 -1.8 110.3 94.7 84.9 110.1 103.0 101.8 0.3 111.4 -1.9 116.5 2.3 93.7 99.82018． July 105.4 2.2 102.3 -0.2 108.5 95.9 81.5 112.0 103.0 99.8 -2.0 111.2 -0.2 117.0 0.4 93.7 99.2

(※)　Base year changed in June 2013. The figures of before 2008, Conected Indices base year was 2010.

NondurableConsumerGoods

Index ofManufacturingOperating rate

Index of Industrial Production Index ofProducers'Shipments

2010＝100 (※) ％

Released by Ministry of Economy, Trade and Industry

☆（★）

☆（★）

☆（★）

★ Index ☆CapitalGoods

Index ofProducers'Inventory ofFinished Goods(End of Year orMonth)

Index ofProducers'Inventory Ratio ofFinished Goods

Index ofManufacturingProductionCapacity (Endof Year orMonth)

Special Group

◎

● ●

ProducerGoods

ConstructionGoods

DurableConsumerGoods

― 61 ―

〔Orders and Housing〕

CY * 1970 6,468.4 － 3,938.1 2,992.5 － 2,015.7 － 987.4 － 3,441.2 －－ 1,485 12.0 - - －－－

CY * 1975 8,441.0 5.5 3,920.7 3,317.2 2.1 1,794.6 -2.3 1,529.5 9.1 5,947.2 －－ 1,356 -1.8 - - －－－

CY * 1980 14,153.4 12.6 7,197.6 5,437.2 19.9 2,935.0 26.6 2,524.3 13.6 9,017.5 －－ 1,269 -15.0 - - -14.5 -22.7 -7.3

CY * 1985 16,250.0 1.1 8,082.2 6,659.7 7.6 3,752.2 6.8 2,923.7 8.6 12,048.3 6,139.3 － 1,236 4.1 - - -1.1 13.5 -3.0

CY * 1990 28,030.5 10.3 16,429.3 14,367.0 10.4 7,289.8 9.4 7,097.7 11.2 25,551.1 15,569.0 33.1 1,707 2.7 - - -3.4 -1.3 21.8

CY * 1995 25,713.5 4.1 14,108.1 11,667.2 6.7 5,015.7 7.4 6,661.4 6.4 19,452.4 8,808.6 -1.0 1,470 -6.4 - - -6.1 -7.0 -5.6

CY * 2000 26,300.5 13.8 13,309.7 12,055.8 19.0 5,141.9 21.7 6,927.1 16.8 15,943.9 7,529.6 1.1 1,230 1.3 - - -4.9 -0.7 14.1

CY 2002 22,040.4 -10.9 11,182.3 9,987.5 -12.0 3,777.8 -12.0 6,250.1 -11.7 12,986.2 5,687.2 -14.1 1,151 -1.9 - - -4.9 2.7 -4.4

CY 2003 25,357.1 15.0 12,247.5 11,054.5 10.7 4,408.9 16.7 6,665.3 6.6 12,534.6 6,091.3 7.1 1,160 0.8 - - 1.3 0.3 0.8

CY 2004 26,432.7 4.2 12,534.0 11,544.2 4.4 4,984.7 13.1 6,583.6 -1.2 13,061.1 6,805.2 11.7 1,189 2.5 - - -0.8 3.0 5.8

CY 2005 27,583.4 4.4 13,354.4 12,364.9 7.1 5,416.6 8.7 6,975.5 6.0 13,896.6 6,911.1 1.6 1,236 4.0 - - -4.5 8.5 6.8

CY 2006 29,488.5 - 13,070.8 11,676.4 - 5,844.7 - 5,858.2 - 13,621.4 7,321.5 5.9 1,290 4.4 - - 1.5 7.8 2.7

CY 2007 29,715.0 0.8 12,501.1 11,179.2 -4.3 5,624.7 -3.8 5,598.6 -4.4 13,794.6 8,006.8 9.4 1,061 -17.8 - - -12.2 -18.7 -22.3

CY 2008 28,101.7 -5.4 12,320.6 10,596.5 -5.2 5,084.2 -9.6 5,575.4 -0.4 14,005.6 8,073.9 0.8 1,094 3.1 - - 1.2 5.2 1.8

CY 2009 19,084.4 -32.1 9,415.6 7,711.9 -27.2 2,930.5 -42.4 4,812.8 -13.7 10,040.6 5,660.2 -29.9 788 -27.9 - - -10.6 -30.8 -43.7

CY 2010 23,218.4 21.7 10,193.2 8,255.5 7.0 3,563.1 21.6 4,713.1 -2.1 10,246.6 5,690.4 0.5 813 3.1 - - 7.2 -7.3 19.6

CY 2011 24,787.4 6.8 10,928.9 8,896.1 7.8 3,933.7 10.4 4,986.6 5.8 10,657.7 6,021.4 5.8 834 2.6 - - 0.1 -4.1 16.2

CY 2012 23,733.7 -4.3 10,381.5 8,813.4 -0.9 3,659.2 -7.0 5,173.5 3.7 11,000.0 6,037.7 0.3 883 5.8 - - 2.0 11.4 5.2

CY 2013 25,604.1 7.9 10,973.7 9,323.2 5.8 3,685.8 0.7 5,676.4 9.7 13,207.6 7,426.9 23.0 980 11.0 - - 13.9 11.8 6.9

CY 2014 27,891.9 8.9 11,603.4 9,692.0 4.0 4,103.6 11.3 5,628.4 -0.8 13,928.6 6,796.2 -8.5 892 -9.0 - - -19.6 1.7 -10.0

CY 2015 28,606.6 2.6 12,420.6 10,089.1 4.1 4,369.8 6.5 5,748.3 2.1 14,124.0 8,071.6 18.8 909 1.9 - - -0.7 4.6 1.6

CY 2016 27,190.7 -4.9 12,640.8 10,260.0 1.7 4,301.0 -1.6 5,985.4 4.1 14,699.1 8,352.8 3.5 967 6.4 - - 3.1 10.5 3.9

CY 2017 28,115.9 3.4 12,012.0 10,143.1 -1.1 4,482.8 4.2 5,681.7 -5.1 14,782.7 8,650.2 3.6 965 -0.3 - - -2.7 0.2 1.9

2016． Oct.-Dec. 7,257.5 14.3 3,318.4 2,577.7 0.4 1,066.7 2.4 1,518.5 0.0 3,453.3 1,988.9 9.8 251 7.9 968 -1.0 4.6 13.0 3.8

2017． Jan.-Mar. 6,687.5 -7.9 2,906.9 2,546.1 -1.2 1,052.5 -1.3 1,511.1 -0.5 4,331.7 2,308.5 2.0 223 3.2 972 0.3 -0.8 10.0 -2.0

2017． Apr.-June 6,799.1 1.7 2,887.5 2,459.8 -3.4 1,079.7 2.6 1,389.2 -8.1 3,407.8 1,998.8 -4.9 250 1.1 987 1.6 -0.5 0.3 4.7

2017． July-Sept. 7,230.7 6.3 3,052.5 2,528.9 2.8 1,146.7 6.2 1,389.7 0.0 3,450.8 2,081.3 4.1 247 -2.4 955 -3.3 -5.3 -3.6 3.7

2017． Oct.-Dec. 7,518.5 4.0 3,146.6 2,536.6 0.3 1,187.3 3.5 1,360.2 -2.1 3,592.5 2,261.7 13.7 245 -2.5 948 -0.7 -3.9 -3.6 0.8

2018． Jan.-Mar. 7,121.3 -5.3 3,037.2 2,619.8 3.3 1,216.8 2.5 1,407.0 3.4 4,445.1 2,446.6 6.0 205 -8.2 892 -5.9 -3.4 -9.4 -10.8

2018． Apr.-June 7,309.4 2.6 3,180.6 2,678.6 2.2 1,283.5 5.5 1,401.9 -0.4 3,155.6 1,992.3 -0.3 245 -2.0 968 8.5 -2.5 -3.5 -1.3

2017． June 2,270.6 1.0 986.4 804.5 -1.8 351.9 -4.1 452.9 -1.5 1,328.9 808.1 7.7 87 1.7 986 0.1 -3.4 -2.6 15.5

2017． July 2,352.2 3.6 994.6 840.9 4.5 358.4 1.8 472.0 4.2 1,040.7 618.8 -1.7 83 -2.3 965 -2.1 -5.7 -3.7 5.7

2017． Aug. 2,551.8 8.5 1,040.7 867.9 3.2 400.6 11.8 470.8 -0.2 933.9 575.8 1.2 81 -2.0 942 -2.4 -7.4 -4.9 12.0

2017． Sept. 2,326.7 -8.8 1,017.2 820.1 -5.5 387.7 -3.2 447.0 -5.1 1,476.2 886.7 10.7 83 -2.9 956 1.4 -2.7 -2.3 -5.3

2017． Oct. 2,416.7 3.9 1,040.1 841.9 2.7 407.3 5.1 443.8 -0.7 1,075.7 632.4 5.1 83 -4.8 945 -1.1 -4.8 -4.8 -4.8

2017． Nov. 2,733.8 13.1 1,085.9 888.6 5.5 407.4 0.0 470.7 6.0 1,137.9 723.7 26.7 85 -0.4 962 1.7 -4.2 -2.9 8.7

2017． Dec. 2,368.1 -13.4 1,020.6 806.0 -9.3 372.6 -8.5 445.7 -5.3 1,378.8 905.6 11.0 77 -2.1 936 -2.7 -2.5 -3.0 -1.3

2018． Jan. 2,474.5 4.5 985.6 872.3 8.2 409.4 9.9 465.4 4.4 925.6 520.1 -1.7 66 -13.2 856 -8.6 0.1 -10.8 -27.5

2018． Feb. 2,418.8 -2.3 1,132.1 891.0 2.1 442.3 8.0 465.7 0.0 1,247.9 725.8 30.9 69 -2.6 926 8.2 -6.1 -4.6 3.4

2018． Mar. 2,228.0 -7.9 919.6 856.6 -3.9 365.0 -17.5 475.9 2.2 2,271.7 1,200.6 -2.0 70 -8.3 895 -3.4 -4.2 -12.3 -3.6

2018． Apr. 2,508.0 12.6 1,058.7 943.1 10.1 447.9 22.7 477.8 0.4 1,021.2 624.5 11.4 84 0.3 992 10.9 -1.9 -2.1 5.0

2018． May 2,587.5 3.2 1,092.9 907.9 -3.7 453.8 1.3 478.7 0.2 892.1 564.0 -10.5 80 1.3 996 0.4 -2.2 -5.7 12.2

2018． June 2,213.9 -14.4 1,028.9 827.6 -8.8 381.8 -15.9 445.4 -7.0 1,242.4 803.7 -0.5 81 -7.1 915 -8.2 -3.4 -3.0 -18.8

2018． July 2,630.4 18.8 1,143.5 918.6 11.0 426.8 11.8 494.1 10.9 943.9 627.3 1.4 83 -0.7 958 4.7 0.3 -1.4 -0.7

(※) Orders Received for Machinery (280 Companies): Before March 1987, base was 178 Companies.In April 2005, the seasonal adjustments in the survey are made using the Census Bureau method (X-11 of X-12-ARIMA)Since 2006 ,"mobile phone" has been excluded

Orders Received for Construction (50 Companies): After April 1985, base was changed from 43 Companies to 50 Companies.

