monthly finance review · 2017-08-07 · imports 410 450 419 406 402 388 402 424 426 526 490 519...

ISSN 0388-0605

MONTHLY FINANCE REVIEW

July 2017

No. 528

Policy Research Institute

MINISTRY OF FINANCE

JAPAN


July. 2017 (No.528)

CONTENTS

STATISTICS（Released by Ministry of Finance）

A. Balance of the Fiscal Loan Fund (22 May.) ............................................................ 2

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

C. Taxes and Stamp Revenues (1 Jun.) ...................................................................... 8

D. Receipts and Payments of the Treasury Funds with the Private Sector (2 Jun.) ....... 12

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

F. Balance of Payments (8 Jun.) .............................................................................. 18

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

designated major investors) (8 Jun.) .................................................................... 22

H. The balance of Offshore Accounts (15 Jun.) ........................................................ 24

I. Financial Statements Statistics of Corporations by Industry, Quarterly

(1 Jun.) .............................................................................................................. 26

J. Business Outlook Survey (13 Jun.) .................................................................. 30

PUBLIC RELATIONS & PRESS RELEASE Convention to Implement Measures to Prevent BEPS was Signed (8 Jun.) .................. 34

APPENDIX

A. Quarterly Estimates of GDP, Jan.-Mar. 2017 (The 1st preliminary) (8 Jun.) .......... 38

B. Monthly Economic Report (June) (22 Jun.) ............................................................. 49

MAIN ECONOMIC INDICATORS OF JAPAN .......................................................... 53

STATISTICS

A. Balance of the Fiscal Loan Fund (22 May 2017)

( in billions of yen)2016 2017Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr

Assets 133,813.4 136,263.8 131,111.5 133,899.6 133,803.3 131,234.4 128,805.8 132,294.2 127,140.8 129,227.0 129,834.5 130,060.8 131,350.7

Cash/Deposits 5,981.6 7,150.6 4,209.5 7,699.3 7,714.4 7,312.1 5,250.1 6,386.3 1,596.3 4,054.1 4,434.1 3,678.3 5,673.0

Securities 261.6 261.6 261.6 261.6 261.6 261.6 261.6 221.6 221.6 221.6 221.6 221.6 221.6

Government Bonds - - - - - - - - - - - - -Other Bonds 40.0 40.0 40.0 40.0 40.0 40.0 40.0 - - - - - -Trust Beneficiary Rights and Others 221.6 221.6 221.6 221.6 221.6 221.6 221.6 221.6 221.6 221.6 221.6 221.6 221.6

Loans 127,570.1 128,851.6 126,640.4 125,938.7 125,827.3 123,660.6 123,294.2 125,686.3 125,322.9 124,951.3 125,178.8 126,161.0 125,456.1

Loans to General Account and Special Accounts 24,199.6 24,196.4 22,519.4 22,136.2 22,218.2 23,294.3 22,874.1 23,781.6 23,695.2 23,154.8 23,259.5 23,655.5 23,107.8Loans to Government-related Institutions 19,047.5 18,971.8 18,953.5 18,925.3 18,965.1 18,535.2 18,530.5 18,523.6 18,501.9 18,261.4 18,214.1 18,713.0 18,586.2Loans to Local Government 49,696.1 51,183.3 51,183.8 51,187.4 51,188.9 48,982.9 48,999.8 49,061.0 49,161.7 49,203.5 49,325.7 48,217.7 48,276.0Loans to Special Corporations 34,626.9 34,500.2 33,983.7 33,689.8 33,455.0 32,848.2 32,889.7 34,320.2 33,964.1 34,331.7 34,379.6 35,574.8 35,486.1

Others – – – – – – – – – – – – –

Liabilities 133,813.4 136,263.8 131,111.5 133,899.6 133,803.3 131,234.4 128,805.8 132,294.2 127,140.8 129,227.0 129,834.5 130,060.8 131,350.7

Deposits 37,075.3 39,499.8 37,813.5 38,836.0 37,436.9 38,412.7 35,591.2 37,104.9 32,321.3 33,805.8 33,419.7 32,843.1 34,114.4

Special Account Deposits 25,826.9 28,818.2 27,014.4 28,240.3 26,806.2 29,016.9 26,348.2 28,311.7 23,512.8 25,122.1 24,795.4 24,974.7 26,232.0Fund Deposits 5,830.1 5,347.3 5,244.9 4,921.5 4,834.3 3,584.8 3,431.9 2,957.1 2,882.5 2,607.6 2,458.3 1,322.4 1,306.3Mutual Aid Cooperative Deposits 3,458.0 3,458.0 3,458.0 3,458.0 3,458.0 3,371.6 3,281.6 3,191.6 3,191.6 3,191.6 3,191.6 3,441.6 3,441.6Other Deposits 1,960.3 1,876.3 2,096.3 2,216.3 2,338.5 2,439.5 2,529.5 2,644.5 2,734.5 2,884.5 2,974.5 3,104.5 3,134.5

Long-term Bonds 96,131.5 96,131.5 92,926.0 94,586.0 95,856.0 92,088.2 92,468.2 94,418.2 94,288.0 94,788.0 95,758.0 96,329.2 96,329.2

Others 606.6 632.5 372.1 477.6 510.4 733.4 746.4 771.1 531.4 633.2 656.7 888.5 907.2

(Note) Figures may not total due to rounding.

Source : Financial Bureau (http://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

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 Jan Feb Mar Apr

2014 2015 2016 2017

Assets: Cash/Deposits Liabilities: DepositsAssets: Securities Liabilities: Long-term BondsAssets: Loans Liabilities: othersAssets: others

Assets

Liabilities

― 3 ―

B. Trade Statistics (30 May 2017)

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

2016* 2017Apr May Jun Jul Aug Sep Oct Nov Dec Jan** Feb** Mar** Apr(P)

Total Exports 58,896 50,919 60,253 57,284 53,164 59,689 58,702 59,564 66,789 54,220 63,475 72,296 63,294Imports 50,783 51,393 53,389 52,239 53,510 54,824 53,891 58,099 60,430 65,139 55,364 66,193 58,483Balance 8,113 -473 6,865 5,045 -346 4,866 4,812 1,465 6,359 -10,919 8,111 6,103 4,811

Asia Exports 30,728 27,691 31,505 30,439 29,273 31,215 31,225 32,356 37,401 28,873 34,864 38,607 34,482Imports 25,693 25,566 27,128 25,615 26,329 28,653 27,339 28,865 29,218 33,608 24,884 32,206 28,306Balance 5,034 2,125 4,377 4,825 2,943 2,562 3,886 3,491 8,183 -4,735 9,980 6,400 6,176

P.R.China Exports 10,349 9,020 10,438 10,297 9,691 9,930 10,748 11,032 13,011 8,870 11,966 12,995 11,877Imports 13,314 13,039 13,800 12,973 13,139 15,406 14,175 14,886 14,845 17,976 10,809 16,206 14,300Balance -2,965 -4,019 -3,361 -2,676 -3,448 -5,477 -3,427 -3,854 -1,835 -9,106 1,157 -3,211 -2,424

Hong Kong Exports 2,962 2,661 3,255 2,821 2,662 3,322 2,955 3,472 3,670 2,627 3,622 3,599 3,058Imports 105 89 325 86 84 328 89 238 151 110 85 348 128Balance 2,857 2,572 2,930 2,735 2,577 2,994 2,866 3,234 3,520 2,517 3,538 3,250 2,930

Taiwan Exports 3,312 3,365 3,701 3,588 3,527 3,770 3,667 3,517 4,213 3,235 3,921 4,060 3,801Imports 2,017 1,996 1,917 2,054 2,011 2,076 1,997 2,139 2,146 2,350 2,033 2,338 2,106Balance 1,296 1,368 1,784 1,534 1,516 1,694 1,670 1,378 2,068 885 1,889 1,723 1,695

Korea Exports 4,120 3,791 3,988 4,090 4,108 4,284 4,185 4,304 5,068 4,447 4,741 5,665 5,038Imports 2,016 2,196 2,259 2,200 2,165 2,145 2,266 2,415 2,742 2,718 2,457 2,680 2,356Balance 2,104 1,595 1,729 1,890 1,944 2,139 1,919 1,889 2,326 1,729 2,284 2,984 2,682

Singapore Exports 1,821 1,639 2,033 1,640 1,603 1,665 1,573 1,904 2,414 2,096 1,909 2,446 1,877Imports 630 603 714 610 691 649 701 676 669 766 855 848 805Balance 1,190 1,036 1,319 1,030 912 1,016 871 1,228 1,745 1,330 1,055 1,598 1,071

Thailand Exports 2,534 2,129 2,545 2,471 2,388 2,538 2,550 2,458 2,735 2,370 2,616 2,824 2,746Imports 1,718 1,700 1,866 1,717 1,757 1,723 1,867 1,892 1,903 1,937 1,918 2,163 1,786Balance 816 429 679 753 631 816 683 566 832 433 699 662 960

Malaysia Exports 1,150 1,003 1,083 1,079 1,016 1,103 1,062 1,100 1,197 1,001 1,117 1,314 1,132Imports 1,362 1,397 1,494 1,347 1,472 1,513 1,431 1,627 1,698 1,957 1,809 1,938 1,760Balance -213 -395 -411 -268 -456 -410 -369 -527 -501 -956 -692 -624 -628

Indonesia Exports 1,005 992 847 1,072 962 1,087 1,067 1,085 1,153 992 1,177 1,372 1,177Imports 1,536 1,495 1,556 1,560 1,550 1,532 1,597 1,735 1,717 2,013 1,714 1,875 1,660Balance -531 -503 -709 -487 -588 -445 -530 -650 -564 -1,022 -537 -503 -482