☆

Orders Received for Machinery (280 Companies) ● (※)

OwnHouse

RentedHouse

Total

DemandbyPrivateSector

Total NumberSeasonallyAdjustedAnnualRates

With inexceptShips・Electricity☆ ☆ ☆ ★ ☆

Thousand of Units ％ ★ ％

Orders Received for Construction( 50 Companies) (※) New Construction Starts of Dwellings

％ Billion Yen ％

Condo-minium

byManufac-turingindustries

by Nonmanufacturingindustries(except Ships・Electricity)

PrivateNon-Residence

Billion Yen ％

★

Released by Cabinet Office Ministry of Land, Infrastructure and Transport

Billion Yen ％ Billion Yen ％Thousandof Units ％Billion Yen

― 62 ―

〔Labour and Wages〕

□

CY * 1970 19.2 －－ 16.7 17.5 78.8 － 131.2 3.8 - 132.5 － 107.6 -4.4 - 5,153 5,094 3,306 59 1.1 1.41 1.61* 1975 45.3 14.8 2.7 38.1 11.5 80.5 -1.6 122.6 -5.2 - 81.8 -16.7 52.4 -24.2 - 5,323 5,223 3,646 100 1.9 0.61 0.97* 1980 66.3 6.3 -1.6 56.7 7.5 84.4 1.5 117.0 1.0 - 106.3 1.8 93.0 6.8 - 5,650 5,536 3,971 114 2.0 0.75 1.07* 1985 79.6 2.8 0.7 69.0 3.1 88.6 1.0 121.7 1.6 - 114.6 1.8 102.9 0.9 - 5,963 5,807 4,313 156 2.6 0.68 0.97* 1990 101.9 －－ 83.4 － 82.3 － 134.8 － - 123.4 － 112.2 － - 6,384 6,249 4,835 134 2.1 1.40 2.07* 1995 111.7 1.1 1.4 92.1 2.9 89.9 0.6 132.0 -1.4 - 89.3 2.0 77.6 9.1 - 6,666 6,457 5,263 210 3.2 0.63 1.06* 2000 111.7 0.1 0.9 96.1 1.6 90.5 -0.3 118.3 -2.6 - 91.3 4.4 88.2 13.4 - 6,766 6,446 5,356 320 4.7 0.59 1.05

2002 106.7 -2.9 -1.9 94.6 -1.3 89.3 -1.0 109.0 -5.0 - 88.6 1.1 84.6 4.1 - 6,689 6,330 5,331 359 5.4 0.54 0.932003 105.8 -0.7 -0.5 96.3 1.8 88.5 -0.9 105.9 -2.8 - 92.8 4.6 93.2 10.1 - 6,666 6,316 5,335 350 5.3 0.64 1.072004 105.1 -0.7 -0.7 97.9 1.6 88.6 0.1 104.6 -1.3 - 95.9 3.3 99.9 7.3 - 6,642 6,329 5,355 313 4.7 0.83 1.292005 105.8 0.6 1.0 98.9 1.0 88.7 0.1 104.3 -0.3 - 97.0 1.1 99.7 -0.3 - 6,650 6,356 5,393 294 4.4 0.95 1.462006 106.0 0.3 0.0 100.1 1.3 89.2 0.6 104.6 0.3 - 99.5 2.6 104.2 4.5 - 6,664 6,389 5,478 275 4.1 1.06 1.562007 104.9 -1.0 -1.1 99.7 -0.5 91.3 2.3 105.1 0.5 - 100.8 1.3 104.5 0.3 - 6,684 6,427 5,537 257 3.9 1.04 1.522008 104.6 -0.3 -1.8 100.1 0.4 93.4 2.3 105.5 0.4 - 99.2 -1.5 96.8 -7.3 - 6,674 6,409 5,546 265 4.0 0.88 1.252009 100.5 -3.9 -2.6 93.1 -6.9 94.2 0.9 102.8 -2.7 - 84.5 -14.9 66.0 -31.9 - 6,650 6,314 5,489 336 5.1 0.47 0.792010 101.0 0.5 1.3 96.8 3.9 94.5 0.4 101.8 -0.8 - 93.0 10.1 88.2 33.7 - 6,632 6,298 5,500 334 5.1 0.52 0.892011 100.8 -0.2 0.1 98.8 2.0 95.2 0.7 101.5 -0.3 - 93.9 1.0 89.8 1.8 - 6,596 6,293 5,512 302 4.6 0.65 1.052012 100.0 -0.9 -0.9 98.6 -0.2 95.8 0.7 101.2 -0.3 - 94.6 0.7 91.4 1.8 - 6,565 6,280 5,513 285 4.3 0.80 1.282013 99.6 -0.4 -0.9 97.9 -0.7 96.6 0.8 100.0 -1.2 - 97.1 2.7 93.8 2.6 - 6,593 6,326 5,567 265 4.0 0.93 1.462014 100.0 0.4 -2.8 99.6 1.8 98.0 1.5 99.6 -0.4 - 101.0 4.0 99.5 6.1 - 6,609 6,371 5,613 236 3.6 1.09 1.662015 100.0 0.1 -0.9 100.0 0.4 100.0 2.1 100.0 0.4 - 100.0 -1.0 100.0 0.4 - 6,625 6,401 5,663 222 3.4 1.20 1.802016 100.6 0.5 0.7 100.6 0.6 102.1 2.1 100.4 0.4 - 98.5 -1.5 98.3 -1.7 - 6,673 6,465 5,750 208 3.1 1.36 2.042017 101.0 0.4 -0.2 101.9 1.3 104.7 2.5 101.1 0.7 - 99.5 1.0 101.3 3.1 - 6,720 6,530 5,819 190 2.8 1.50 2.24

2016． Oct.-Dec. 115.9 0.4 0.1 119.1 0.6 103.2 2.2 100.6 0.5 0.2 101.2 -1.2 103.2 -0.2 0.9 6,691 6,496 5,805 203 3.0 1.41 2.132017． Jan.-Mar. 86.3 0.2 -0.1 83.6 1.1 102.9 2.3 100.0 0.3 0.0 99.7 1.2 100.6 3.1 1.4 6,634 6,443 5,758 192 2.9 1.44 2.142017． Apr.-June 104.0 0.5 -0.1 99.5 1.5 104.7 2.6 101.5 0.6 0.4 99.1 0.9 98.3 2.9 -0.1 6,743 6,543 5,800 193 2.9 1.49 2.232017． July-Sept. 97.0 0.2 -0.6 103.5 1.1 105.4 2.6 101.3 0.7 0.2 97.0 0.9 99.4 2.6 0.4 6,767 6,577 5,848 188 2.8 1.52 2.252017． Oct.-Dec. 116.7 0.7 -0.1 121.1 1.7 105.9 2.6 101.4 0.8 0.3 102.4 1.2 106.7 3.4 1.6 6,736 6,558 5,868 184 2.7 1.57 2.362018． Jan.-Mar. 87.5 1.4 -0.2 85.0 1.7 105.0 1.9 101.0 1.0 0.1 98.5 -1.2 103.8 3.2 1.3 6,753 6,587 5,876 167 2.5 1.59 2.352018． Apr.-June 106.3 2.2 1.4 102.1 2.6 106.4 1.6 102.6 1.1 0.5 99.7 0.6 101.1 2.8 -0.5 6,854 6,685 5,929 163 2.4 1.60 2.392017． June 138.2 0.4 -0.1 131.7 1.7 105.1 2.6 101.5 0.6 0.1 97.3 0.7 98.8 2.0 -0.1 6,775 6,583 5,848 190 2.8 1.50 2.242017． July 118.3 -0.6 -1.1 141.1 0.7 105.4 2.7 101.4 0.7 0.0 98.2 0.6 100.6 1.8 0.2 6,754 6,563 5,839 191 2.8 1.51 2.262017． Aug. 87.4 0.7 -0.1 85.0 0.1 105.3 2.5 101.2 0.7 0.0 93.6 0.6 95.6 2.6 0.1 6,762 6,573 5,840 186 2.8 1.52 2.222017． Sept. 85.3 0.9 -0.1 84.5 2.7 105.5 2.7 101.3 0.8 0.2 99.1 1.5 101.9 3.1 0.9 6,786 6,596 5,866 188 2.8 1.53 2.272017． Oct. 85.3 0.2 -0.1 83.4 1.0 105.7 2.7 101.4 0.8 0.1 100.9 0.7 104.4 3.7 0.7 6,762 6,581 5,877 186 2.8 1.55 2.352017． Nov. 88.7 0.9 0.1 88.1 1.1 106.0 2.7 101.5 0.9 0.1 102.7 1.5 107.5 3.6 0.3 6,730 6,552 5,865 184 2.7 1.56 2.342017． Dec. 176.1 0.9 -0.3 191.7 2.2 106.1 2.6 101.4 0.9 0.0 103.6 1.5 108.1 3.0 0.2 6,716 6,542 5,863 183 2.7 1.59 2.382018． Jan. 87.1 1.2 -0.6 84.1 0.4 105.2 1.8 101.1 0.9 0.0 94.5 -2.0 95.6 2.7 0.1 6,722 6,562 5,880 160 2.4 1.59 2.342018． Feb. 84.7 1.0 -0.8 83.1 1.2 105.2 2.0 101.0 1.0 0.1 98.2 -0.9 106.9 2.4 1.1 6,744 6,578 5,875 169 2.5 1.58 2.302018． Mar. 90.7 2.0 0.7 87.9 3.5 104.6 1.9 101.0 1.1 0.2 102.7 -0.9 108.8 4.2 0.7 6,793 6,620 5,872 173 2.5 1.59 2.412018． Apr. 88.3 0.6 -0.2 85.9 1.7 106.0 1.6 102.6 1.1 0.2 103.6 0.0 106.3 3.1 -0.7 6,851 6,671 5,916 172 2.5 1.59 2.372018． May 87.9 2.1 1.3 83.4 1.5 106.5 1.7 102.6 1.1 0.1 97.3 0.9 95.6 2.7 -0.7 6,856 6,698 5,931 151 2.2 1.60 2.342018． June 142.7 3.3 2.5 137.1 4.1 106.7 1.5 102.6 1.1 0.1 98.2 0.9 101.3 2.5 -0.3 6,855 6,687 5,940 166 2.4 1.62 2.472018． July 120.2 1.6 0.5 143.2 1.5 106.8 1.3 102.6 1.2 0.1 96.4 -1.8 101.3 0.7 -1.7 6,832 6,660 5,953 172 2.5 1.63 2.42

(※)　Base year changed in March 2017. In 1989 and before, enterprises with 30 employees and over.(base year = 2005) Labour Force Survey: The benchmark population for calculating the results of the Labour Force Survey has been revised to the 2015 Census-based population estimates in January 2017.

In order to remove the gaps, data from October 2010 through December 2016 have been adjusted to comparable time-series data responding to the revision. indicates Supplementary-estimated figures (Referential figures:2015-census base). The reason of the treatment is that figures covering

from March through August 2011 for whole Japan were missing due to the damage caused by the Great East Japan Earthquake.

Enterprises with 5 employees and over.AllIndust-ries

Manu-facturing

AllIndust-ries

Manu-facturing

AllIndust-ries

Em-ployeesManu-

facturing★★ ★

Cash Earning Index Employment Index of Regular Employees Index of Nonscheduled Hours Worked

LabourForce

Em-ployed

★ ● ☆ ★ ★ ● ☆●

TotallyUnemployed

Unemploymentrate

Ratio ofJob OfferstoApplicants

Rate of NewJob Offersto NewApplicants

2015 = 100 (※) ％ 10 thousand Persons ％ Times

Released by Ministry of Health, Labour and Welfare Ministry of Internal Affairs and Communications Ministry of Health, Labourand Welfare

― 63 ―

〔Consumption・Prices〕

★ ☆ ★ ☆ ☆ ★ ☆

CY * 1970 79,531 10.4 －－－－－－ 3.4 - 4.4 - 3.4 - － - － - - - - - - - -

* 1975 157,982 14.7 －－－－－－ 2.8 - -3.8 - 8.2 - － - － 11.7 - 11.9 - 12.2 - 12.6 -

* 1980 230,568 7.4 -0.6 77.9 －－－－ 15.0 - 9.1 - 49.4 - － - － 7.7 - 7.5 - 7.1 - 7.1 -

* 1985 273,114 2.6 0.5 77.5 3.6 －－－ -0.8 - -1.4 - -2.4 - － - 26.50 2.0 - 2.0 - 2.4 - 2.4 -

* 1990 311,174 3.9 0.8 75.3 8.4 6.6 7.8 5.1 1.5 - 2.1 - 8.6 - － - 20.65 3.1 - 2.7 - 3.0 - 2.7 -

* 1995 329,062 -1.4 -1.1 72.5 0.0 -1.9 -2.1 -1.7 -0.8 - -2.2 - -0.1 - － - 16.10 -0.1 - 0.0 - -0.3 - -0.1 -

* 2000 317,328 -1.8 -0.9 72.1 -1.5 -4.6 -2.5 -6.4 0.0 - -4.6 - 4.7 - -0.4 - 26.20 -0.7 - -0.4 - -1.0 - -0.7 -2002 305,953 -1.0 0.1 73.0 -3.3 -2.2 -2.1 -2.2 -2.0 - -1.2 - -1.5 - -2.4 - 23.78 -0.9 - -0.9 - -1.0 - -0.9 -2003 301,841 -1.3 -1.0 74.1 0.1 -3.2 -2.6 -3.7 -0.8 - -4.0 - -0.9 - -1.3 - 26.72 -0.3 - -0.3 - -0.4 - -0.4 -2004 302,975 0.4 0.4 74.3 1.0 -3.5 -2.8 -4.1 1.3 - -1.4 - 4.2 - 0.5 - 33.46 0.0 - -0.1 - -0.1 - -0.2 -2005 300,531 -0.8 -0.4 74.7 1.0 -2.3 -0.5 -3.6 1.7 - 2.0 - 13.1 - 0.6 - 49.44 -0.3 - -0.1 - -0.5 - -0.4 -2006 294,943 -1.9 -2.2 72.5 0.1 -1.2 -0.7 -1.6 2.2 - 3.1 - 13.9 - 1.9 - 61.53 0.3 - 0.1 - 0.1 - 0.0 -2007 297,782 1.0 0.9 73.1 0.4 -1.0 -0.7 -1.3 1.8 - 2.2 - 7.6 - 1.4 - 68.29 0.0 - 0.0 - 0.1 - 0.0 -2008 296,932 -0.3 -1.9 73.4 0.4 -2.5 -4.2 -1.3 4.5 - -6.1 - 8.6 - 4.3 - 93.97 1.4 - 1.5 - 1.0 - 1.0 -2009 291,737 -1.7 -0.2 74.6 -2.2 -7.0 -10.1 -5.0 -5.2 - -10.5 - -25.4 - -4.8 - 61.94 -1.4 - -1.3 - -1.2 - -1.0 -2010 290,244 -0.5 0.3 74.0 2.6 -2.6 -3.0 -2.4 -0.1 - -2.5 - 7.0 - 0.0 - 78.10 -0.7 - -1.0 - -1.0 - -1.2 -2011 282,966 -2.5 -2.2 73.4 -1.0 -1.8 -2.3 -1.5 1.5 - -2.2 - 7.5 - 1.3 - 106.15 -0.3 - -0.3 - -0.5 - -0.4 -2012 286,169 1.1 1.1 73.9 1.8 -0.8 0.4 -1.4 -0.9 - -2.0 - -0.3 - -1.0 - 108.88 0.0 - -0.1 - -0.5 - -0.5 -2013 290,454 1.5 1.0 74.9 1.0 -0.4 1.8 -1.5 1.3 - 11.7 - 14.5 - 1.2 - 105.36 0.4 - 0.4 - 0.1 - 0.1 -2014 291,194 0.3 -2.9 75.3 1.7 0.9 2.1 0.3 3.1 - 3.2 - 4.2 - 3.1 - 96.56 2.7 - 2.6 - 2.3 - 2.2 -2015 287,373 -1.3 -2.3 73.8 -0.4 0.4 0.5 0.3 -2.3 - 1.3 - -11.3 - -2.2 - 51.11 0.8 - 0.5 - 0.7 - 0.6 -2016 282,188 -1.8 -1.7 72.2 -0.6 -0.9 -2.9 0.1 -3.5 - -9.3 - -16.4 - -3.6 - 41.36 -0.1 - -0.3 - -0.2 - -0.3 -2017 283,027 0.3 -0.3 72.1 1.9 0.0 0.6 -0.2 2.3 - 5.3 - 10.9 - 2.5 - 53.07 0.5 - 0.5 - 0.1 - 0.2 -

2016． Oct.-Dec. 290,432 -0.3 -0.7 71.8 0.8 -0.9 -2.8 0.2 -2.1 0.4 -5.8 4.8 -9.0 6.7 -2.2 0.4 47.87 0.3 0.6 -0.3 0.2 0.2 0.6 -0.5 0.1

2017． Jan.-Mar. 279,278 -1.6 -2.0 73.0 1.2 -1.5 -1.2 -1.6 0.9 1.5 2.6 4.0 8.6 7.5 1.0 1.6 52.82 0.3 -0.4 0.2 -0.1 -0.2 -0.7 -0.3 -0.4

2017． Apr.-June 282,596 0.7 0.2 74.6 2.5 0.2 0.9 -0.1 2.2 0.6 4.4 -1.5 11.7 -1.0 2.4 0.7 49.70 0.4 0.4 0.4 0.6 0.0 0.5 0.0 0.7

2017． July-Sept. 276,106 0.8 0.0 70.3 2.0 0.7 1.4 0.4 2.8 0.3 8.3 0.9 12.8 -0.8 3.0 0.3 50.63 0.6 0.0 0.6 0.0 0.4 0.0 0.3 0.0

2017． Oct.-Dec. 294,130 1.3 0.5 71.3 1.9 0.6 1.3 0.3 3.3 0.9 6.1 2.6 11.0 5.1 3.5 0.9 59.12 0.6 0.6 0.9 0.4 0.4 0.6 0.7 0.4

2018． Jan.-Mar. 285,516 1.7 0.1 71.4 1.4 0.4 0.4 0.3 2.5 0.6 0.6 -1.3 3.8 0.5 2.6 0.6 64.09 1.3 0.3 0.9 -0.1 1.2 0.1 0.8 -0.3

2018． Apr.-June 281,129 -1.4 -2.2 69.4 1.3 -0.4 1.5 -1.3 2.4 0.6 2.6 0.4 7.5 2.6 2.4 0.6 71.75 0.7 -0.3 0.7 0.4 0.5 -0.2 0.6 0.5

2017． July 279,197 0.4 -0.2 70.3 1.8 -0.2 -1.3 0.4 2.5 0.2 7.6 1.1 11.9 0.2 2.7 0.2 47.63 0.4 -0.2 0.5 -0.1 0.2 -0.2 0.2 -0.1

2017． Aug. 280,320 1.4 0.6 70.3 1.8 0.6 2.1 0.1 2.8 0.0 8.4 -0.5 12.8 -1.2 3.1 0.1 50.43 0.7 0.2 0.7 0.1 0.5 0.4 0.4 0.4

2017． Sept. 268,802 0.6 -0.3 70.3 2.3 1.9 4.2 0.8 3.0 0.3 9.1 1.2 13.8 1.9 3.3 0.2 53.86 0.7 0.2 0.7 0.0 0.5 0.1 0.5 -0.1

2017． Oct. 282,872 0.3 0.0 71.2 -0.2 -0.7 -0.5 -0.9 3.5 0.4 9.7 1.8 15.6 2.7 3.8 0.4 55.58 0.2 0.0 0.8 0.3 -0.1 0.1 0.6 0.3

2017． Nov. 277,361 2.4 1.7 71.7 2.1 1.4 3.6 0.2 3.5 0.4 6.8 0.2 10.4 1.1 3.7 0.4 60.58 0.6 0.4 0.9 0.1 0.3 0.3 0.6 0.0

2017． Dec. 322,157 1.2 -0.1 70.9 3.6 1.1 0.8 1.3 3.0 0.2 2.3 0.3 7.3 1.9 3.2 0.2 61.41 1.0 0.3 0.9 0.0 1.0 0.3 0.8 0.0

2018． Jan. 289,703 3.6 1.9 74.5 1.5 0.4 -0.1 0.7 2.7 0.3 1.6 -0.6 5.0 -0.4 2.9 0.3 66.02 1.4 0.1 0.9 -0.2 1.3 -0.1 0.7 -0.4

2018． Feb. 265,614 0.9 -0.9 69.3 1.7 0.6 0.3 0.7 2.5 0.0 0.8 -1.0 4.4 -0.1 2.4 0.0 62.79 1.5 0.0 1.0 0.1 1.4 0.0 0.9 0.2

2018． Mar. 301,230 0.6 -0.7 70.6 1.0 0.1 0.9 -0.4 2.0 -0.1 -0.5 -0.9 1.7 -1.8 2.1 -0.1 63.29 1.1 -0.3 0.9 0.1 1.0 -0.3 0.8 0.1

2018． Apr. 294,439 -0.5 -1.3 70.2 1.5 -0.8 1.5 -1.8 2.0 0.3 1.9 0.3 5.1 1.3 1.9 0.2 68.43 0.6 -0.1 0.7 0.2 0.5 -0.1 0.6 0.2

2018． May 281,307 -3.1 -3.9 72.3 0.6 -2.0 -1.2 -2.4 2.6 0.5 2.4 1.5 6.8 2.9 2.6 0.6 73.66 0.7 0.1 0.7 0.1 0.4 0.0 0.5 0.0

2018． June 267,641 -0.4 -1.2 66.1 1.7 1.5 4.0 0.3 2.8 0.3 3.3 0.1 10.8 1.9 2.7 0.2 73.22 0.7 -0.1 0.8 0.0 0.6 0.0 0.7 0.0

2018． July 283,387 1.2 0.1 69.9 P 1.5 P -1.6 P -5.1 P 0.3 3.0 0.4 2.6 0.4 11.5 0.9 3.0 0.5 72.72 0.9 0.1 0.8 -0.1 0.9 0.1 0.8 0.0

2018．P Aug. 3.0 0.0 2.9 -0.3 12.2 -0.6 2.9 0.0 72.13 1.3 0.5 0.9 0.3 1.2 0.7 0.9 0.5

Bloomberg

(※) Family Income and Expenditure Survey: Two-or-more-person households (Including agricultural, forestry and fisheries households) in and after January 2000.Figures　form January 2018 are "discontinuity-adjusted figures"

Current Survey of Commerce: Data is compared to them of previous year or month after store adjustment. Corporate Goods Price Index: Changed to the 2015 base CGPI in January 2017. Consumer Price Index: Base year changed in August 2016.

DomesticAll Japan Ku-area of Tokyo

★Average

Propensityto

Consume●

DepartmentStores

SuperMarket

Domestic usingchain-weightedindex formula

Family Income and ExpenditureSurvey Current Survey of Commerce Corporate Goods Price Index Crude oil

price＜Dubai＞

Consumer Price IndexLiving

Expenditure(Two-or-more-person households)

WorkersHouse-holds Sales of

Retails

Sales of Departmentstores andSupermarkets

General□ ★ (※) ★ ☆ ★ ☆

Export(Yen basis)

Import(Yen basis)

2015 = 100 (※) %

★ ☆ ★ ☆Average

★

GeneralGeneral excludingFresh Food

General excludingFresh Food

Released by Ministry of Internal Affairs andCommunications

Ministry of Economy Trade andIndustry Bank of Japan Ministry of Internal Affairs and Communications

Yen (During monthor average during

year)% % 2015 = 100 (※) % $ / bl

― 64 ―

〔Foreign Trade Statistics〕

CY * 1970 6,954.4 20.8 - - - - - - - - - 6,797.2 25.7 - - - - - - - - -

* 1975 16,545.3 2.1 - - - - - - - - - 17,170.0 -5.0 - - - - - - - - -

* 1980 29,382.5 30.4 - 4,844.6 4,090.9 515.0 - 5,265.9 7,118.1 3,766.4 8,258.5 31,995.3 32.0 - 3,326.4 21,364.7 13,176.9 2,239.3 233.6 5,558.1 1,779.9 8,271.6

* 1985 41,955.7 4.0 - 4,430.0 7,039.5 1,857.9 - 8,195.1 15,582.7 4,768.0 11,046.0 31,084.9 -3.8 - 3,718.8 17,729.8 9,732.2 2,971.4 370.4 6,213.4 2,126.9 8,867.9

* 1990 41,456.9 9.6 - 2,824.6 9,175.7 2,980.0 - 7,358.7 13,056.6 7,733.9 12,884.2 33,855.2 16.8 - 4,572.4 12,217.5 5,853.5 5,903.2 753.9 7,585.9 5,070.7 9,733.2

* 1995 41,530.9 2.6 - 2,699.1 10,009.7 2,889.2 10,646.6 4,979.7 11,333.0 6,600.1 18,081.3 31,548.8 12.3 - 4,783.8 8,107.2 3,358.9 7,997.0 1,481.4 7,076.4 4,579.7 11,566.1

* 2000 51,654.2 8.6 - 2,851.6 11,096.4 3,094.2 13,670.2 6,930.1 15,355.9 8,431.9 21,254.2 40,938.4 16.1 - 4,966.4 10,958.6 5,772.0 12,924.0 2,904.2 7,778.9 5,042.9 17,062.7

2002 52,109.0 6.4 - 3,227.4 10,598.8 3,005.3 11,924.2 8,774.6 14,873.3 7,662.9 22,438.7 42,227.5 -0.4 - 5,282.3 10,695.7 5,395.8 13,434.3 2,697.5 7,237.2 5,482.4 18,358.4

2003 54,548.4 4.7 - 3,388.5 11,024.8 2,619.1 12,857.2 8,895.0 13,412.2 8,351.4 25,318.3 44,362.0 5.1 - 5,104.6 12,008.4 6,324.2 13,973.6 2,744.8 6,825.0 5,670.0 19,726.8

2004 61,170.0 12.1 - 4,060.5 12,607.0 2,611.3 14,373.3 9,214.2 13,730.7 9,461.6 29,636.8 49,216.6 10.9 - 5,302.2 13,749.5 7,256.6 15,394.0 2,879.8 6,763.4 6,209.2 22,224.2