Philippines Exports 939 872 935 940 950 956 960 924 966 876 959 1,192 1,008Imports 779 802 825 780 866 845 893 844 851 828 834 946 829Balance 160 69 110 160 84 112 67 80 115 48 124 246 180

Vietnam Exports 1,221 1,069 1,331 1,178 1,096 1,186 1,228 1,203 1,414 1,059 1,392 1,416 1,354Imports 1,323 1,388 1,472 1,414 1,630 1,479 1,448 1,526 1,603 1,792 1,329 1,720 1,509Balance -103 -319 -142 -235 -534 -293 -221 -324 -189 -733 63 -303 -155

India Exports 683 630 778 720 744 794 661 743 835 728 790 976 735Imports 410 450 419 406 402 388 402 424 426 526 490 519 438Balance 273 180 360 314 342 406 259 319 410 202 300 457 297

(ASEAN) Exports 8,823 7,827 8,902 8,508 8,119 8,680 8,578 8,849 10,045 8,509 9,302 10,709 9,414Imports 7,662 7,633 8,266 7,749 8,362 8,145 8,277 8,618 8,761 9,732 8,835 9,899 8,772Balance 1,161 194 637 759 -243 535 300 231 1,285 -1,223 467 809 642

Oceania Exports 1,690 1,561 1,818 1,833 1,752 1,743 1,756 1,615 1,543 1,866 2,107 1,964 1,759Imports 2,952 2,686 2,678 3,050 2,995 3,264 3,299 3,730 3,920 3,962 3,889 4,200 3,940Balance -1,262 -1,125 -861 -1,217 -1,243 -1,521 -1,543 -2,115 -2,377 -2,096 -1,782 -2,236 -2,182

Australia Exports 1,303 1,214 1,320 1,426 1,410 1,396 1,296 1,298 1,229 1,424 1,499 1,574 1,399Imports 2,530 2,291 2,236 2,601 2,604 2,821 2,907 3,237 3,482 3,597 3,492 3,702 3,431Balance -1,226 -1,077 -916 -1,175 -1,195 -1,424 -1,611 -1,939 -2,253 -2,173 -1,992 -2,128 -2,032

New Zealand Exports 196 160 189 223 176 218 218 222 245 176 219 245 225Imports 218 240 276 224 203 180 198 204 206 179 166 225 251Balance -22 -80 -86 -2 -26 38 20 18 39 -3 52 20 -26

North America Exports 12,797 10,347 12,934 12,477 10,379 12,558 12,774 12,864 14,449 11,142 13,126 14,796 13,297Imports 6,696 7,020 6,889 6,659 6,904 6,637 7,009 7,219 7,483 7,576 6,926 8,419 7,485Balance 6,101 3,327 6,044 5,818 3,475 5,921 5,765 5,645 6,966 3,566 6,200 6,377 5,812

U S A Exports 12,006 9,703 12,181 11,825 9,713 11,675 11,970 12,112 13,698 10,540 12,232 13,532 12,322Imports 5,879 6,249 6,007 5,896 6,139 5,808 6,177 6,309 6,507 6,552 6,121 7,259 6,456Balance 6,126 3,454 6,174 5,929 3,574 5,867 5,793 5,804 7,191 3,988 6,111 6,273 5,866

Canada Exports 791 644 752 652 666 883 805 752 750 602 894 1,264 975Imports 811 767 876 757 761 825 828 906 970 1,019 801 1,154 1,023Balance -20 -123 -124 -105 -95 58 -24 -155 -220 -417 93 111 -48

Latin America Exports 2,688 2,095 3,024 2,029 2,110 2,879 2,274 2,276 2,188 2,718 2,333 3,538 2,438Imports 2,119 2,175 2,170 2,463 1,971 2,069 2,013 2,546 2,349 2,576 2,569 2,577 2,597Balance 569 -80 854 -434 139 811 262 -270 -161 142 -236 962 -159

Brazil Exports 238 257 272 261 259 237 229 230 277 234 267 320 282Imports 627 566 593 519 468 522 523 631 576 492 560 590 558Balance -389 -309 -321 -258 -209 -286 -294 -401 -299 -258 -293 -270 -277

― 4 ―


Mexico Exports 1,053 814 948 946 926 1,056 1,026 1,023 1,088 871 980 1,188 1,084Imports 407 463 430 631 480 475 489 710 669 563 443 618 483Balance 646 351 518 316 446 581 537 313 419 308 537 570 602

Chile Exports 139 134 139 113 129 172 137 115 171 211 184 135 133Imports 474 524 540 442 484 396 381 458 451 826 692 480 595Balance -335 -389 -401 -330 -355 -225 -244 -343 -280 -615 -508 -344 -462

West Europe Exports 7,156 5,883 6,842 6,759 6,094 7,003 6,769 6,534 7,242 6,137 7,209 8,670 7,465Imports 6,976 6,949 7,048 7,141 7,182 6,925 7,265 7,578 7,875 7,377 7,113 7,932 7,084Balance 180 -1,066 -207 -382 -1,089 78 -497 -1,044 -634 -1,239 95 737 381

Germany Exports 1,732 1,406 1,617 1,607 1,445 1,632 1,684 1,474 1,798 1,468 1,669 1,888 1,674Imports 1,867 1,984 1,839 1,904 1,997 2,070 1,962 1,999 2,172 2,036 1,980 2,174 1,957Balance -135 -578 -222 -297 -551 -438 -278 -524 -374 -569 -311 -286 -283

United Exports 1,183 1,088 1,273 1,318 1,093 1,401 1,045 1,202 1,164 1,006 1,280 1,737 1,164Kingdom Imports 590 547 532 513 556 483 763 615 596 603 561 729 550

Balance 592 540 741 805 536 918 282 587 568 403 720 1,007 614France Exports 580 480 513 534 525 538 544 557 612 466 674 595 620

Imports 907 956 810 858 826 1,010 883 969 1,039 968 926 865 973Balance -327 -476 -297 -324 -300 -472 -339 -412 -427 -502 -252 -270 -353

Netherlands Exports 1,207 958 1,029 1,072 953 1,149 1,045 966 1,217 1,019 1,154 1,222 1,147Imports 189 267 193 184 196 259 167 197 178 189 193 284 175Balance 1,018 691 836 888 757 890 878 769 1,039 830 961 937 972

Italy Exports 411 318 357 375 313 419 385 406 404 342 446 474 443Imports 688 779 833 864 838 710 732 878 880 814 805 934 922Balance -277 -462 -476 -489 -525 -291 -347 -472 -476 -472 -359 -460 -479

Belgium Exports 546 472 549 492 459 512 493 480 568 497 568 595 540Imports 240 232 197 261 154 196 264 203 240 254 202 225 231Balance 307 240 352 231 305 316 229 277 328 243 366 370 309

Switzerland Exports 234 203 302 268 339 255 439 324 275 253 297 764 561Imports 889 521 699 644 668 676 725 583 847 674 650 777 619Balance -656 -318 -397 -375 -329 -422 -287 -259 -572 -421 -353 -13 -58

Sweden Exports 154 110 151 134 125 123 124 122 135 110 138 148 134Imports 207 201 173 243 194 175 205 231 201 232 195 222 230Balance -53 -90 -22 -108 -69 -52 -82 -108 -66 -122 -57 -74 -96

Ireland Exports 77 79 60 48 50 61 76 74 69 66 62 83 76Imports 320 334 681 591 670 299 581 734 544 346 540 452 348Balance -244 -255 -621 -543 -620 -239 -505 -660 -475 -280 -478 -368 -272

Spain Exports 295 223 274 273 236 262 260 236 273 193 239 299 292Imports 334 342 344 333 298 340 317 323 303 387 266 360 292Balance -40 -119 -70 -60 -62 -78 -56 -87 -31 -193 -27 -60 1

Central and Exports 1,030 916 1,278 1,205 1,003 1,145 1,171 984 1,041 962 1,165 1,242 1,432East Europe, Imports 1,371 1,417 1,399 1,390 1,658 1,586 1,501 1,615 1,924 1,960 1,997 1,924 1,866Russia Balance -342 -501 -121 -186 -655 -441 -330 -632 -883 -999 -832 -682 -434

Russia Exports 422 383 504 554 429 519 558 429 431 435 527 540 635Imports 888 973 899 887 1,097 1,026 951 1,092 1,330 1,304 1,464 1,301 1,293Balance -465 -590 -395 -332 -668 -507 -393 -663 -899 -869 -937 -761 -657

(EU) Exports 7,025 5,779 6,627 6,656 5,907 6,871 6,505 6,333 7,110 5,966 7,007 8,010 7,179Imports 6,228 6,517 6,511 6,677 6,734 6,503 6,804 7,181 7,159 6,914 6,596 7,328 6,570Balance 797 -738 116 -22 -827 368 -299 -849 -49 -948 411 682 609

Middle East Exports 2,070 1,800 2,197 1,860 1,933 2,448 2,089 2,160 2,231 1,750 2,026 2,480 1,786Imports 4,351 4,983 5,396 5,479 5,866 5,135 4,823 5,904 6,757 7,400 7,259 8,132 6,326Balance -2,281 -3,183 -3,199 -3,619 -3,933 -2,687 -2,734 -3,745 -4,526 -5,650 -5,232 -5,652 -4,541

U A E Exports 634 536 832 662 588 822 702 742 841 659 784 982 618Imports 1,038 1,499 1,612 1,809 1,688 1,522 1,155 1,766 2,056 2,009 1,889 1,991 1,754Balance -404 -963 -780 -1,147 -1,100 -700 -453 -1,025 -1,215 -1,350 -1,106 -1,008 -1,136

Saudi Arabia Exports 568 484 442 358 392 436 378 400 444 271 289 407 277Imports 1,559 1,713 1,677 1,670 1,968 1,500 1,801 2,065 2,402 2,817 2,653 3,099 2,567Balance -991 -1,229 -1,235 -1,311 -1,576 -1,064 -1,423 -1,665 -1,958 -2,545 -2,364 -2,692 -2,290