2005 65,656.5 7.3 - 4,769.9 13,352.4 2,574.7 14,549.2 9,928.8 14,805.5 9,651.8 31,795.6 56,949.4 15.7 - 5,558.8 18,065.0 10,301.0 16,814.7 3,027.3 7,074.3 6,470.2 25,278.7

2006 75,246.2 14.6 - 5,783.3 14,800.0 2,730.1 16,075.7 12,299.5 16,933.6 10,911.7 35,775.7 67,344.3 18.3 - 5,709.6 23,389.9 13,401.8 19,206.1 3,049.6 7,911.2 6,955.2 29,360.1

2007 83,931.4 11.5 - 6,718.8 16,631.4 2,911.6 16,949.8 14,317.0 16,896.2 12,397.9 40,400.1 73,135.9 8.6 - 6,040.8 25,876.4 14,260.4 20,239.1 2,778.4 8,348.7 7,662.7 31,563.9

2008 81,018.1 -3.5 - 7,152.1 15,927.7 2,532.8 15,368.1 13,736.1 14,214.3 11,429.8 39,966.2 78,954.8 8.0 - 6,211.8 33,196.7 18,640.8 18,736.4 2,533.8 8,039.6 7,291.7 32,033.9

2009 54,170.6 -33.1 - 4,724.9 9,668.5 1,710.4 10,771.1 6,693.3 8,733.4 6,749.2 29,338.3 51,499.4 -34.8 - 4,999.4 17,596.7 8,708.9 13,518.1 1,869.2 5,512.4 5,517.6 22,989.3

2010 67,399.6 24.4 - 5,992.5 13,316.6 1,811.0 12,650.5 9,174.1 10,374.0 7,615.8 37,827.4 60,765.0 18.0 - 5,199.4 22,163.8 10,998.7 16,070.3 2,199.6 5,911.4 5,821.0 27,511.1

2011 65,546.5 -2.7 - 5,997.1 13,803.3 1,582.3 11,600.1 8,204.2 10,017.7 7,619.3 36,685.9 68,111.2 12.1 - 5,854.2 27,086.5 13,640.9 16,176.2 2,131.6 5,931.4 6,411.0 30,391.3

2012 63,747.6 -2.7 - 5,805.4 12,842.8 1,470.3 11,405.1 9,225.0 11,188.4 6,500.6 34,855.0 70,688.6 3.8 - 5,852.3 28,856.2 14,709.0 17,333.7 2,164.8 6,082.1 6,641.8 31,305.7

2013 69,774.2 9.5 - 6,352.3 13,359.0 1,644.8 12,051.6 10,412.5 12,928.2 7,000.2 37,866.6 81,242.5 14.9 - 6,473.1 32,801.4 16,950.2 20,816.8 2,522.6 6,814.8 7,648.9 35,971.5

2014 73,093.0 4.8 - 6,598.1 14,218.4 1,633.9 12,650.0 10,919.4 13,649.3 7,585.3 39,518.2 85,909.1 5.7 - 6,731.8 33,282.1 16,580.9 23,248.7 2,714.8 7,542.7 8,168.8 38,618.1

2015 75,613.9 3.4 - 6,314.9 14,423.9 1,660.0 13,288.7 12,046.3 15,224.6 7,985.1 40,328.7 78,405.5 -8.7 - 7,002.1 23,071.2 10,006.3 24,274.4 2,578.0 8,059.8 8,625.0 38,358.5

2016 70,035.8 -7.4 - 5,219.5 13,613.5 1,411.6 12,322.5 11,332.9 14,142.9 7,981.7 37,107.0 66,042.0 -15.8 - 6,362.9 16,064.1 6,606.3 22,131.0 2,268.8 7,322.1 8,151.7 33,198.8

2017 78,286.5 11.8 - 5,906.8 15,684.8 1,531.7 13,695.3 11,825.4 15,113.5 8,656.9 42,920.0 75,379.2 14.1 - 7,017.6 20,565.0 8,699.2 24,489.9 2,560.1 8,090.3 8,756.6 37,026.1

2016． Oct.-Dec. 18,505.6 -1.9 - 1,324.7 3,558.4 370.8 3,337.9 3,080.4 3,778.1 1,994.7 10,098.2 17,242.0 -9.3 - 1,675.1 4,333.5 1,789.3 5,853.6 593.2 1,899.3 2,114.4 8,542.3

2017． Jan.-Mar. 18,996.1 8.5 - 1,446.6 3,799.3 376.5 3,209.1 2,795.1 3,630.3 2,097.9 10,232.1 18,693.1 8.8 - 1,589.3 5,451.9 2,383.1 5,924.5 664.6 2,002.6 2,084.9 9,075.6

2017． Apr.-June 18,789.8 10.5 - 1,435.9 3,818.4 361.0 3,223.7 2,779.6 3,621.1 2,136.8 10,258.8 18,082.7 16.2 - 1,781.5 4,861.0 1,935.1 5,790.5 610.8 2,034.0 2,117.2 8,779.3

2017． July-Sept. 19,583.8 15.1 - 1,459.4 3,870.8 386.4 3,521.4 2,967.4 3,799.7 2,159.2 10,709.7 18,426.6 14.8 - 1,771.8 4,796.8 1,941.0 6,015.1 626.8 2,006.4 2,196.4 9,123.4

2017． Oct.-Dec. 20,916.8 13.0 - 1,565.0 4,196.4 407.8 3,741.1 3,283.2 4,062.4 2,263.0 11,719.4 20,176.9 17.0 - 1,875.1 5,455.3 2,440.0 6,759.9 657.9 2,047.2 2,358.1 10,047.8

2018． Jan.-Mar. 19,932.2 4.9 - 1,541.2 4,128.0 354.3 3,321.6 3,053.9 3,698.7 2,301.7 10,761.3 20,087.3 7.5 - 1,701.2 5,985.5 2,631.7 6,286.9 711.9 2,095.7 2,372.0 9,646.9

2018． Apr.-June 20,199.1 7.5 - 1,568.4 4,159.7 362.6 3,480.2 2,968.4 3,724.5 2,310.4 11,088.9 19,443.3 7.5 - 1,850.8 5,435.6 2,334.1 6,080.2 584.1 2,179.6 2,302.7 9,215.5

2017． June 6,608.0 9.7 -1.0 491.5 1,335.0 123.2 1,133.6 1,045.1 1,304.2 726.3 3,577.7 6,174.7 15.7 0.6 601.4 1,587.8 593.3 2,045.8 226.4 717.0 726.8 3,018.0

2017． July 6,494.6 13.4 3.0 480.4 1,304.0 128.0 1,134.5 1,022.4 1,318.8 721.0 3,494.6 6,088.0 16.5 -1.0 586.5 1,628.7 646.5 2,007.4 219.2 673.6 688.9 3,031.6

2017． Aug. 6,278.5 18.1 1.4 476.2 1,235.5 130.9 1,148.8 890.0 1,183.4 671.8 3,510.6 6,181.7 15.5 0.0 605.7 1,670.0 673.1 1,916.5 198.3 650.1 757.1 3,000.6

2017． Sept. 6,810.7 14.1 -0.7 502.7 1,331.3 127.5 1,238.1 1,055.0 1,297.5 766.5 3,704.4 6,156.9 12.3 2.1 579.7 1,498.1 621.4 2,091.2 209.3 682.8 750.4 3,091.1

2017． Oct. 6,692.9 14.0 2.3 497.3 1,309.7 134.5 1,193.6 1,058.7 1,281.8 753.4 3,712.1 6,414.4 19.0 -0.1 613.8 1,625.1 702.1 2,151.4 203.0 637.9 803.9 3,205.1

2017． Nov. 6,920.0 16.2 1.7 514.3 1,372.0 131.8 1,233.3 1,108.7 1,368.5 717.4 3,894.5 6,814.8 17.3 2.5 644.1 1,763.7 779.1 2,336.2 222.4 709.5 767.6 3,459.9

2017． Dec. 7,303.9 9.4 0.7 553.3 1,514.7 141.5 1,314.3 1,115.8 1,412.1 792.2 4,112.8 6,947.7 15.0 5.1 617.3 2,066.5 958.8 2,272.3 232.5 699.9 786.6 3,382.8

2018． Jan. 6,086.3 12.3 -1.1 485.4 1,190.7 114.6 1,030.3 865.0 1,066.6 717.4 3,351.0 7,034.5 7.8 -7.4 583.0 2,034.3 888.6 2,232.3 239.8 717.0 818.4 3,464.1

2018． Feb. 6,463.3 1.8 -0.6 489.6 1,308.7 112.7 1,052.2 1,092.4 1,276.2 780.9 3,376.1 6,463.4 16.6 10.4 558.0 1,946.7 840.3 1,949.6 225.4 645.6 734.1 3,150.8

2018． Mar. 7,382.7 2.1 -2.9 566.3 1,628.6 127.0 1,239.1 1,096.5 1,355.9 803.4 4,034.2 6,589.3 -0.5 -6.6 560.3 2,004.6 902.8 2,104.9 246.7 733.1 819.4 3,031.9

2018． Apr. 6,822.3 7.8 4.4 495.7 1,404.8 122.0 1,160.9 1,071.2 1,286.4 819.3 3,654.4 6,201.6 6.0 -1.5 603.7 1,769.2 793.0 1,897.2 195.9 671.2 716.4 2,941.3

2018． May 6,323.6 8.1 -0.7 525.6 1,307.9 117.7 1,094.0 862.9 1,145.9 697.2 3,550.4 6,906.9 14.1 10.3 644.7 1,965.3 836.8 2,160.5 199.9 806.1 821.3 3,206.7

2018． June 7,053.2 6.7 -0.1 547.1 1,447.0 122.9 1,225.3 1,034.4 1,292.2 793.9 3,884.2 6,334.8 2.6 -5.3 602.3 1,701.0 704.3 2,022.5 188.2 702.3 764.9 3,067.5

2018． July 6,747.9 3.9 1.0 526.5 1,367.2 129.5 1,214.7 993.7 1,250.6 767.0 3,775.2 P 6,979.9 14.6 2.9 615.5 2,025.7 926.8 2,167.8 211.6 748.2 889.8 3,242.2

(※)　Including "Gold ore" and "Non-monetary gold" in and after January 1976. EU: 10 countries since 1981, 12 countries since 1986, 15 countries since 1995, 25 countries since 2004, and 27 countries since 2007.

toAsia Total Food-

stuffCrude

Materialsand Fuels

fromU.S.A

fromAsia★ ☆

OfficeMachi-nary

Passen-gerCars

★ ☆

Crude Oiland

PetroleumProducts

OfficeMachi-nary

Exports Imports

Total Metals toU.S.A

toEU

fromEU

Machi-nery andEquip-ments

ElectricEquip-ments

Machi-nery andEquip-ments

Released by Ministry of Finance

Billion Yen ％ Billion Yen Billion Yen ％ Billion Yen

Exports and Imports on a Customs Clearance Basis (※)