Kuwait Exports 122 121 147 120 150 193 170 158 157 143 140 128 124Imports 309 368 322 334 402 386 365 435 446 635 689 601 546Balance -188 -246 -175 -213 -252 -193 -196 -277 -289 -492 -549 -472 -422

Qatar Exports - - - - - - - - - - - - 114Imports - - - - - - - - - - - - 887Balance - - - - - - - - - - - - -774

Oman Exports - - - - - - - - - - - - 207Imports - - - - - - - - - - - - 156Balance - - - - - - - - - - - - 51

Iran Exports 51 32 36 44 63 75 59 66 110 49 56 160 78Imports 3 281 466 428 277 449 243 367 366 436 484 492 82Balance 47 -249 -431 -384 -214 -374 -184 -302 -256 -387 -427 -333 -4

Africa Exports 737 626 656 681 620 698 644 775 694 773 645 1,000 636Imports 624 596 680 442 604 555 641 641 903 680 727 802 878Balance 112 30 -24 239 16 143 3 134 -209 92 -82 197 -242

South Africa Exports 215 162 207 212 189 230 202 174 237 177 227 236 237Imports 359 347 387 270 410 406 417 380 508 337 372 426 461Balance -144 -185 -179 -58 -221 -177 -215 -206 -271 -160 -145 -190 -224

(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

-30,000

-25,000

-20,000

-15,000

-10,000

-5,000

0

5,000

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15,000

20,000

25,000

30,000

80,000

60,000

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0

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80,000A

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2014 2015 2016 2017

Exports Imports Balance

Exports

Imports

World Balance

-20,000

-15,000

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2014 2015 2016 2017

AsiaExports

Imports

Balance

-20,000

-15,000

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2014 2015 2016 2017

E UExports

Imports

Balance

-20,000

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-5,000

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2014 2015 2016 2017

Middle EastExports

Imports

Balance

-20,000

-15,000

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-5,000

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40,000

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2014 2015 2016 2017

P.R.ChinaExports

Imports

Balance

-20,000

-15,000

-10,000

-5,000

0

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2014 2015 2016 2017

U S AExports

Imports

Balance

― 6 ―

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


Exports 58,896 50,919 60,253 57,284 53,164 59,689 58,702 59,564 66,789 54,220 63,475 72,296 63,294

Foodstuff 527 450 521 474 457 518 540 533 682 374 504 584 513

Raw materials 898 828 866 741 690 689 697 764 1,001 808 955 1,061 941

Mineral fuels 682 880 752 715 826 793 671 658 835 1,116 930 933 618

Chemicals 6,250 5,455 5,884 5,809 5,521 5,611 5,868 5,959 6,879 5,945 6,722 7,268 6,925

Manufactured goods 6,599 6,114 6,843 6,562 6,214 6,383 6,369 6,311 7,329 5,973 7,061 7,856 7,069

Machinery 11,622 10,162 11,723 11,468 10,423 11,336 11,122 11,165 13,298 10,064 13,164 14,782 12,937

Electrical machinery 10,382 8,652 10,294 10,159 9,828 10,808 10,711 10,616 12,052 9,232 10,855 12,012 11,082

Transport equipment 14,410 11,756 15,264 14,011 11,889 15,269 14,688 15,116 15,685 13,572 14,536 17,343 14,601

Motor vehicles 9,131 7,443 9,952 9,650 7,773 10,219 9,943 10,295 10,566 8,105 9,445 10,402 9,291

Others 7,525 6,622 8,107 7,345 7,317 8,283 8,037 8,442 9,028 7,136 8,748 10,456 8,607

Imports 50,783 51,393 53,389 52,239 53,510 54,824 53,891 58,099 60,430 65,139 55,364 66,193 58,483

Foodstuff 5,478 5,319 5,326 5,195 5,149 4,996 5,066 5,837 5,848 5,376 4,598 5,909 5,839

Raw materials 3,352 3,332 3,348 3,055 3,152 3,261 3,273 3,279 3,613 3,804 3,322 3,891 3,793

Mineral fuels 7,876 8,673 8,985 9,715 10,154 9,358 8,995 11,111 13,065 14,553 13,943 14,947 12,497

Petroleum 3,533 4,508 4,636 5,053 4,917 4,553 4,001 4,941 6,005 6,386 6,434 6,828 5,690

Chemicals 5,883 5,511 6,017 5,758 5,957 5,454 5,924 6,264 5,956 6,264 5,632 6,599 6,101

Manufactured goods 4,986 5,002 5,122 4,659 4,934 4,950 4,997 5,147 5,245 5,863 4,673 5,905 5,384

Machinery 5,050 5,248 5,370 4,943 4,767 5,086 4,971 5,353 5,653 6,253 5,217 6,311 5,318

Electrical machinery 7,558 8,149 8,960 7,985 8,068 9,964 9,958 9,688 9,681 10,889 8,225 10,063 8,772

Transport equipment 2,398 2,532 2,380 2,713 2,427 2,502 2,694 2,822 3,029 2,424 2,352 2,597 2,435

Others 8,202 7,627 7,879 8,216 8,901 9,252 8,014 8,599 8,339 9,711 7,402 9,970 8,343

(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

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2014 2015 2016 2017

Foodstuff Raw materials Mineral fuels Chemicals

Manufactured goods Machinery Electrical machinery Transport equipment

Apr

May

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nJu

lA

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Nov

Dec

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Mar

Apr

May

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2014 2015 2016 2017

Exports Imports

― 7 ―

C. Taxes and Stamp Revenues (1 June 2017)FY 2015 (in 100 millions of yen)

2015 2016

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

Income Tax 175,900 -3,582 8,621 11,186 38,579 11,755 11,364 8,680 12,996 10,454 28,184 6,675 6,125 26,311 723 178,071

Withheld atSource

147,060 -3,068 8,630 10,818 34,012 11,514 11,198 8,463 8,332 10,014 28,015 5,692 2,867 11,134 110 147,732

Self-assessed 28,840 -514 -9 369 4,566 241 166 217 4,664 441 169 984 3,258 15,177 613 30,340

117,410 -1,031 -555 1,558 -422 4,500 1,851 3,708 32,907 3,186 2,132 9,497 1,977 4,490 44,478 108,274

17,610 98 49 1,090 1,048 1,257 1,396 1,909 1,537 2,137 1,381 1,824 3,127 1,516 1,316 19,684

171,120 -197 -318 222 17,513 17,520 11,514 14,331 19,295 9,548 12,960 19,346 8,245 17,618 26,666 174,263

13,080 44 64 1,119 1,074 1,255 1,251 1,134 1,076 1,124 1,105 1,522 648 893 1,071 13,380

9,060 1 831 796 765 881 780 768 844 729 898 664 705 872 1 9,536

24,660 0 9 2,090 2,012 1,999 1,956 2,128 2,321 2,035 2,062 1,877 2,350 1,932 1,875 24,646

100 0 1 8 8 8 8 8 7 8 7 8 8 7 7 92

510 0 40 43 42 45 47 44 44 41 43 40 42 42 0 513

6,280 -49 37 538 573 650 610 453 496 482 468 438 564 567 479 6,304

3,230 0 261 242 242 263 295 262 243 241 253 291 289 277 0 3,159

3,740 299 292 351 358 273 340 319 291 277 266 342 441 0 0 3,849

11,170 382 427 828 920 877 921 911 904 919 873 852 834 448 392 10,487

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

－ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

10,270 1,492 687 790 869 712 832 784 742 913 687 746 1,192 49 1 10,495

564,240 -2,535 10,455 20,868 63,589 42,004 33,173 35,445 73,711 32,101 51,327 44,130 26,555 55,021 77,009 562,854

(Reference)

5,225 0 0 3 1 34 1 -24 226 136 63 665 127 245 3,686 5,161

2,638 0 1 224 215 214 209 228 248 218 221 201 251 207 201 2,637

100 0 1 8 8 8 8 8 7 8 7 8 8 7 7 92

146 0 12 12 12 13 13 12 13 12 12 12 12 12 0 147

2,567 205 201 241 246 187 233 219 200 190 183 235 303 0 0 2,642

125 10 11 9 11 10 10 10 10 10 10 11 11 0 0 124

21,753 520 1,065 874 1,513 5,977 2,429 1,148 874 465 5,392 252 297 0 0 20,806

1,401 0 129 123 118 136 121 119 131 113 139 103 109 135 0 1,475

3,677 -76 180 232 802 246 237 180 271 215 587 139 127 552 15 3,707

－ -3 2 23 7 -1 -5 -1 5 9 2 5 5 0 0 49other

Estimate(Revised)

Corporation Tax

Consumption Tax

Inheritance Tax

Tobacco Tax

Aviation Fuel Tax

Motor VehicleTonnage Tax

Liquor Tax

Local SpecialCorporate Tax

Liquefied PetroleumGas Tax

Settlement

(Notes) 1.* is distributed amount to local governments. 2.Totals may not add due to rounding. 3.FY2016 is Provisional.

Gasoline Tax

other

General AccountTotal

Local CorporationTax

Stamp Revenue

Customs Duty

Tonnage Due

Source : Tax Bureau (http://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 2016 (in 100 millions of yen)

2016 2017

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

Income Tax 177,100 -2,513 8,168 11,740 36,085 11,812 9,484 9,405 13,182 13,333 23,873 7,067 7,181 26,543 175,360

Withheld atSource

146,560 -2,062 8,184 11,431 31,282 11,544 9,286 9,196 8,188 12,885 23,711 6,133 3,548 11,424 144,750

Self-assessed 30,540 -451 -16 308 4,804 267 198 209 4,994 449 162 934 3,632 15,119 30,610

111,360 -586 -359 1,819 -3,278 3,749 1,790 3,687 33,035 1,811 2,051 10,030 2,187 4,112 60,049

21,100 70 45 1,648 1,835 1,489 1,611 1,659 1,669 1,988 1,457 1,994 3,105 1,444 20,012

168,010 -360 -357 -1,337 16,657 17,569 10,903 13,309 17,680 9,721 13,336 19,161 8,271 17,953 142,506

13,590 37 61 1,165 1,025 1,246 1,180 1,138 1,068 1,074 1,131 1,474 677 859 12,136

9,230 3 754 718 810 818 788 799 739 742 865 635 652 818 9,140

23,860 0 38 2,093 2,184 1,757 1,868 2,412 2,005 2,038 2,036 1,904 2,278 1,915 22,528

90 0 1 7 7 7 8 8 7 7 7 8 7 7 80

520 0 40 42 42 45 47 44 44 42 43 43 39 43 514

6,880 -87 30 619 643 527 757 573 535 583 523 445 675 631 6,455

3,200 0 250 237 240 265 291 284 252 247 264 297 289 280 3,197

3,850 280 296 324 313 291 349 320 324 297 293 351 478 0 3,915

9,190 334 373 752 764 787 777 774 826 789 817 728 851 454 9,027

100 8 8 8 8 8 9 8 8 9 8 8 8 0 98

－ 0 0 0 0 0 0 0 0 0 0 0 0 0 0

10,520 1,529 724 856 818 783 889 798 774 897 718 763 1,194 48 10,790

558,600 -1,286 10,073 20,691 58,154 41,152 30,750 35,220 72,147 33,578 47,421 44,907 27,892 55,108 475,808

(Reference)

6,293 -4 -4 173 180 461 134 236 1,786 81 97 515 100 192 3,948

2,553 0 4 224 234 188 200 258 215 218 218 204 244 205 2,410

90 0 1 7 7 7 8 8 7 7 7 8 7 7 80

149 0 12 12 12 13 13 13 13 12 12 12 11 12 147

2,642 192 203 223 215 199 240 220 222 204 201 241 328 0 2,687

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

17,565 481 764 606 1,828 3,788 1,752 995 899 454 5,661 277 311 0 17,816

1,428 0 117 111 125 127 122 124 114 115 134 98 101 127 1,414

3,714 -54 171 245 751 247 198 196 276 277 496 147 150 556 3,655

－ 3 1 11 3 2 1 2 2 7 -2 3 4 0 35

Tonnage Due

Consumption Tax

Inheritance Tax

Corporation Tax

Estimate(Revised)

Gasoline Tax

Tobacco Tax

Liquor Tax

Special TonnageDue

Special incometax forreconstruction

Total(P)

Local CorporationTax

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 Fuel Tax

Liquefied PetroleumGas Tax

other

― 9 ―

･ Trends in general account tax revenue

-10,000

0

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2015 2016

Income Tax Corporation Tax Consumption Tax

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-10,000

0

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FY2013

-10,000

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2014 2015

FY2014

FY2015 FY2016

― 10 ―

･ Trends in general account tax revenue (total)

-20,000

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Income Tax Corporation Tax Consumption Tax

-20,000

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180,000

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-20,000

0

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pr

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2013 2014

FY2013

-20,000

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2014 2015

FY2014

FY2015 FY2016

― 11 ―

2016

Jun Jul Aug Sep

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

1 General Account 99,260 90,460 8,800 66,746 60,636 6,111 61,721 34,818 26,903 54,173 73,495 -19,322

Taxes 96,834 21,024 75,809 63,525 22,625 40,900 57,818 10,946 46,872 49,357 8,352 41,005

Non-tax Receipt 1,720 - 1,720 2,408 - 2,408 1,713 - 1,713 1,590 - 1,590

Social Security - 11,749 -11,749 - 17,380 -17,380 - 9,761 -9,761 - 11,967 -11,967

Grants to LocalGovernment Entities 707 40,702 -39,996 814 - 814 2,190 3,198 -1,008 3,226 43,441 -40,215

National Defense - 3,154 -3,154 - 5,014 -5,014 - 3,269 -3,269 - 2,545 -2,545

Public Works - 1,940 -1,940 - 1,619 -1,619 - 2,043 -2,043 - 2,138 -2,138

Treasury's Share inCompulsory EducationExpenditure

- 2,789 -2,789 - 938 -938 - 938 -938 - 938 -938

Miscellaneous - 9,101 -9,101 - 13,060 -13,060 - 4,664 -4,664 - 4,113 -4,113

2 Special Accountsetc.

75,078 122,356 -47,278 60,645 35,562 25,083 65,679 98,880 -33,201 104,063 61,396 42,667

Fiscal Investmentand Loan

17,582 6,177 11,405 7,631 2,849 4,781 6,956 3,419 3,537 42,662 5,025 37,637

Foreign ExchangeEqualization Fund

12,572 13,194 -622 8,611 8,833 -221 10,213 9,067 1,147 10,818 10,352 466

Insurance 42,505 80,329 -37,824 41,519 18,616 22,903 45,557 82,157 -36,600 47,891 22,013 25,879

Miscellaneous 2,419 22,656 -20,237 2,885 5,265 -2,380 2,953 4,237 -1,284 2,692 24,006 -21,314

3 Subtotal （1+2） 174,338 212,816 -38,478 127,392 96,198 31,194 127,400 133,698 -6,298 158,236 134,890 23,345

4 GovernmentBonds etc.

121,109 132,496 -11,387 118,721 16,961 101,761 122,169 12,896 109,273 115,321 133,195 -17,873

Government Bonds(over one year)

115,109 127,496 -12,387 112,721 11,961 100,761 115,188 6,915 108,273 109,322 127,195 -17,873

Borrowings 6,000 5,000 1000 6,000 5,000 1000 6,981 5,982 999 6,000 6,000 -0

5 TreasuryDiscount Bills etc.

276,598 243,225 33,374 265,999 173,249 92,750 331,499 256,567 74,932 267,498 222,945 44,552

TreasuryDiscount Bills

234,598 201,225 33,374 234,499 141,749 92,750 278,999 204,067 74,932 235,998 191,445 44,553

Short TermBorrowings

42,000 42,000 0 31,500 31,500 0 52,500 52,500 0 31,500 31,500 -0

6 Subtotal （4+5） 397,707 375,720 21,987 384,720 190,210 194,510 453,668 269,463 184,205 382,819 356,140 26,679

7 Total （3+6） 572,046 588,536 -16,491 512,112 286,408 225,704 581,068 403,161 177,907 541,055 491,030 50,025

8 Adjustments 6,456 9,104 -2,647 9,643 7,902 1,740 9,449 9,729 -280 5,976 10,165 -4,189

9Grand Total（7+8）

578,502 597,640 -19,138 521,755 294,310 227,444 590,517 412,890 177,627 547,030 501,195 45,835

(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.

37,773 92,949 74,431 43,153

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

D. Receipts and Payments of the Treasury Funds with the Private Sector (2 June 2017)

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

Category

― 12 ―

(in 100 millions of yen)

2016 2017

Oct Nov Dec Jan


43,748 49,834 -6,086 50,006 81,821 -31,815 88,378 55,607 32,771 52,713 34,459 18,254 1

40,598 9,560 31,038 47,386 7,183 40,203 84,529 10,639 73,890 50,440 7,406 43,034 Taxes

1,391 - 1,391 1,605 - 1,605 2,557 - 2,557 1,573 - 1,573 Non-tax Receipt

- 21,594 -21,594 - 13,825 -13,825 - 15,643 -15,643 - 8,943 -8,943 Social Security

1,759 0 1,759 1,015 47,474 -46,459 1,292 3,572 -2,280 700 - 700Grants to LocalGovernment Entities

- 3,080 -3,080 - 2,732 -2,732 - 5,558 -5,558 - 2,902 -2,902 National Defense

- 2,098 -2,098 - 2,339 -2,339 - 3,226 -3,226 - 2,043 -2,043 Public Works

- 938 -938 - 943 -943 - 2,929 -2,929 - 943 -943Treasury's Share inCompulsory EducationExpenditure

- 12,563 -12,563 - 7,326 -7,326 - 14,041 -14,041 - 12,223 -12,223 Miscellaneous

58,939 104,050 -45,111 58,420 52,498 5,922 65,482 142,813 -77,331 49,196 51,579 -2,3832

6,190 4,629 1,560 6,548 21,827 -15,280 10,773 6,042 4,731 9,777 9,524 253Fiscal Investmentand Loan

14,876 11,705 3,171 12,598 8,957 3,641 9,584 8,497 1,087 5,930 16,118 -10,188Foreign ExchangeEqualization Fund

35,711 81,052 -45,340 37,285 15,586 21,699 38,466 81,204 -42,738 31,965 20,541 11,423 Insurance

2,162 6,664 -4,502 1,989 6,128 -4,139 6,659 47,070 -40,411 1,524 5,396 -3,872 Miscellaneous

102,687 153,884 -51,197 108,426 134,319 -25,893 153,861 198,420 -44,559 101,909 86,038 15,871 3

125,937 21,300 104,637 119,539 24,423 95,116 114,099 154,424 -40,325 119,235 15,702 103,5324

120,437 16,300 104,137 113,877 18,980 94,897 108,099 149,424 -41,325 114,235 11,702 102,532Government Bonds(overone year)

5,500 5,000 500 5,662 5,443 218.99 6,000 5,000 1,000 5,000 4,000 1,000 Borrowings

310,698 210,278 100,421 277,598 208,295 69,302 278,699 216,181 62,518 263,898 182,700 81,1985

279,198 178,778 100,421 235,597 166,295 69,302 236,698 174,181 62,518 232,398 151,200 81,198TreasuryDiscount Bills

31,500 31,500 0 42,000 42,000 -0 42,000 42,000 0 31,500 31,500 0Short TermBorrowings

436,635 231,578 205,058 397,137 232,718 164,418 392,797 370,605 22,193 383,133 198,402 184,731 6

539,323 385,462 153,861 505,563 367,038 138,525 546,658 569,025 -22,367 485,042 284,440 200,602 7

5,186 4,932 254 6,478 6,487 -8 10,983 14,166 -3,182 7,107 7,702 -596 8

544,509 390,394 154,115 512,041 373,524 138,517 557,641 583,191 -25,549 492,148 292,143 200,006 9

99,221 69,204 61,817 84,199

Category

Redemption of T-Bills (TBsand FBs) held to maturityby the Bank of Japan

Grand Total（7+8）

Adjustments

General Account

Subtotal （4+5）

Total （3+6）

Special Accountsetc.