― 65 ―

〔Foreign Trade Statistics (Continued)〕

CY * 1970 52.7 48.4 － 17.5 15.1 18.1 20.7

* 1975 77.8 98.8 － 28.2 2.2 22.3 -12.5

* 1980 89.1 147.9 － 43.7 17.2 27.7 -5.5

* 1985 89.4 131.1 － 62.1 4.4 30.2 0.3

* 1990 76.9 89.7 － 71.3 5.6 48.2 5.7

* 1995 71.3 60.7 117.5 77.0 3.8 66.3 12.4

* 2000 71.1 63.7 111.6 96.1 9.5 82.0 11.0

2002 73.4 65.7 111.7 93.9 7.9 82.0 2.0

2003 73.2 64.5 113.5 98.5 4.9 87.8 7.1

2004 74.2 66.8 111.1 109.0 10.7 93.9 6.9

2005 79.0 75.2 105.1 109.9 0.8 96.6 2.9

2006 84.1 85.6 98.2 118.4 7.7 100.4 3.8

2007 89.5 93.1 96.1 124.1 4.8 100.2 -0.2

2008 87.7 101.1 86.7 122.2 -1.5 99.6 -0.6

2009 79.9 77.0 103.8 89.7 -26.6 85.3 -14.4

2010 80.0 79.8 100.3 111.4 24.2 97.1 13.9

2011 80.9 87.2 92.8 107.2 -3.8 99.6 2.6

2012 82.7 88.4 93.6 102.0 -4.8 102.0 2.4

2013 91.8 101.3 90.6 100.5 -1.5 102.3 0.3

2014 95.7 106.5 89.9 101.1 0.6 102.9 0.6

2015 100.0 100.0 100.0 100.0 -1.0 100.0 -2.8

2016 92.2 85.3 108.1 100.5 0.5 98.8 -1.2

2017 97.8 93.4 104.7 105.9 5.4 102.9 4.2

2016． Oct.-Dec. 92.3 86.5 106.7 106.1 5.2 101.7 0.6

2017． Jan.-Mar. 98.1 94.0 104.4 102.5 5.6 101.4 2.5

2017． Apr.-June 96.4 92.0 104.8 103.1 4.7 100.3 5.9

2017． July-Sept. 97.1 91.8 105.8 106.6 6.2 102.4 2.7

2017． Oct.-Dec. 99.5 95.9 103.8 111.2 4.8 107.3 5.5

2018． Jan.-Mar. 98.8 97.4 101.4 106.7 4.1 105.2 3.7

2018． Apr.-June 98.2 97.6 100.6 108.9 5.6 101.7 1.4

2017． June 95.9 92.0 104.2 109.4 4.8 102.7 5.1

2017． July 97.5 91.8 106.2 105.8 4.0 101.5 4.0

2017． Aug. 96.4 91.1 105.8 103.3 10.9 103.9 4.0

2017． Sept. 97.5 92.6 105.3 110.8 4.2 101.8 0.3

2017． Oct. 98.6 94.9 103.9 107.7 4.1 103.5 5.5

2017． Nov. 100.2 95.5 104.9 109.6 5.7 109.2 4.0

2017． Dec. 99.9 97.2 102.8 116.1 4.6 109.4 7.0

2018． Jan. 100.3 98.1 102.2 96.3 10.8 109.8 3.3

2018． Feb. 99.7 97.3 102.5 102.9 -0.8 101.6 13.8

2018． Mar. 96.7 96.8 99.9 121.2 3.6 104.2 -4.2

2018． Apr. 97.0 95.5 101.6 111.7 7.2 99.4 2.1

2018． May 98.4 98.4 100.0 102.0 6.4 107.5 6.6

2018． June 99.1 98.9 100.2 112.9 3.2 98.1 -4.5

2018． July 100.4 P 101.2 P 99.2 106.7 0.9 P 105.6 4.1

(※)　Base year changed in August 2018.

ImportsTerms

Classification ofTrade

Exports Imports★ ★

2015 = 100 (※) ％


Indexes of TradeUnit Value Quantum Index

Exports

〔Balance of Payments〕

★ ★

CY * 1970 －－－－－－－－－－

－－－－－－－－－－

－－－－－－－－－－

－－－－－－－－－－

－－－－－－－－－－

－－－－－－－－－－

* 1975* 1980* 1985* 1990* 1995* 2000 14,061.6 7,429.8 12,698.3 48,963.5 8.2 36,265.2 16.5 -5,268.5 7,691.4 -1,059.6

2002 13,683.7 6,469.0 12,121.1 48,902.9 6.2 36,781.7 7,810.5

2003 16,125.4 8,355.3 12,463.1 51,329.2 5.0 38,866.0 8,639.8

2004 19,694.1 10,196.1 14,423.5 57,703.6 12.4 43,280.1 10,348.8

2005 18,727.7 7,693.0 11,771.2 63,009.4 9.2 51,238.2 11,850.3

-595.8

-869.7

-850.9

-815.7

2006 20,330.7 7,346.0 11,070.1 72,026.8 14.3 60,956.7

-1.1

5.7

11.4

18.4

19.0

-5,652.1

-4,107.8

-4,227.4

-4,078.2

-3,724.1 14,227.7 -1,242.9

2007 24,949.0 9,825.3 14,187.3 80,023.6 11.1 65,836.4 8.0 16,481.8

2008 14,878.6 1,889.9 5,803.1 77,611.1 -3.0 71,808.1 9.1 14,340.2

2009 13,592.5 2,124.9 5,387.6 51,121.6 45,734.0 12,631.2

2010 19,382.8 6,857.1 9,516.0 64,391.4 54,875.4 13,617.3

2011 10,401.3 -3,110.1 -330.2 62,965.3

-34.1

26.0

-2.2 63,295.5

-36.3

20.0

15.3

-4,362.0

-3,913.1

-3,262.7

-2,658.8

-2,779.9 14,621.0

-1,358.1

-1,351.5

-1,163.5

-1,091.7

-1,109.6

2012 4,764.0 -8,082.9 61,956.8 66,228.7 4.6 13,991.4

2013 4,456.6

-4,271.9

-8,773.4 67,829.0 76,602.4 15.7 17,697.8

2014 3,921.5 74,074.7 84,540.0 10.4 19,414.8

2015 16,519.4 75,274.2 76,160.4 -9.9 21,303.2

2016 21,061.5

-12,252.1

-13,498.8

-2,816.9

4,388.8

-10,465.3

-886.2

5,517.6 69,092.7

-1.6

9.5

9.2

1.6

-8.2 63,575.1 -16.5

-3,811.0

-3,478.6

-3,033.5

-1,930.7

-1,128.8 18,818.3

-1,144.5

-989.2

-1,994.5

-1,966.9

-2,145.6

2017 21,951.4 4,229.7 4,955.4 77,285.5 11.9 72,330.1 13.8 -725.7 19,837.4 -2,115.7

4,033.5 1,162.3 1,757.2 18,450.4 16,693.1 3,315.3

6,020.8 1,111.2 1,086.4 19,077.3 17,990.8 5,531.8

4,598.8 669.6 957.4 18,275.8 17,318.3 4,333.2

7,006.1 1,493.6 1,758.8 19,292.5 17,533.6 6,079.2

4,325.7 955.2 1,152.7 20,640.0 19,487.3 3,893.1

5,882.1 937.3 724.6 20,116.1 19,391.5 5,607.3

2016． Oct.-Dec.2017． Jan.-Mar.2017． Apr.-June2017． July-Sept.2017． Oct.-Dec.2018． Jan.-Mar.2018．P Apr.-June 4,958.9 456.1 1,090.4 19,930.5

-0.6

9.9

10.6

15.2

11.9

5.4

9.1 18,840.1

-10.0

8.7

14.9

14.9

16.7

7.8

8.8

-594.9

24.8

-287.8

-265.2

-197.5

212.7

-634.3 4,925.0

-444.2

-622.2

-404.1

-566.7

-522.7

-662.5

-422.2

2017． June 925.2 445.8 513.3 6,379.5 9.2 5,866.2 15.2 -67.5 525.7 -46.3

2017． July 2,347.1 340.1 565.9 6,374.2 14.6 5,808.3 17.2 2,163.0

2017． Aug. 2,400.7 352.3 334.6 6,184.0 16.6 5,849.4 15.1 2,247.9

2017． Sept. 2,258.3 801.2 858.3 6,734.3 14.4 5,876.0 12.5 1,668.3

2017． Oct. 2,188.5 406.4 428.6 6,579.7 14.2 6,151.1 18.4 1,942.6

2017． Nov. 1,340.7 218.0 199.1 6,789.6 14.2 6,590.4 17.5 1,330.2

2017． Dec. 796.5 330.8 525.0 7,270.7 7.9 6,745.8 14.6 620.3

2018． Jan. 592.4 6,234.9 12.7 6,895.6 8.0 1,529.0

2018． Feb. 2,108.2 6,427.6 0.9 6,229.9 17.8 1,946.8

2018． Mar. 3,181.6

-823.8

345.3

1,415.8 7,453.7 3.8 6,266.1 2,131.5

2018．P Apr. 1,845.1 72.3 6,632.1 7.4 6,058.3 1,939.4

2018．P May 1,938.3 6,323.2 10.6 6,627.1 2,398.0

2018．P June 1,175.6 6,975.2 9.3 6,154.8 587.6

2018．P July 2,009.7

-261.6

645.3

-175.4

-660.7

197.7

1,187.6

573.8

-303.8

820.5

-1.0 6,770.8 6.2 6,771.7

-0.7

7.7

13.7

4.9

16.6

-225.8

17.7

-57.1

-22.3

18.9

-194.1

-163.1

147.6

228.2

-501.5

42.3

-175.1

-174.4 2,354.9

-156.1

-199.5

-211.2

-160.5

-207.5

-154.6

-112.9

-183.9

-365.7

-166.6

-198.2

-57.3

-169.8

(※) 　Figures are based on the IMF Balance of Payments Manual 6th Edition.

Second-ary

IncomeTrade Balance

ServicesExports Imports

Billion Yen ％Billion

Yen ％ Billion Yen


Balance of Payments (IMF Basis Not-seasonally Adjusted) (※)Current Account

Goods and ServicesPrimaryIncome

― 66 ―

〔Balance of Payments (Continued)〕

(※)

☆ ☆ Average

CY * 1970 - - - - - - - - - - - - - - - - - - 4,399 －～－－

* 1975 - - - - - - - - - - - - - - - - - - 12,815 285.00 ～ 306.85 296.85

* 1980 - - - - - - - - - - - - - - - - - - 25,232 203.00 ～ 262.50 226.45

* 1985 - - - - - - - - - - - - - - - - - - 26,510 200.35 ～ 263.40 238.05

* 1990 - - - - - - - - - - - - - - - - - - 77,053 124.30 ～ 160.10 144.88

* 1995 - - - - - - - - - - - - - - - - - - 182,820 80.30 ～ 104.25 93.31

* 2000 -994.7 14,875.7 3,690.0 3,847.0 509.0 1,568.8 5,260.9 1,808.8 - - - - - - - - - - 361,638 102.50 ～ 114.90 107.78

2002 -421.7 13,396.8 2,433.1 13,148.6 -263.0 -7,718.9 5,796.9 134.8 - - - - - - - - - - 469,728 115.90 ～ 134.80 125.14

2003 -467.2 13,686.0 2,964.3 11,473.1 -607.4 -21,672.8 21,528.8 -1,972.2 - - - - - - - - - - 673,529 107.03 ～ 120.95 115.94

2004 -513.4 16,092.8 3,578.9 -2,340.3 -259.0 -2,154.2 17,267.5 -3,087.9 - - - - - - - - - - 844,543 102.20 ～ 114.40 108.17

2005 -549.0 16,344.4 5,170.3 1,070.0 802.3 6,845.6 2,456.2 -1,834.3 - - - - - - - - - - 846,897 102.15 ～ 121.35 110.13

2006 -553.3 16,049.4 7,019.1 -14,796.1 -283.5 20,390.3 3,719.6 -3,728.0 - - - - - - - - - - 895,320 109.65 ～ 119.75 116.31

2007 -473.1 26,377.5 6,020.3 -8,251.5 -324.9 24,636.2 4,297.4 1,901.6 - - - - - - - - - - 973,365 108.25 ～ 123.95 117.76

2008 -558.3 18,650.2 8,924.3 28,188.7 -2,456.2 -19,206.7 3,200.1 4,329.9 - - - - - - - - - - 1,030,647 87.50 ～ 110.30 103.39

2009 -465.3 15,629.2 5,729.4 19,948.5 -948.7 -11,626.6 2,526.5 2,501.9 - - - - - - - - - - 1,049,397 86.00 ～ 100.80 93.61

2010 -434.1 21,709.9 6,251.1 12,701.4 -1,026.2 -8.9 3,792.5 2,761.2 - - - - - - - - - - 1,096,185 80.56 ～ 94.40 87.75

2011 28.2 12,629.4 9,310.1 -13,524.5 -1,347.0 4,401.0 13,789.7 2,199.8 - - - - - - - - - - 1,295,841 75.86 ～ 85.30 79.76

2012 -80.4 4,192.5 9,359.1 2,443.5 590.3 -5,149.0 -3,051.5 -491.1 - - - - - - - - - - 1,268,125 76.14 ～ 86.55 79.79

2013 -743.6 -408.7 14,245.9 -26,565.2 5,551.6 2,508.5 3,850.4 -4,121.7 - - - - - - - - - - 1,266,815 87.45 ～ 105.30 97.71

2014 -208.9 6,278.2 12,587.7 -4,833.0 3,764.4 -6,130.6 889.8 2,565.6 - - - - - - - - - - 1,260,548 100.95 ～ 121.52 105.66

2015 -271.4 21,876.4 16,131.9 16,029.4 2,143.9 -13,053.9 625.1 5,628.3 - - - - - - - - - - 1,233,214 116.41 ～ 125.35 120.87

2016 -743.3 28,276.4 14,529.3 29,649.6 -1,658.2 -13,666.2 -578.0 7,958.3 - - - - - - - - - - 1,216,903 99.80 ～ 121.30 108.77

2017 -287.2 17,664.2 16,827.1 -5,968.0 3,456.1 697.2 2,651.8 -4,000.0 - - - - - - - - - - 1,264,283 108.30 ～ 117.93 112.13