Subtotal （1+2）

Government Bondsetc.

Treasury DiscountBills etc.

― 13 ―

(in 100 millions of yen)

2017

Feb Mar Apr May


1 General Account 46,675 33,520 13,155 65,362 110,143 -44,780 74,248 119,165 -44,917 57,428 39,524 17,904

Taxes 40,182 5,576 34,606 60,268 20,343 39,926 61,897 14,350 47,547 54,490 8,223 46,267

Non-tax Receipt 1,529 - 1,529 4,787 - 4,787 11,993 - 11,993 2,397 - 2,397

Social Security - 8,539 -8,539 - 27,622 -27,622 - 22,718 -22,718 - 21,796 -21,796

Grants to LocalGovernment Entities 4,964 7,014 -2,050 307 10,828 -10,521 358 38,914 -38,556 542 1,092 -551

National Defense - 3,540 -3,540 - 6,466 -6,466 - 7,276 -7,276 - 3,117 -3,117

Public Works - 2,226 -2,226 - 30,456 -30,456 - 12,944 -12,944 - 1,142 -1,142

Treasury's Share inCompulsory EducationExpenditure

- 1,000 -1,000 - 1,021 -1,021 - 939 -939 - 939 -939

Miscellaneous - 5,625 -5,625 - 13,407 -13,407 - 22,023 -22,023 - 3,214 -3,214

2 Special Accountsetc.

83,839 108,425 -24,587 92,801 108,352 -15,551 55,053 116,724 -61,671 50,754 58,001 -7,247

Fiscal Investmentand Loan

5,936 5,910 25 45,452 43,291 2,160 4,465 2,741 1,724 6,341 27,039 -20,699

Foreign ExchangeEqualization Fund

9,682 11,679 -1,997 8,468 8,861 -392 5,542 11,190 -5,648 7,093 7,046 47

Insurance 64,460 84,709 -20,249 33,854 18,908 14,946 40,026 79,515 -39,489 35,590 19,491 16,099

Miscellaneous 3,761 6,127 -2,366 5,027 37,292 -32,265 5,020 12,946 -7,925 1,730 4,424 -2,694

3 Subtotal （1+2） 130,513 141,945 -11,432 158,163 218,494 -60,331 129,301 235,888 -106,588 108,182 97,525 10,657

4 GovernmentBonds etc.

125,066 18,164 106,903 118,492 143,842 -25,350 118,517 19,474 99,043 115,225 14,718 100,507

Government Bonds(over one year)

119,630 13,227 106,403 115,492 141,342 -25,850 111,517 13,474 98,043 107,635 8,200 99,435

Borrowings 5,436 4,937 499 3,000 2,500 500 7,000 6,000 1,000 7,590 6,518 1,072

5 TreasuryDiscount Bills etc.

285,898 230,915 54,983 263,799 220,012 43,787 259,598 213,583 46,015 313,897 266,463 47,435

TreasuryDiscount Bills

233,398 178,415 54,983 232,299 188,512 43,787 228,098 182,083 46,015 271,897 224,462 47,434

Short TermBorrowings

52,500 52,500 0 31,500 31,500 0 31,500 31,500 -0 42,000 42,000 0

6 Subtotal （4+5） 410,965 249,079 161,886 382,291 363,854 18,437 378,115 233,057 145,058 429,122 281,181 147,942

7 Total （3+6） 541,478 391,024 150,454 540,455 582,348 -41,894 507,416 468,946 38,470 537,304 378,706 158,598

8 Adjustments 3,733 5,441 -1,708 7,308 9,628 -2,319 6,593 3,540 3,053 4,338 4,298 40

9Grand Total（7+8）

545,211 396,465 148,746 547,763 591,976 -44,213 514,009 472,486 41,523 541,642 383,003 158,638

56,783 48,086 53,815 55,735

Category

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

May

Ju

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Nov

Dec

Jan Feb

Mar

Apr

May

Ju

nJu

lA

ug

Sep Oct

Nov

Dec

Jan Feb

Mar

Apr

May

2014 2015 2016 2017

General Account Special Accounts Government Bonds Treasury Discount Bills

-100,000

-50,000

0

50,000

100,000

150,000

200,000

250,000

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

Sep Oct

Nov

Dec

Jan Feb

Mar

Apr

May

2014 2015 2016 2017

Receipts

Payments

― 15 ―

E. Official Reserve Assets at the End of Periods (7 June 2017)

2015 (in millions of US dollars)

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

Official reserve assets 1,261,103 1,251,112 1,245,316 1,250,073 1,245,755 1,242,935 1,242,316 1,244,150 1,248,936 1,244,211 1,233,008 1,233,214

Foreign currency reserves 1,199,797 1,191,601 1,187,858 1,192,407 1,188,152 1,185,861 1,187,529 1,187,804 1,192,947 1,187,794 1,179,074 1,179,004

Securities 1,167,587 1,143,191 1,124,518 1,129,517 1,125,516 1,123,229 1,124,758 1,119,146 1,114,865 1,093,953 1,076,245 1,064,227

Deposits 32,210 48,410 63,340 62,890 62,636 62,632 62,771 68,658 78,082 93,841 102,829 114,777

IMF reserve position 11,401 10,775 9,752 9,775 9,649 9,421 9,075 9,624 9,784 9,594 9,412 9,531

SDRs 18,387 18,358 17,994 18,340 18,134 18,341 18,188 18,308 18,308 18,218 17,897 18,048

Gold 31,006 29,868 29,203 29,037 29,312 28,810 27,024 27,924 27,407 28,105 26,126 26,134

Other reserve assets 512 510 509 514 508 502 500 490 490 500 499 497

2016Jan 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

Foreign currency reserves 1,170,803 1,170,660 1,168,909 1,180,046 1,189,360

Securities 1,043,826 1,042,763 1,042,952 1,052,925 1,061,544

Deposits 126,977 127,897 125,957 127,121 127,816

IMF reserve position 12,201 11,979 11,936 12,041 12,126

SDRs 18,233 18,310 18,350 18,542 18,715

Gold 29,837 30,891 30,626 31,157 31,151

Other reserve assets 499 500 509 509 516(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 (http://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

2015 2016 2017

Foreign currency reserves IMF reserve position SDRs Gold Other reserve assets

― 17 ―

F. Balance of Payments (8 June 2017)

( in 100 millions of yen )

2016 2017

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

Current Account 18,161 17,576 9,765 19,396 19,704 18,643 15,466 14,267 11,143 655 28,136 29,077 19,519

Goods & Services 2,712 1,127 6,044 3,972 1,675 5,743 2,390 4,035 5,201 -10,892 10,130 10,459 2,589

Goods 6,825 308 7,625 6,007 2,180 6,672 5,659 3,400 8,087 -8,534 10,768 8,655 5,536

Exports 56,167 50,636 58,458 55,560 53,000 58,805 57,490 59,418 66,815 55,173 63,339 71,659 61,786

Imports 49,342 50,328 50,833 49,553 50,819 52,133 51,831 56,017 58,728 63,707 52,570 63,004 56,250

-4,113 819 -1,581 -2,035 -506 -929 -3,269 635 -2,886 -2,357 -639 1,804 -2,947

Primary income 17,452 18,936 4,127 16,935 19,811 15,100 14,749 12,049 6,841 12,655 19,751 21,951 18,480

Secondary income -2,002 -2,487 -406 -1,511 -1,781 -2,200 -1,673 -1,817 -900 -1,108 -1,745 -3,333 -1,551

Capital Account 204 -80 -87 -466 -129 -269 -790 -99 -99 -235 -119 -315 -32

Financial Account 16,157 40,013 13,627 40,236 31,244 33,480 7,866 11,842 2,412 -15,351 17,752 50,249 10,705

8,492 5,383 4,652 4,767 -1,211 45,202 15,546 6,326 21,066 11,110 21,355 24,228 4,658

-52,627 66,788 30,083 32,147 65,577 4,580 31,254 -23,402 -51,994 -47,137 -28,642 35,134 -73,080

-4,656 -3,139 -4,131 -3,308 -4,023 -1,687 -925 4,863 11,968 5,916 3,758 2,287 -4,532

65,239 -31,097 -14,318 8,702 -28,793 -15,786 -33,063 22,284 22,075 3,775 16,762 -7,559 80,577

-292 2,077 -2,659 -2,073 -306 1,171 -4,946 1,771 -704 10,986 4,519 -3,841 3,083

-2,209 22,517 3,949 21,306 11,669 15,106 -6,811 -2,326 -8,632 -15,771 -10,265 21,486 -8,782

(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

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 Jan Feb Mar Apr

2014 2015 2016 2017

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

― 19 ―

(Appendix table）

1. Direct Investment Assets/Liabilities( in 100 millions of yen )

2016 2017


Direct Investment Assets Execution 37,790 39,205 53,361 55,010 51,933 80,050 54,097 48,819 71,013 57,437 68,934 81,189 32,799

Withdrawal 30,445 30,040 36,102 32,101 66,075 35,311 38,619 36,805 49,293 46,363 45,413 55,226 24,970

Net 7,345 9,166 17,259 22,909 -14,142 44,740 15,478 12,014 21,720 11,074 23,521 25,963 7,829

Equity other than Execution 5,595 5,378 10,214 25,274 8,308 41,983 15,595 8,088 15,505 6,323 19,053 29,295 9,080

reinvestment of Withdrawal 2,061 2,831 2,121 5,120 27,765 2,196 3,950 2,885 4,321 1,199 1,997 11,652 3,580

earnings Net 3,534 2,547 8,093 20,155 -19,457 39,786 11,645 5,203 11,183 5,124 17,056 17,642 5,500

Reinvestment of Execution 4,186 4,188 4,134 4,147 4,163 4,654 4,655 4,652 4,653 4,654 4,639 4,633 4,634

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

Net 4,186 4,188 4,134 4,147 4,163 4,654 4,655 4,652 4,653 4,654 4,639 4,633 4,634

Debt instruments Execution 28,009 29,639 39,013 25,589 39,461 33,413 33,847 36,079 50,855 46,460 45,242 47,261 19,085

Withdrawal 28,384 27,209 33,981 26,981 38,310 33,114 34,669 33,920 44,971 45,165 43,417 43,573 21,390

Net -375 2,430 5,032 -1,392 1,152 299 -822 2,159 5,884 1,295 1,826 3,688 -2,305

Execution 30,899 34,531 49,642 47,761 39,297 24,542 19,411 21,184 25,574 26,261 32,483 31,677 35,656

Withdrawal 32,047 30,748 37,034 29,619 52,228 25,004 19,479 15,496 24,920 26,297 30,317 29,942 32,484

Net -1,148 3,783 12,607 18,142 -12,931 -462 -68 5,688 654 -36 2,166 1,735 3,171

Equity other than Execution 1,356 3,366 1,862 1,653 4,260 1,342 1,024 576 1,641 1,887 1,573 2,418 2,261

reinvestment of Withdrawal 1,969 2,334 1,510 570 236 1,116 352 539 3,847 926 335 2,325 1,848

earnings Net -612 1,032 353 1,083 4,024 226 671 37 -2,206 961 1,237 94 413

Reinvestment of Execution 1,094 1,091 1,128 1,130 1,135 1,175 1,181 1,149 1,131 1,138 1,170 1,204 1,222

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

Net 1,094 1,091 1,128 1,130 1,135 1,175 1,181 1,149 1,131 1,138 1,170 1,204 1,222

Debt instruments Execution 28,449 30,074 46,651 44,978 33,902 22,025 17,206 19,459 22,803 23,235 29,740 28,054 32,172

Withdrawal 30,078 28,415 35,525 29,048 51,992 23,888 19,127 14,957 21,074 25,370 29,981 27,617 30,636

Net -1,629 1,659 11,127 15,929 -18,090 -1,864 -1,921 4,502 1,729 -2,135 -241 437 1,537(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( in 100 millions of yen )

2016 2017


Portfolio Investment Assets 6,368 28,220 28,240 71,389 35,100 14,700 26,253 15,521 -26,247 -4,761 -15,610 -10,043 -32,842

Acquisition 41,965 49,300 47,698 44,706 44,567 40,479 38,853 54,701 43,209 39,907 47,561 55,512 46,704

fund shares Disposition 49,864 44,464 37,543 32,302 33,205 36,151 34,987 40,208 46,866 32,270 41,699 63,551 41,029

Net -7,899 4,835 10,154 12,404 11,362 4,328 3,865 14,494 -3,657 7,637 5,862 -8,039 5,675

Long-term Acquisition 321,093 298,956 340,244 342,893 328,876 319,198 312,978 354,912 255,366 282,541 277,301 360,038 276,845

debt securities Disposition 304,656 277,428 319,909 283,246 302,096 310,016 288,438 353,913 276,503 295,134 298,465 363,765 318,744

Net 16,437 21,528 20,335 59,647 26,780 9,181 24,540 999 -21,136 -12,593 -21,164 -3,727 -41,899

Short-term Acquisition 20,622 24,181 25,641 16,526 13,413 21,354 15,949 11,749 9,788 13,200 17,590 43,950 40,893


Net -2,170 1,856 -2,249 -662 -3,042 1,191 -2,153 29 -1,453 196 -308 1,722 3,381

58,995 -38,568 -1,843 39,242 -30,478 10,120 -5,001 38,923 25,747 42,377 13,031 -45,178 40,238

Acquisition 432,393 363,301 423,790 399,713 374,367 341,393 335,018 448,884 445,939 374,080 386,575 422,636 409,466

fund shares Disposition 420,510 366,273 428,525 400,851 379,181 353,954 326,128 436,628 439,723 374,873 388,634 438,969 394,494

Net 11,882 -2,972 -4,735 -1,139 -4,814 -12,560 8,890 12,256 6,217 -793 -2,059 -16,333 14,972

Long-term Acquisition 105,806 56,368 89,513 84,491 77,452 117,559 72,175 75,209 83,020 88,824 80,307 91,252 75,661


Net 41,078 8,770 -7,406 17,010 11,355 -571 2,729 392 -4,687 20,116 11,892 -10,259 12,075

Short-term Acquisition 160,636 165,873 201,357 152,085 166,694 210,087 152,567 181,198 194,651 165,368 170,238 176,579 193,573


Net 6,035 -44,367 10,298 23,371 -37,018 23,252 -16,620 26,276 24,217 23,054 3,198 -18,585 13,191

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

Source : International Bureau (http://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) (8 June 2017)

Portfolio Investment Assets ( in 100 millions of yen )2016 2017May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May42,018 38,047 38,065 39,899 35,316 34,911 49,524 39,069 34,306 42,173 49,743 42,210 50,85238,978 32,968 28,903 29,949 32,977 30,587 36,731 41,802 29,112 38,035 56,650 36,269 38,694

Net 3,040 5,078 9,162 9,949 2,339 4,324 12,793 -2,733 5,195 4,138 -6,907 5,941 12,158281,850 315,478 326,384 315,694 303,719 294,837 338,878 245,875 268,282 268,237 347,180 267,058 272,646266,664 296,026 271,891 292,831 299,261 281,378 338,039 264,446 284,491 278,909 346,789 309,617 241,571

Net 15,186 19,452 54,494 22,863 4,457 13,459 839 -18,571 -16,210 -10,673 390 -42,559 31,074

Subtotal Net (A) 18,226 24,530 63,656 32,813 6,797 17,782 13,632 -21,304 -11,015 -6,535 -6,517 -36,617 43,233

22,852 23,777 15,607 12,576 20,289 15,288 10,329 9,067 12,867 16,822 41,444 38,802 48,55820,395 26,586 16,245 15,710 19,168 17,453 11,076 10,415 11,941 16,675 40,398 36,323 50,195

Net 2,457 -2,809 -638 -3,134 1,121 -2,166 -747 -1,348 926 147 1,046 2,479 -1,637

Total (C) 20,683 21,722 63,018 29,679 7,917 15,617 12,885 -22,652 -10,089 -6,388 -5,471 -34,139 41,595

Portfolio Investment Liabilities362,337 422,913 397,397 373,118 339,977 333,311 448,023 444,667 373,269 385,627 421,281 407,295 424,337365,630 427,254 399,642 378,403 353,417 325,484 435,920 438,770 374,460 387,948 438,153 392,249 417,457

Net -3,293 -4,342 -2,244 -5,285 -13,440 7,826 12,103 5,896 -1,192 -2,321 -16,872 15,046 6,88052,452 84,125 71,428 75,882 103,289 59,870 69,878 80,169 78,844 68,691 75,967 71,115 61,54041,772 94,098 60,010 64,603 110,528 62,949 73,321 81,401 62,003 64,335 89,995 60,548 45,103

Net 10,680 -9,973 11,419 11,279 -7,239 -3,079 -3,443 -1,232 16,841 4,357 -14,028 10,567 16,437

Subtotal Net (B) 7,387 -14,315 9,174 5,994 -20,679 4,748 8,660 4,664 15,649 2,035 -30,900 25,613 23,317

163,492 199,420 150,834 165,972 207,930 151,559 180,394 189,113 164,044 169,562 175,234 192,369 168,300209,391 190,546 127,125 202,264 185,550 168,361 154,186 168,794 139,503 165,383 192,936 178,873 198,104

Net -45,899 8,875 23,709 -36,291 22,380 -16,802 26,207 20,319 24,541 4,179 -17,702 13,496 -29,804

Total (D) -38,512 -5,440 32,883 -30,298 1,700 -12,055 34,868 24,984 40,191 6,215 -48,602 39,110 -6,487

Subtotal Net (A) - (B) 10,839 38,845 54,481 26,819 27,476 13,035 4,972 -25,968 -26,664 -8,570 24,384 -62,231 19,916

Total Net (C) - (D) 59,195 27,161 30,135 59,976 6,217 27,671 -21,982 -47,636 -50,279 -12,602 43,132 -73,249 48,083

(Notes) 1. Transactions related to investment funds will be recorded under the　new items "Equity and investment fund shares" starting from January 2014.2. Totals may not add due to rounding.3. International Transactions in Securities show net aquisition with a plus sign(＋) and net disposition with a minus sign(－).4. "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 (http://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

-100,000

-50,000

0

50,000

100,000

150,000

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 Jan Feb Mar Apr May

2014 2015 2016 2017

Portfolio Investment Assets Portfolio Investment Liabilities

― 23 ―

H. The balance of Offshore Accounts (15 June 2017)

1. End of April 2017 Assets (in 100 millions of Yen, %) Liabilities (in 100 millions of 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 23,199 18,240 16,580 13,791 6,619 4,449 Deposits/ Call Money 59,379 54,834 52,472 50,097 6,907 4,737

Securities 268,950 268,890 264,753 264,693 4,197 4,197 Securities - - - - - -

Loans 33,407 33,309 31,222 31,124 2,185 2,185 Borrowed Money 42,985 41,939 22,051 21,005 20,934 20,934

Inter-Office Accounts 478,050 478,050 368,994 368,994 109,056 109,056 Inter-Office Accounts 122,647 122,647 121,801 121,801 846 846

Total 803,965 798,846 681,906 678,957 122,059 119,889 Total 225,784 220,187 197,038 193,612 28,746 26,575

-7.0 -7.0 -6.0 -5.9 -12.5 -12.6 -14.2 -14.1 -15.0 -14.8 -8.8 -9.2

(Notes) Figures are not rounded out.