2016． Oct.-Dec. -98.8 1,035.2 4,027.8 -5,543.3 1,638.5 1,300.0 -387.9 -2,899.5 5,271.8 1,367.6 1,695.2 18,028.7 6.4 16,333.6 5.3 -327.5 4,426.3 -522.1 1,216,903 101.41 ～ 118.20 109.43

2017． Jan.-Mar. -67.1 5,609.1 6,066.5 -4,145.1 1,195.6 1,325.6 1,166.4 -344.7 5,360.0 896.8 1,294.0 18,835.2 4.5 17,541.1 7.4 -397.3 4,925.9 -462.8 1,230,330 110.39 ～ 117.93 113.56

2017． Apr.-June -142.4 4,398.2 3,583.1 -1,235.6 -191.7 1,717.9 524.6 -58.2 4,993.6 661.8 819.0 18,686.1 -0.8 17,867.0 1.9 -157.2 4,825.3 -493.5 1,249,847 108.30 ～ 114.15 111.06

2017． July-Sept. -20.3 4,581.7 3,464.6 4,855.1 532.0 -5,223.0 953.1 -2,404.1 5,805.6 1,320.1 1,578.3 19,486.7 4.3 17,908.4 0.2 -258.2 5,081.5 -596.1 1,266,310 108.36 ～ 114.18 110.97

2017． Oct.-Dec. -57.4 3,075.3 3,713.0 -5,442.4 1,920.2 2,876.8 7.7 -1,193.0 5,894.8 1,386.7 1,290.6 20,145.7 3.4 18,855.1 5.3 96.1 5,113.6 -605.4 1,264,283 111.18 ～ 114.37 112.95

2018． Jan.-Mar. -87.5 7,562.2 3,616.7 8,339.3 -404.9 -4,774.4 785.6 1,767.6 4,683.7 513.5 729.9 19,946.5 -1.0 19,216.7 1.9 -216.4 4,677.9 -507.6 1,268,287 104.90 ～ 112.79 108.12

2018． Apr.-June P -55.8 4,366.7 3,563.1 -1,756.3 185.1 1,522.4 852.5 -536.4 5,498.0 506.1 992.7 20,389.9 2.2 19,397.2 0.9 -486.6 5,491.1 -499.3 1,258,748 105.89 ～ 111.04 109.07

2017． July -14.7 1,007.8 1,205.3 6,301.3 371.5 -6,914.3 44.1 -1,324.5 1,864.9 406.2 513.6 6,469.8 4.7 5,956.1 -0.2 -107.4 1,646.9 -188.3 1,260,040 110.55 ～ 114.18 112.44

2017． Aug. -1.3 1,733.7 611.9 -1,416.8 -1.6 2,246.2 294.1 -665.7 2,103.0 514.6 574.9 6,536.4 1.0 5,961.5 0.1 -60.3 1,797.9 -209.5 1,268,006 108.80 ～ 110.75 109.91

2017． Sept. -4.4 1,840.2 1,647.4 -29.4 162.1 -554.9 614.9 -413.8 1,837.7 399.3 489.8 6,480.6 -0.9 5,990.8 0.5 -90.5 1,636.7 -198.3 1,266,310 108.36 ～ 112.89 110.68

2017． Oct. -17.1 -537.8 804.0 -2,157.0 513.3 334.5 -32.7 -2,709.2 2,296.1 728.6 535.2 6,649.0 2.6 6,113.7 2.1 193.4 1,746.7 -179.3 1,260,925 112.00 ～ 114.15 112.96

2017． Nov. -21.7 1,748.6 652.7 -1,956.2 589.9 2,599.5 -137.2 429.6 1,865.2 403.6 482.4 6,772.2 1.9 6,289.8 2.9 -78.8 1,660.5 -198.9 1,261,242 111.18 ～ 114.37 112.92

2017． Dec. -18.7 1,864.5 2,256.3 -1,329.2 816.9 -57.2 177.6 1,086.6 1,733.5 254.5 273.0 6,724.5 -0.7 6,451.6 2.6 -18.5 1,706.3 -227.3 1,264,283 112.36 ～ 113.63 112.97

2018． Jan. -26.0 1,250.2 1,934.3 4,979.5 200.2 -6,379.8 516.0 683.9 1,862.7 442.4 525.7 6,866.6 2.1 6,340.9 -1.7 -83.2 1,574.0 -153.8 1,268,535 108.78 ～ 112.79 110.77

2018． Feb. -12.3 1,706.3 880.0 -1,541.6 -408.4 2,394.2 382.0 -389.6 993.3 -284.5 -281.9 6,514.3 -5.1 6,796.2 7.2 -2.5 1,468.6 -190.8 1,261,749 105.70 ～ 109.95 107.82

2018． Mar. -49.1 4,605.7 802.4 4,901.4 -196.7 -788.9 -112.5 1,473.2 1,827.6 355.5 486.1 6,565.6 0.8 6,079.5 -10.5 -130.6 1,635.2 -163.1 1,268,287 104.90 ～ 106.70 106.00

2018． Apr. P 4.5 425.4 1,364.8 -1,986.1 -206.2 1,364.9 -112.1 -1,424.2 1,885.5 520.0 668.7 6,863.1 4.5 6,194.4 1.9 -148.7 1,508.5 -142.9 1,256,018 105.89 ～ 109.37 107.43

2018． May P -14.5 3,320.8 565.1 1,954.9 218.9 211.9 370.0 1,397.0 1,850.0 -93.7 78.9 6,762.5 -1.5 6,683.6 7.9 -172.6 2,102.8 -159.1 1,254,477 108.50 ～ 111.04 109.69

2018． June P -45.7 620.6 1,633.3 -1,725.2 172.4 -54.5 594.6 -509.3 1,762.4 79.8 245.1 6,764.3 0.0 6,519.2 -2.5 -165.3 1,879.8 -197.2 1,258,748 109.05 ～ 110.70 110.03

2018． July P -14.3 -831.9 1,133.4 2,962.3 167.4 -5,277.3 182.3 -2,827.3 1,484.7 82.4 157.8 6,882.9 1.8 6,725.1 3.2 -75.3 1,607.0 -204.7 1,256,276 110.35 ～ 112.95 111.37

2018． Aug. 1,259,305 109.92 ～ 111.83 111.06

＃

Gold & Foreign Exchange Reserves: Figures are end of year or month.

Goods and ServicesPrimaryIncome

Inter-Bank RatesU.S.Dollar Spot

Central rateTrade Balance

ServicesIncluding

GoldTranche

BillionYen ％ Billion Yen

Foreign ExchangeRates

CapitalAccount

Financial Account Net Errors

andOmissions

Current Account (Seasonally Adjusted)

DirectInvest-ment

＃　 Figures are calculated by Policy Planning and Research Division , Minister's Secretariat, Ministry of Finance.

MillionDollar Yen Per 1 Dollar

Released by Ministry of Finance Bank of Japan(※) 　Figures are based on the IMF Balance of Payments Manual 6th Edition.

Billion Yen Billion Yen ％

Balance of Payments (IMF Basis) Continued (※) Gold &Foreign

ExchangeReserves

Exports ImportsHigh-Low

Second-ary

Income

PortfolioInvest-ment

FinancialDerivatives(other thanReserves)

OtherInvest-ment

ReserveAssets

― 67 ―

〔National Accounts〕

□ FY FY FY FY □ □ □ □

CY * 1970 －－－－－－－－－－－－－－－－－－－－－－－－－－

* 1975 －－－－－－－－－－－－－－－－－－－－－－－－－－

* 1980 24,283.9 28,437.5 －－－－－－－－ 13,224.7 －－ 54.5 3,886.9 －－ 16.0 166.8 －－ 0.7 1,534.1 －－ 6.3

* 1985 32,540.2 35,060.2 7.4 7.2 6.3 6.3 7.6 7.3 6.6 6.7 17,670.7 5.7 4.1 54.3 5,362.9 17.6 17.9 16.5 180.5 *** *** 0.6 1,459.1 3.4 2.8 4.5

* 1990 44,278.1 44,737.0 8.0 8.6 5.6 6.2 7.9 8.4 5.1 5.6 23,470.4 7.9 5.2 53.0 8,871.2 12.1 9.5 20.0 236.8 *** *** 0.5 2,461.7 7.9 4.1 5.6

* 1995 51,254.2 43,710.0 2.2 2.7 2.7 3.4 2.2 2.8 3.0 3.8 27,416.5 2.1 2.5 53.5 8,045.0 6.5 8.3 15.7 163.2 *** *** 0.3 2,519.4 -5.5 -4.8 4.9

1997 53,414.3 45,549.9 1.6 0.9 1.1 0.0 1.7 0.9 0.9 0.1 28,519.2 1.9 0.7 53.4 8,641.8 3.5 4.0 16.2 272.7 *** *** 0.5 2,531.3 -10.1 -11.6 4.7

1998 52,787.7 45,036.0 -1.2 -1.4 -1.1 -0.9 -1.2 -1.5 -1.0 -0.9 28,349.0 -0.6 -0.6 53.7 8,451.2 -2.2 -1.2 16.0 176.2 *** *** 0.3 2,149.4 -15.1 -13.4 4.1

1999 51,965.2 44,922.5 -1.6 -0.8 -0.3 0.7 -1.6 -0.6 -0.2 0.8 28,479.4 0.5 1.2 54.8 7,876.4 -6.8 -4.9 15.2 -358.4 *** *** -0.7 2,125.8 -1.1 0.1 4.1

2000 52,670.6 46,171.2 1.4 1.2 2.8 2.5 1.6 1.5 2.7 2.6 28,658.9 0.6 1.6 54.4 8,276.8 5.1 6.4 15.7 -42.0 *** *** -0.1 2,127.6 0.1 0.1 4.0

2001 52,300.5 46,358.8 -0.7 -1.8 0.4 -0.6 -0.6 -1.8 0.4 -0.7 28,893.3 0.8 1.9 55.2 8,061.7 -2.6 0.0 15.4 18.1 *** *** 0.0 2,011.2 -5.5 -4.4 3.8

2002 51,598.6 46,413.5 -1.3 -0.8 0.1 0.9 -1.4 -1.0 0.1 0.8 28,826.4 -0.2 1.2 55.9 7,413.2 -8.0 -5.8 14.4 -185.0 *** *** -0.4 1,925.0 -4.3 -3.1 3.7

2003 51,540.1 47,122.8 -0.1 0.6 1.5 2.0 0.0 0.9 1.5 2.2 28,715.0 -0.4 0.7 55.7 7,398.1 -0.2 2.4 14.4 -22.8 *** *** -0.0 1,897.5 -1.4 -1.3 3.7

2004 52,096.5 48,161.7 1.1 0.6 2.2 1.6 1.4 0.9 2.3 1.6 28,927.5 0.7 1.3 55.5 7,564.5 2.2 3.8 14.5 161.2 *** *** 0.3 1,938.2 2.1 1.7 3.7

2005 52,413.3 48,962.5 0.6 0.9 1.7 2.0 0.9 1.3 1.3 1.5 29,154.3 0.8 1.2 55.6 8,155.6 7.8 8.5 15.6 74.1 *** *** 0.1 1,936.6 -0.1 -0.5 3.7

2006 52,688.0 49,657.7 0.5 0.6 1.4 1.4 1.0 1.0 1.0 1.2 29,444.4 1.0 1.0 55.9 8,339.6 2.3 2.1 15.8 17.7 *** *** 0.0 1,980.9 2.3 0.7 3.8

2007 53,168.8 50,479.2 0.9 0.4 1.7 1.2 1.3 0.6 1.5 0.6 29,603.5 0.5 0.9 55.7 8,406.8 0.8 1.0 15.8 191.5 *** *** 0.4 1,828.0 -7.7 -9.5 3.4

2008 52,071.6 49,927.1 -2.1 -4.1 -1.1 -3.4 -2.4 -4.6 -2.9 -4.8 29,495.3 -0.4 -1.0 56.6 8,204.7 -2.4 -2.8 15.8 300.1 *** *** 0.6 1,749.2 -4.3 -6.6 3.4

2009 48,950.1 47,222.9 -6.0 -3.4 -5.4 -2.2 -6.2 -3.3 -4.2 -1.1 28,631.3 -2.9 -0.7 58.5 6,896.7 -15.9 -13.4 14.1 -508.1 *** *** -1.0 1,427.4 -18.4 -16.4 2.9

2010 50,035.4 49,202.3 2.2 1.5 4.2 3.2 2.4 1.6 3.7 2.7 28,895.6 0.9 2.4 57.8 6,759.4 -2.0 -0.9 13.5 -11.7 *** *** -0.0 1,363.7 -4.5 -3.7 2.7