2. Revised data (Monthly) (in 100 millions of Yen)

2016 2017

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

Assets 869,248 890,068 858,977 867,253 860,640 827,182 843,424 908,994 962,104 914,594 866,942 864,690 803,965

To non-residents 864,885 885,689 854,012 862,407 856,161 823,238 838,304 903,535 954,717 907,858 861,828 858,938 798,846

Denominated in Foreign Currency 739,026 756,367 723,607 736,645 731,242 707,876 732,141 785,902 829,134 778,712 737,057 725,251 681,906

To non-residents 736,913 754,238 720,602 734,369 729,383 706,342 729,366 782,758 824,142 774,426 734,233 721,739 678,957

Denominated in yen 130,222 133,701 135,370 130,608 129,398 119,306 111,283 123,092 132,970 135,882 129,885 139,439 122,059

To non-residents 127,972 131,451 133,410 128,038 126,778 116,896 108,938 120,777 130,575 133,432 127,595 137,199 119,889

Liabilities 293,891 307,146 284,948 292,874 291,413 261,108 264,848 305,129 276,127 240,093 242,637 263,265 225,784

To non-residents 288,828 301,906 279,283 287,305 286,224 256,369 258,971 299,409 268,117 232,759 236,786 256,391 220,187

Denominated in Foreign Currency 255,551 267,265 250,630 258,445 254,389 225,391 231,770 271,808 244,357 209,898 215,003 231,758 197,038

To non-residents 252,739 264,356 246,926 255,447 251,821 223,063 228,239 268,404 238,743 204,855 211,443 227,125 193,612

Denominated in yen 38,340 39,881 34,318 34,429 37,024 35,717 33,078 33,321 31,770 30,195 27,634 31,507 28,746

To non-residents 36,089 37,550 32,357 31,858 34,403 33,306 30,732 31,005 29,374 27,904 25,343 29,266 26,575

(Notes) Figures are not rounded out.

Source : International Bureau (http://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

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 Jan Feb Mar Apr

2014 2015 2016 2017

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

Assets:Denominated in yen Liabilities:Denominated in yen

Assets

Liabilities

― 25 ―

I. Financial Statements Statistics of Corporations by Industry, Quarterly (1 June 2017)

1. Sales (in 100 millions of yen)

2015 2016 2017

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

All Industries 3,318,402 3,320,874 3,073,674 3,231,626 3,383,486 3,506,366

Manufacturing 995,908 971,856 886,095 944,800 995,068 1,013,281

Food 111,783 100,034 106,176 107,655 121,710 103,394

Chemical and Allied Products 103,318 95,038 96,690 95,302 105,280 98,428

Petroleum and Coal Products 31,268 26,045 25,847 32,663 28,711 38,581

Iron and Steel 37,718 37,407 34,732 33,746 35,486 38,975

Fabricated Metal Products 47,409 49,238 40,024 43,758 48,242 45,704

General-Purpose Machinery 16,390 18,646 13,336 14,228 14,666 16,327

Production Machinery 51,115 55,174 45,358 49,399 49,881 60,210

Business oriented Machinery 34,370 34,997 29,607 31,674 33,596 34,110Electrical Machinery , Equipment and Supplies 80,156 85,666 69,382 78,972 79,498 87,143Information and CommunicationElectronics Equipment

88,279 86,012 73,175 81,734 83,060 86,274

Transportation Equipment 185,309 187,658 169,932 183,361 192,334 202,976

Non-manufacturing 2,322,494 2,349,019 2,187,579 2,286,826 2,388,418 2,493,086

Construction 277,463 338,994 241,582 251,332 272,100 319,056

Wholesale and Retail Trade 1,212,820 1,147,917 1,117,374 1,178,006 1,237,826 1,233,562

Real estate 82,761 89,644 80,388 82,426 81,880 95,766

Goods rental and Leasing 31,776 34,933 31,917 35,158 35,372 36,494

Information and Communications 150,701 171,574 159,157 161,189 164,599 189,709

Transport and Postal activities 150,794 155,684 134,713 144,580 148,866 153,230

Production ,Transmission andDistribution of Electricity

47,018 52,958 55,384 61,160 55,200 63,195

Services 340,394 327,358 341,629 348,623 365,633 372,317

Corporations with capital of

1 billion yen or over 1,365,940 1,381,422 1,260,585 1,319,090 1,359,454 1,447,670

100 million to 1 billion yen 674,510 674,132 625,564 654,780 680,518 712,108

10 to 100 million yen 1,277,953 1,265,320 1,187,525 1,257,756 1,343,513 1,346,588(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

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

2013 2014 2015 2016 2017

Manufacturing Non-manufacturing

― 26 ―

2. Ordinary profits (in 100 millions of yen)

2015 2016 2017


All Industries 177,630 158,997 182,639 169,639 207,579 201,314

Manufacturing 60,332 42,364 56,114 47,442 75,654 72,162

Food 5,659 2,814 6,274 5,485 6,681 3,364


Petroleum and Coal Products -320 -232 995 513 1,640 1,628

Iron and Steel 1,252 455 625 408 1,696 1,194


General-Purpose Machinery 1,473 1,248 518 959 1,032 1,653



2,664 2,079 2,728 4,148 5,946 6,617


Non-manufacturing 117,299 116,633 126,525 122,197 131,925 129,152

Construction 16,369 28,534 10,619 13,378 17,955 26,153

Wholesale and Retail Trade 33,182 26,884 26,971 23,938 41,187 33,499

Real estate 11,167 12,316 11,621 10,950 11,536 13,738





1,010 636 4,466 4,395 748 -1,099

Services 24,809 22,678 41,324 42,664 29,570 30,749


1 billion yen or over 90,194 66,232 118,503 102,354 111,354 98,401


10 to 100 million yen 58,822 65,366 41,809 40,270 63,192 68,977(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


2013 2014 2015 2016 2017


― 27 ―

3. Ratio of ordinary profits to sales (%)

2015 2016 2017


All Industries 5.4 4.8 5.9 5.2 6.1 5.7

Manufacturing 6.1 4.4 6.3 5.0 7.6 7.1

Food 5.1 2.8 5.9 5.1 5.5 3.3

Chemical and Allied Products 9.4 7.9 11.6 7.8 12.0 9.9

Petroleum and Coal Products -1.0 -0.9 3.9 1.6 5.7 4.2

Iron and Steel 3.3 1.2 1.8 1.2 4.8 3.1

Fabricated Metal Products 6.5 6.8 4.7 5.6 8.2 6.6

General-Purpose Machinery 9.0 6.7 3.9 6.7 7.0 10.1

Production Machinery 6.0 5.8 6.3 4.9 7.5 7.7

Business oriented Machinery 7.4 7.0 7.5 7.2 8.9 10.8Electrical Machinery , Equipment and Supplies 5.2 2.3 6.8 3.7 6.2 9.4Information and CommunicationElectronics Equipment

3.0 2.4 3.7 5.1 7.2 7.7

Transportation Equipment 9.0 4.4 7.5 5.4 8.7 8.7

Non-manufacturing 5.1 5.0 5.8 5.3 5.5 5.2

Construction 5.9 8.4 4.4 5.3 6.6 8.2

Wholesale and Retail Trade 2.7 2.3 2.4 2.0 3.3 2.7

Real estate 13.5 13.7 14.5 13.3 14.1 14.3

Goods rental and Leasing 7.1 11.6 7.3 5.6 7.3 6.6

Information and Communications 10.0 8.8 10.5 8.7 8.8 9.2

Transport and Postal activities 7.5 2.5 7.3 6.5 7.6 1.8


2.1 1.2 8.1 7.2 1.4 -1.7

Services 7.3 6.9 12.1 12.2 8.1 8.3


1 billion yen or over 6.6 4.8 9.4 7.8 8.2 6.8

100 million to 1 billion yen 4.2 4.1 3.6 4.1 4.9 4.8

10 to 100 million yen 4.6 5.2 3.5 3.2 4.7 5.1(Notes) All Industries and Non-Manufacturing don't include Finance and Insurance.