2011 49,140.9 49,145.6 -1.8 -1.1 -0.1 0.5 -1.5 -1.0 -1.0 -0.6 28,625.5 -0.9 -0.4 58.3 6,940.7 2.7 4.0 14.1 94.6 *** *** 0.2 1,433.8 5.1 4.9 2.9

2012 49,495.7 49,880.3 0.7 0.1 1.5 0.8 0.6 0.1 1.2 0.9 29,024.2 1.4 2.0 58.6 7,196.9 3.7 4.1 14.5 111.3 *** *** 0.2 1,457.4 1.6 2.5 2.9

2013 50,317.6 50,878.1 1.7 2.6 2.0 2.6 2.3 3.2 2.5 3.0 29,667.3 2.2 2.4 59.0 7,494.5 4.1 3.7 14.9 -66.5 *** *** -0.1 1,610.2 10.5 8.0 3.2

2014 51,387.6 51,068.7 2.1 2.2 0.4 -0.3 2.4 2.5 0.5 0.3 30,008.3 1.1 -0.9 58.4 7,994.5 6.7 5.4 15.6 -33.2 *** *** -0.1 1,595.9 -0.9 -4.3 3.1

2015 53,198.6 51,760.1 3.5 3.0 1.4 1.4 3.8 3.1 3.1 3.0 30,121.1 0.4 -0.0 56.6 8,341.3 4.3 3.4 15.7 117.4 *** *** 0.2 1,592.6 -0.2 -1.0 3.0

2016 53,853.3 52,257.7 1.2 1.0 1.0 1.2 0.7 0.6 1.3 1.1 29,985.2 -0.5 0.1 55.7 8,318.1 -0.3 0.6 15.4 11.7 *** *** 0.0 1,671.0 4.9 5.7 3.1

P 2017 54,660.8 53,164.2 1.5 1.7 1.7 1.6 1.8 2.0 1.4 1.3 30,333.6 1.2 1.0 55.5 8,607.8 3.5 2.9 15.7 -27.2 *** *** -0.0 1,744.6 4.4 2.7 3.2

55,030.0 － 2.0 - 1.9 - 2.6 - 1.8 - 30,520.0 1.6 1.2 - 8,760.0 4.8 3.4 - -20.0 * 0.0 * 0.0 - 1,750.0 3.0 1.1 -

56,430.0 － 2.5 - 1.8 - 2.7 - 1.8 - 31,150.0 2.1 1.4 - 9,230.0 5.3 3.9 - 70.0 * 0.2 * 0.1 - 1,790.0 2.2 0.6 -

2014． Oct.-Dec. 51,735.2 51,047.3 0.9 - 0.6 - 1.4 - 1.3 - 29,931.5 0.4 0.5 57.9 8,078.5 0.8 0.6 15.6 -112.3 *** *** -0.2 1,517.4 0.5 0.4 2.9

2015． Jan.-Mar. 52,998.1 51,805.0 2.4 - 1.5 - 1.9 - 1.9 - 30,066.2 0.5 0.7 56.7 8,366.5 3.6 3.4 15.8 40.5 *** *** 0.1 1,560.4 2.8 2.7 2.9

2015． Apr.-June 53,190.9 51,766.6 0.4 - -0.1 - 0.6 - 0.4 - 30,135.4 0.2 -0.1 56.7 8,274.2 -1.1 -1.4 15.6 264.9 *** *** 0.5 1,587.1 1.7 1.9 3.0

2015． July-Sept. 53,355.3 51,834.3 0.3 - 0.1 - 0.3 - 0.3 - 30,249.8 0.4 0.4 56.7 8,354.0 1.0 0.8 15.7 100.7 *** *** 0.2 1,614.8 1.7 1.6 3.0

2015． Oct.-Dec. 53,245.8 51,659.1 -0.2 - -0.3 - -0.1 - -0.0 - 30,023.5 -0.7 -0.7 56.4 8,360.8 0.1 0.4 15.7 63.8 *** *** 0.1 1,608.1 -0.4 -0.4 3.0

2016． Jan.-Mar. 53,799.6 52,090.9 1.0 - 0.8 - 0.6 - 1.1 - 29,974.8 -0.2 0.4 55.7 8,309.5 -0.6 -0.0 15.4 54.5 *** *** 0.1 1,617.2 0.6 1.3 3.0

2016． Apr.-June 53,831.3 52,201.4 0.1 - 0.2 - -0.1 - 0.1 - 29,917.0 -0.2 -0.2 55.6 8,293.9 -0.2 0.1 15.4 187.9 *** *** 0.3 1,648.0 1.9 2.4 3.1

2016． July-Sept. 53,820.1 52,333.3 -0.0 - 0.3 - -0.1 - -0.0 - 29,976.6 0.2 0.4 55.7 8,252.7 -0.5 -0.3 15.3 -33.8 *** *** -0.1 1,695.7 2.9 2.7 3.2

2016． Oct.-Dec. 53,980.7 52,443.3 0.3 - 0.2 - 0.3 - -0.0 - 30,082.9 0.4 0.0 55.7 8,407.8 1.9 1.7 15.6 -160.0 *** *** -0.3 1,719.1 1.4 0.5 3.2

2017． Jan.-Mar. 54,098.4 52,799.1 0.2 - 0.7 - 0.7 - 0.6 - 30,195.3 0.4 0.5 55.8 8,492.2 1.0 0.7 15.7 -134.2 *** *** -0.2 1,744.3 1.5 0.9 3.2

2017．P Apr.-June 54,509.0 53,055.7 0.8 - 0.5 - 0.7 - 0.5 - 30,435.1 0.8 0.8 55.8 8,533.4 0.5 0.2 15.7 -160.9 *** *** -0.3 1,769.1 1.4 1.3 3.2

2017．P July-Sept. 54,941.0 53,362.8 0.8 - 0.6 - 0.9 - 0.8 - 30,218.0 -0.7 -0.7 55.0 8,671.6 1.6 1.3 15.8 47.7 *** *** 0.1 1,756.2 -0.7 -1.4 3.2

2017．P Oct.-Dec. 55,105.8 53,479.8 0.3 - 0.2 - 0.3 - -0.0 - 30,476.5 0.9 0.3 55.3 8,742.6 0.8 0.9 15.9 140.2 *** *** 0.3 1,709.7 -2.6 -3.0 3.1

2018．P Jan.-Mar. 54,901.3 53,364.6 -0.4 - -0.2 - -0.6 - -0.7 - 30,460.1 -0.1 -0.2 55.5 8,817.5 0.9 0.7 16.1 10.6 *** *** 0.0 1,675.2 -2.0 -2.5 3.1

2018．P Apr.-June 55,282.1 53,759.9 0.7 - 0.7 - 1.0 - 1.0 - 30,552.4 0.3 0.7 55.3 9,147.4 3.7 3.1 16.5 46.6 *** *** 0.1 1,645.5 -1.8 -2.4 3.0

(※)　National Accounts: Figures are based on the System of National Accounts 2008 and Quarterly Estimates of GDP: April- June 2018. (the 2nd preliminary)(1980 ～1993: chain-linked, base year = 2000、1994～: chain-linked, base year = 2011)

（#）　FY2017, 2018: The government decided on January 22, 2018 the "Fiscal 2018 Economic Outlook and Basic Stance for Economic and Fiscal Management" at the Cabinet.＊: Contribution to Change of Gross Domestic Expenditures by Component.

10BillionYen ％

□Private Non-Resi. Inventment Change in Private Inventories

Percen-tagedistribu-tion

☆Percen-tagedistribu-tion

Private Consumption Gross Private Capital Formation

☆Percen-tagedistribu-tion10Billion

Yen10Billion

Yen10Billion

Yen

Gross DomesticProduct

(Expenditure) (※)

●Gross National Income

(※)　　　●Gross Domestic Product (Expenditure) (※)　　　　●

□Private Residential Investment


☆

FY 2017 (#)FY 2018 (#)

Released by Cabinet Office

10 Billion Yen ％％％％％

― 68 ―

〔National Accounts (Continued), National Income, Savings ratio〕

□ □ □ □ □

CY * 1970 －－－－－－－－－－－－－－－－－－－－－－－

* 1975 －－－－－－－－－－－－－－－－－－－－－－－

* 1980 5,693.4 －－ 23.4 3,430.4 －－ 14.1 2,263.0 －－ 9.3 3,281.7 －－ 13.5 3,503.6 －－ 14.4 19,675.0 1,685 17.7

* 1985 6,763.1 0.5 -3.5 20.8 4,537.1 4.4 1.4 13.9 2,225.9 -6.7 -15.7 6.8 4,617.7 2.8 5.3 14.2 3,513.7 -4.7 -2.7 10.8 25,633.8 2,121 16.2

* 1990 8,820.6 8.4 4.6 19.9 5,902.5 7.2 3.3 13.3 2,918.1 11.0 7.6 6.6 4,586.3 8.5 7.2 10.4 4,169.0 15.7 8.1 9.4 33,944.1 2,750 13.5

* 1995 12,462.2 2.5 2.3 24.3 7,873.6 4.5 3.9 15.4 4,588.6 -0.6 -0.5 9.0 4,598.4 1.8 4.2 9.0 3,950.5 10.9 12.9 7.7 37,443.9 2,985 11.8

1997 12,884.8 -0.7 -1.7 24.1 8,332.4 2.6 1.4 15.6 4,552.4 -6.1 -7.1 8.5 5,634.6 13.0 11.1 10.5 5,070.0 6.6 0.3 9.5 39,180.5 3,109 10.4

1998 12,702.9 -1.4 -0.8 24.1 8,427.1 1.1 1.2 16.0 4,275.8 -6.1 -4.9 8.1 5,555.6 -1.4 -2.4 10.5 4,596.5 -9.3 -6.7 8.7 38,188.6 3,022 11.8

1999 13,034.3 2.6 4.4 25.1 8,585.6 1.9 3.5 16.5 4,448.6 4.0 6.0 8.6 5,171.5 -6.9 1.9 10.0 4,363.6 -5.1 3.6 8.4 37,556.1 2,967 10.5

2000 12,896.5 -1.1 -0.7 24.5 8,876.1 3.4 3.9 16.9 4,020.5 -9.6 -9.3 7.6 5,596.0 8.2 12.7 10.6 4,843.2 11.0 9.3 9.2 38,333.7 3,022 8.8

2001 12,971.1 0.6 1.1 24.8 9,170.7 3.3 3.4 17.5 3,800.3 -5.5 -4.2 7.3 5,349.9 -4.4 -6.7 10.2 5,004.7 3.3 1.0 9.6 37,751.3 2,969 5.6

2002 12,922.1 -0.4 0.5 25.0 9,353.4 2.0 2.7 18.1 3,568.7 -6.1 -4.6 6.9 5,685.3 6.3 7.8 11.0 4,988.2 -0.3 0.7 9.7 37,338.1 2,931 4.8

2003 12,678.4 -1.9 -0.6 24.6 9,376.9 0.3 1.8 18.2 3,301.5 -7.5 -7.2 6.4 5,998.9 5.5 9.5 11.6 5,125.1 2.7 3.4 9.9 37,648.7 2,950 4.3

2004 12,451.9 -1.8 -1.5 23.9 9,431.0 0.6 1.2 18.1 3,020.9 -8.5 -8.9 5.8 6,758.0 12.7 14.3 13.0 5,704.7 11.3 8.1 11.0 38,239.8 2,994 3.4

2005 12,301.5 -1.2 -1.3 23.5 9,495.8 0.7 0.8 18.1 2,805.7 -7.1 -7.7 5.4 7,344.4 8.7 7.2 14.0 6,553.3 14.9 6.1 12.5 38,715.5 3,030 3.4

2006 12,160.4 -1.1 -1.1 23.1 9,459.0 -0.4 0.1 18.0 2,701.4 -3.7 -4.9 5.1 8,363.1 13.9 10.3 15.9 7,618.1 16.2 4.7 14.5 38,865.8 3,040 2.4

2007 12,132.8 -0.2 -0.3 22.8 9,541.5 0.9 1.2 17.9 2,591.3 -4.1 -5.3 4.9 9,301.0 11.2 8.7 17.5 8,294.6 8.9 2.2 15.6 39,364.2 3,076 2.4

2008 12,088.4 -0.4 -1.1 23.2 9,560.1 0.2 -0.1 18.4 2,528.4 -2.4 -4.9 4.9 9,073.0 -2.5 1.6 17.4 8,839.1 6.6 0.7 17.0 37,719.1 2,946 2.5

2009 12,233.2 1.2 3.0 25.0 9,611.2 0.5 2.0 19.6 2,622.0 3.7 6.6 5.4 6,129.0 -32.4 -23.4 12.5 5,859.3 -33.7 -15.7 12.0 34,888.9 2,725 4.2

2010 12,297.6 0.5 1.0 24.6 9,752.7 1.5 1.9 19.5 2,544.9 -2.9 -2.4 5.1 7,523.7 22.8 24.9 15.0 6,792.9 15.9 11.2 13.6 36,246.5 2,831 3.7

2011 12,313.2 0.1 0.3 25.1 9,920.5 1.7 1.9 20.2 2,392.7 -6.0 -6.0 4.9 7,334.3 -2.5 -0.2 14.9 7,601.1 11.9 5.8 15.5 35,636.5 2,787 4.0

2012 12,471.6 1.3 1.9 25.2 10,024.1 1.0 1.7 20.3 2,447.5 2.3 2.8 4.9 7,199.0 -1.8 -0.1 14.5 7,964.5 4.8 5.4 16.1 36,021.6 2,823 2.6

2013 12,777.9 2.5 2.5 25.4 10,146.9 1.2 1.5 20.2 2,631.0 7.5 6.5 5.2 8,008.2 11.2 0.8 15.9 9,174.0 15.2 3.3 18.2 37,117.5 2,913 0.2

2014 13,088.9 2.4 0.7 25.5 10,356.2 2.1 0.5 20.2 2,732.7 3.9 1.1 5.3 9,013.5 12.6 9.3 17.5 10,280.3 12.1 8.3 20.0 37,596.2 2,954 -0.7

2015 13,248.9 1.2 0.8 24.9 10,529.7 1.7 1.5 19.8 2,719.2 -0.5 -1.9 5.1 9,357.1 3.8 2.9 17.6 9,579.7 -6.8 0.8 18.0 38,919.2 3,062 0.4

2016 13,336.6 0.7 1.0 24.8 10,649.2 1.1 1.3 19.8 2,687.3 -1.2 -0.3 5.0 8,711.3 -6.9 1.7 16.2 8,180.6 -14.6 -1.6 15.2 39,152.0 3,084 2.2

P 2017 13,496.5 1.2 0.6 24.7 10,729.1 0.8 0.4 19.6 2,767.3 3.0 1.3 5.1 9,683.6 11.2 6.7 17.7 9,178.0 12.2 3.4 16.8

13,590.0 2.1 1.3 - 10,780.0 1.5 1.0 - 2,810.0 4.2 2.6 - 9,650.0 9.0 4.8 - 9,230.0 10.8 3.3 - 40,290.0 - -

13,730.0 1.0 0.4 - 10,910.0 1.2 0.8 - 2,820.0 0.1 -1.2 - 10,250.0 6.2 4.0 - 9,790.0 6.1 3.4 - 41,410.0 - -

2014． Oct.-Dec. 13,198.0 0.5 0.5 25.5 10,439.1 0.3 0.2 20.2 2,759.0 1.2 1.5 5.3 9,555.4 5.4 3.1 18.5 10,433.4 1.7 0.9 20.2 10,049.7 - 6.3

2015． Jan.-Mar. 13,256.6 0.4 0.5 25.0 10,507.2 0.7 0.9 19.8 2,749.4 -0.3 -1.0 5.2 9,502.2 -0.6 1.0 17.9 9,794.3 -6.1 0.8 18.5 9,598.0 - -7.3

2015． Apr.-June 13,201.3 -0.4 -0.2 24.8 10,466.1 -0.4 -0.0 19.7 2,735.3 -0.5 -1.0 5.1 9,324.6 -1.9 -3.3 17.5 9,596.6 -2.0 -2.1 18.0 9,599.7 - 1.1

2015． July-Sept. 13,225.1 0.2 0.1 24.8 10,513.4 0.5 0.4 19.7 2,711.7 -0.9 -0.7 5.1 9,522.4 2.1 2.5 17.8 9,711.4 1.2 2.5 18.2 9,422.1 - -1.2

2015． Oct.-Dec. 13,314.7 0.7 0.5 25.0 10,635.5 1.2 0.9 20.0 2,679.2 -1.2 -1.0 5.0 9,076.4 -4.7 -0.9 17.0 9,201.4 -5.3 -0.6 17.3 10,299.3 - 7.8

2016． Jan.-Mar. 13,425.9 0.8 1.0 25.0 10,773.2 1.3 1.3 20.0 2,652.8 -1.0 0.0 4.9 8,766.9 -3.4 0.4 16.3 8,349.4 -9.3 -1.5 15.5 9,709.4 - -4.5

2016． Apr.-June 13,298.6 -0.9 -0.5 24.7 10,582.2 -1.8 -1.2 19.7 2,716.3 2.4 2.6 5.0 8,533.8 -2.7 -0.4 15.9 8,047.8 -3.6 -0.8 15.0 9,684.7 - 2.6

2016． July-Sept. 13,346.1 0.4 0.3 24.8 10,631.5 0.5 0.5 19.8 2,714.6 -0.1 -0.2 5.0 8,536.1 0.0 2.3 15.9 7,953.2 -1.2 -0.1 14.8 9,351.9 - 0.6

2016． Oct.-Dec. 13,297.6 -0.4 -0.6 24.6 10,622.2 -0.1 -0.2 19.7 2,675.4 -1.4 -2.3 5.0 8,977.7 5.2 2.7 16.6 8,344.4 4.9 1.0 15.5 10,406.1 - 9.1

2017． Jan.-Mar. 13,358.9 0.5 0.3 24.7 10,661.3 0.4 0.3 19.7 2,697.6 0.8 0.1 5.0 9,494.1 5.8 1.9 17.5 9,052.4 8.5 1.4 16.7 9,729.0 - -5.4

2017．P Apr.-June 13,574.0 1.6 1.4 24.9 10,733.9 0.7 0.4 19.7 2,840.1 5.3 5.5 5.2 9,446.1 -0.5 0.2 17.3 9,087.8 0.4 1.9 16.7

2017．P July-Sept. 13,532.7 -0.3 -0.5 24.6 10,752.5 0.2 0.1 19.6 2,780.3 -2.1 -2.8 5.1 9,748.1 3.2 2.1 17.7 9,033.3 -0.6 -1.5 16.4

2017．P Oct.-Dec. 13,537.9 0.0 -0.1 24.6 10,765.5 0.1 0.1 19.5 2,772.4 -0.3 -0.6 5.0 10,025.9 2.9 2.1 18.2 9,527.0 5.5 3.3 17.3

2018．P Jan.-Mar. 13,546.8 0.1 -0.1 24.7 10,772.8 0.1 0.0 19.6 2,774.1 0.1 -0.5 5.1 10,046.8 0.2 0.6 18.3 9,655.8 1.4 0.2 17.6

2018．P Apr.-June 13,582.8 0.3 0.2 24.6 10,790.9 0.2 0.2 19.5 2,792.0 0.6 0.1 5.1 10,100.1 0.5 0.2 18.3 9,792.6 1.4 0.9 17.7

(※)　National Accounts: Figures are based on the System of National Accounts 2008 and Quarterly Estimates of GDP: April- June 2018. (the 2nd preliminary)(1980～1993: chain-linked, base year = 2000、1994～: chain-linked, base year = 2011)

(＃)　FY2017, 2018: The government decided on January 22, 2018 the "Fiscal 2018 Economic Outlook and Basic Stance for Economic and Fiscal Management" at the Cabinet.(＊)　National Income, Savings ratio: Base year for figures is 2011. (1980～1993: Base year for figures is 2000.)


10 BillionYen

10 BillionYen

10 BillionYen

10 BillionYen％％

Percen-tagedistribu-tion

☆

Gross Domestic Product (Continued) (※） ● National Income (＊)

Savingsratio

(＊)

Government Expenditures Exports of Goods and Services Less : Imports of Goods and Services

Government Consumption Capital Formation includingInventories Percen-

tagedistribu-tion


PerCapita

％


☆

Released by Cabinet Office

％ 10 Billion Yen Thousand Yen ％

FY 2017 (#)FY 2018 (#)

10 BillionYen％

― 69 ―

〔Enterprises Profits〕

★ ★ ★

2014． Oct.-Dec. 2.4 11.6 2.8

2015． Jan.-Mar. -0.5 0.4 7.3

2015． Apr.-June 1.1 23.8 5.6

2015． July-Sept. 0.1 9.0 11.2

2015． Oct.-Dec. -2.7 -1.7 8.5

2016． Jan.-Mar. -3.3 -9.3 4.2

2016． Apr.-June -3.5 -10.0 3.1

2016． July-Sept. -1.5 11.5 -1.3

2016． Oct.-Dec. 2.0 16.9 3.8

2017． Jan.-Mar. 5.6 26.6 4.5

2017． Apr.-June 6.7 22.6 1.5

2017． July-Sept. 4.8 5.5 4.2

2017． Oct.-Dec. 5.9 0.9 4.3

2018． Jan.-Mar. 3.2 0.2 3.4

2018． Apr.-June 5.1 17.9 12.8

2018． July-Sept. [2.8] [-1.3] [14.4]

2018． Oct.-Dec.2019． Jan.-Mar.

(※1) 'TANKAN' (All Industries.) : * The figures are forecasted in the survey in June, 2018 ． (※2) Financial Statements Statistics of Corporations (All Industries.) :

The figures do not include Finance and Insurance, and include pure holding company that has financial institutions in subsidiary company since April - June, 2008.Since fiscal year 2009, figures include Japan Post Holdings, Japan Post Service and Japan Post NetworkThe figures of investment in plant and equipment include investment in software since fiscal year 2002.The figures in [ ] are forecast of half year / fiscal year of "Business Outlook Survey ",excluding Financeand Insurance.

Financial StatementsStatistics of Corporations

(All Industries.) (※2)TANKAN (All Industries.) (※1)

SalesOrdinary

Profits andLosses

Investmentin plant andequipment

Sales CurrentProfit

Ratio ofCurrentProfit to

Sales

LargeEnterprises

(Manufacturing)

LargeEnterprises

(Manufacturing)

LargeEnterprises

(Manufacturing)

★ ★

％％

-2.0 14.1 6.7 9.6 1.1

4.2 12.8 2.3 0.3 -5.7

-1.9 3.41 5.15

-14.4 2.68 4.04FY 1985 6.9

1995 3.2

2000 3.7

27.9 2.67 3.8120.2 3.9 1.4 2.6 19.1

1990 9.2

32.3 2.87 4.6133.2 8.6 2.8 4.9 18.0

7.0 4.0 0.6 -0.4 7.2

15.6 -3.9 4.8 6.7 12.3

12.4 3.65 4.64

16.5 4.01 6.482005 6.2

2013 2.5

2014 2.7

48.7 4.44 6.4523.1 6.6 5.5 7.1 28.4

2012 -0.5

11.5 4.63 7.388.3 7.8 0.6 1.3 5.9

9.9 0.7 -1.5 -2.9 4.4

5.6 7.1 -1.3 -2.3 4.8

-0.5 5.21 7.33

-5.3 4.91 7.152015 -1.1

2017 6.1

2018 [2.4]

20.8 5.83 8.5211.4 5.8 4.4 5.6 12.0

2016 1.7

* 7.60[0.2] [10.3] * 1.5 * 2.5 * -5.1

-0.9 0.5 7.3 20.2

* -8.6 * 5.45

4.68 7.53

2015・1H 0.0 0.1 16.0 14.5

2014・2H

5.30 8.26

2015・2H -2.5 -4.5 -5.4 -23.0 4.54 6.07

2016・1H -3.7 -6.1 -8.1 -25.8 5.06 6.52

2016・2H 0.7 0.2 18.4 33.1 5.34 8.06

2017・1H 4.5 5.9 23.6 52.5 6.22 9.61

2017・2H 4.3 5.4 2.0 -2.8 5.46 7.52

2018・1H * 2.2 * 2.9 * -9.1 * -14.9 * 5.54 * 7.95

2018・2H [2.1] [1.6] [7.1] * 0.9

Released by Ministry of Finance Bank of Japan

* 2.0 * -0.9 * -1.3 * 5.36 * 7.27

― 70 ―


Published by Information Service Department Policy Research Institute Ministry of Finance 3-1-1 Kasumigaseki, Chiyoda-ku, Tokyo100-8940 JAPAN

URL https://www.mof.go.jp/english/pri/publication/mf_review/index.htm

Printed in Japan

Documents

MONTHLY FINANCE REVIEW · ISSN 0388-0605 MONTHLY FINANCE REVIEW October 2018 No. 543 Policy Research Institute MINISTRY OF FINANCE JAPAN