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0


2013 2014 2015 2016 2017

Total Manufacturing Non-manufacturing

― 28 ―

4. Investment in plant and equipment (in 100 millions of yen)

2015 2016 2017


All Industries 105,302 136,805 93,145 103,521 109,350 142,901

96,751 125,104 85,502 94,783 99,918 131,639

Manufacturing 36,626 46,704 35,080 38,244 39,342 47,152

33,949 43,417 32,499 35,408 36,584 43,886

Food 3,186 3,965 2,986 3,563 4,181 4,010


Petroleum and Coal Products 453 632 330 411 585 976

Iron and Steel 1,897 2,664 2,067 2,075 2,216 2,884


General-Purpose Machinery 745 768 326 428 397 556



4,544 4,978 4,192 4,088 3,727 4,612


Non-manufacturing 68,676 90,102 58,065 65,277 70,008 95,749

62,801 81,687 53,003 59,375 63,334 87,753

Construction 3,445 5,041 3,671 3,256 4,229 6,939

Wholesale and Retail Trade 16,025 15,828 12,847 14,628 15,864 16,914

Real estate 5,549 6,514 6,009 4,737 6,403 8,231





6,038 10,858 5,879 5,972 6,691 9,784

Services 12,086 13,342 9,385 11,469 10,653 14,404


1 billion yen or over 57,320 82,358 50,642 56,245 59,728 83,329


10 to 100 million yen 29,191 32,747 25,842 27,524 30,583 34,226(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 (http://www.mof.go.jp/english/pri/reference/ssc/index.htm)

0

50,000

100,000

150,000

200,000


2013 2014 2015 2016 2017


― 29 ―

J. Business Outlook Survey (13 June 2017)

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

2016 2017

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

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

-3.2 -7.9 1.9 3.0 1.3 -2.0 7.1 6.7

-7.9 -11.1 2.9 7.5 1.1 -2.9 9.6 10.1

-0.7 -6.3 1.4 0.7 1.5 -1.6 5.8 5.0

-2.8 -7.0 0.9 1.0 -0.1 -3.1 7.5 7.3

-8.6 -6.6 0.0 4.1 -2.2 -5.5 11.3 12.1

-1.0 -7.1 1.2 0.0 0.5 -2.4 6.4 5.8

-16.6 -16.9 -15.0 -7.1 -11.3 -9.9 -3.2 0.9

-19.3 -15.3 -16.0 -6.5 -10.0 -9.9 -0.8 4.2

-16.1 -17.2 -14.8 -7.2 -11.6 -9.9 -3.7 0.3

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

2016 2017

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


-9.8 -9.5 -0.9 3.2 5.2 4.8 5.8 5.2

-12.0 -11.0 -0.4 4.1 5.6 4.6 6.4 4.4

-8.6 -8.7 -1.1 2.8 5.0 5.0 5.5 5.7

-12.1 -13.3 -4.9 -1.1 -0.6 2.7 5.1 5.4

-14.9 -12.9 -5.1 1.9 -3.8 1.2 7.1 5.9

-11.2 -13.4 -4.8 -2.0 0.4 3.1 4.5 5.3

-21.7 -23.9 -20.1 -13.4 -10.8 -11.5 -4.5 -0.5

-28.4 -26.0 -25.2 -14.6 -11.8 -13.1 -6.1 1.8

-20.4 -23.5 -19.1 -13.2 -10.6 -11.1 -4.2 -1.0

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

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

Corporationswith capital of10 to 100million yen

Manufacturing

Non-manufacturing

Manufacturing

Non-manufacturing

Non-manufacturing

Corporationswith capital of1 billion yen orover

Corporationswith capital of100 million to1 billion yen


All industries

Manufacturing

Non-manufacturing

Manufacturing

All industries

All industries

Manufacturing

Non-manufacturing

Manufacturing

Non-manufacturing

All industries

All industries

All industries



-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

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

Jul-Sep

Oct-Dec

2014 2015 2016 2017

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

-80.0

-60.0

-40.0

-20.0

0.0

20.0

40.0

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

Jul-Sep

Oct-Dec

2014 2015 2016 2017

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

― 30 ―

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

FY2015 FY2016 FY2017

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

-0.4 1.1 -1.8 -1.1 -2.2 -0.0 2.1 2.6 1.7

-0.3 1.2 -1.8 -1.6 -3.3 0.0 3.1 3.3 3.0

-0.4 1.0 -1.8 -0.9 -1.8 -0.0 1.7 2.3 1.2

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

FY2015 FY2016 FY2017


4.8 14.6 -4.3 -2.9 -6.9 1.3 -0.4 3.3 -3.6

0.7 16.5 -13.6 -8.1 -18.5 3.7 -0.1 10.3 -7.9

6.8 13.8 0.2 -0.5 -1.1 0.2 -0.6 0.4 -1.5

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

FY2015 FY2016 FY2017


8.8 11.3 6.8 2.0 -0.7 4.1 3.8 10.8 -1.7

11.1 13.5 9.3 3.1 -0.8 6.3 8.7 11.6 6.2

7.6 10.2 5.5 1.3 -0.6 2.8 1.0 10.3 -6.2

Note: Excludes expense purchasing land.

6.Employment

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

2016 2017

End ofMar.

End ofJun.

End ofSep.

End ofDec.

End ofMar.

End ofJun.

End ofSep.

End ofDec.


14.3 11.6 12.6 15.3 16.9 15.4 13.0 12.4

7.3 4.6 5.1 7.7 8.3 9.3 7.3 6.7

18.0 15.2 16.5 19.2 21.2 18.4 15.8 15.3

25.0 24.3 24.9 26.2 29.8 29.0 24.7 24.1

16.2 13.3 18.6 21.3 24.7 22.8 17.9 15.9

27.8 27.6 26.9 27.7 31.4 30.9 26.8 26.6

19.7 19.1 20.0 24.2 24.8 27.1 23.7 23.3

17.0 16.9 14.8 20.9 21.2 23.0 20.9 20.0

20.2 19.6 21.0 24.8 25.5 27.9 24.2 23.9

Non-manufacturing

Manufacturing

All industries



All industries

Non-manufacturing

Manufacturing

Non-manufacturing


Manufacturing

Non-manufacturing

All industries

Manufacturing

Non-manufacturing

All industries

All industries

Manufacturing

Manufacturing

Non-manufacturing

All industries

― 31 ―

PUBLIC RELATIONS & PRESS RELEASE

Convention to Implement Measures to Prevent BEPS was Signed

June 8, 2017 Ministry of Finance

[Provisional translation]

On June 7 (Wed.) [June 8 (Thu.) in Japan], Japan signed the “Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting” (Convention to Implement Measures to Prevent BEPS) in Paris.

1. Objective of the Convention

The Convention is intended to introduce the tax treaty related measures, which are part of the measures developed under the BEPS project in order to prevent base erosion and profit shifting (BEPS), into the existing tax treaties between the Parties to the Convention.

The Convention enables the Parties to implement the tax treaty related measures to prevent BEPS with respect to a large number of their existing tax treaties at the same time and in an efficient manner.

2. Background

The final reports of the BEPS project, published in October 2015, have recommended a wide variety of measures to tackle international tax avoidance conducted by multinational enterprises.

Based on the recommendation under Action 15 of the BEPS project, the Convention was drafted through negotiations in which approximately 100 jurisdictions including Japan participated, was adopted at the negotiating meeting on November 24, 2016 and then was opened for signature for all countries and the specified territories on December 31, 2016.

Since the true value of the BEPS project would be fully realized by being implemented in a globally coordinated way, Japan, as one of the countries which has taken the initiative in the BEPS project, has decided to sign the Convention at the signing ceremony held with the participation of 67 jurisdictions with a view to taking appropriate steps toward proper implementation of the achievement of the BEPS project.

3. Next Steps

The deposit of the instruments of ratification, acceptance or approval by five jurisdictions is required for the Convention to enter into force and the Convention will enter into force with respect to the five jurisdictions on the expiry of a specified period after the deposit of the fifth instrument. With respect to each of jurisdictions depositing the instrument of ratification, acceptance or approval thereafter, the Convention will enter into force on the expiry of a specified period after its deposit.

The Convention will enter into effect with respect to a tax agreement covered by the Convention on the expiry of a specified period after the Convention has entered into force with respect to all of the parties to the tax agreement.

In Japan, the approval of the Convention by the Diet is necessary in order for Japan to deposit such an instrument.

― 34 ―

[Reference 1] Texts and Key Points of the Convention

- Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting

Note: The Japanese text of the Convention is provisional, which was submitted to the Cabinet for its decision on signature to the Convention, and may be modified in the course of preparation for the submission of the Convention to the Diet.

- Key Points of the Convention to Implement Measures to Prevent BEPS

[Reference 2] About Choices of Application of the Convention

- Outline of Japan’s Provisional Choices of Application of the Convention to Implement Measures to Prevent BEPS

- Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS [link to the website of the OECD]

[Reference 3] About BEPS Project

- Statement by Minister Aso on the publication of the final reports on BEPS Action Plan

- Explanatory Documents submitted by the Ministry of Finance to the 24th Meeting of the Tax Commission (October 23, 2015) regarding the final reports of BEPS Project [link to the website of the Cabinet Office]

- BEPS Project [link to the website of the National Tax Agency]

― 35 ―

APPENDIX

A. Quarterly Estimates of GDP （Jan. - Mar. 2017, The 2nd preliminary Estimates)

Cabinet Office June 8, 2017

― 38 ―

2017(平成29)年1～3月期四半期別ＧＤＰ速報（２次速報値）Quarterly Estimates of GDP for January - March 2017 (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(2017.5.18公表)

2次速報値1次速報値

(2017.5.18公表)2次速報値

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

0.5 0.3

［2.2］［1.0］

0.4 0.1 0.4 0.1

0.5 0.2 0.4 0.1

0.4 0.3 0.2 0.2

0.3 0.3 0.2 0.1

除く持ち家の帰属家賃 0.4 0.3 0.2 0.1 Excluding

Imputed Rent

0.7 0.3 0.0 0.0

0.2 0.6 0.0 0.1

*** *** 0.1 -0.1

0.1 -0.0 0.0 -0.0

0.1 -0.0 0.0 -0.0

-0.1 -0.1 -0.0 -0.0

*** *** -0.0 -0.0

0.2 0.4 0.1 0.1

*** *** 0.1 0.1

2.1 2.1 0.4 0.4

1.4 1.4 -0.2 -0.2

（参考） (cf)

0.4 0.4 *** ***

0.2 -0.1 *** ***

-0.1 -0.0 *** *** ※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.

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

Economic and Social Research Institute

Cabinet Office, Government of Japan

Released: 2017.6.8

内閣府経済社会総合研究所国民経済計算部

平成 29 年 6 月 8 日

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

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

前期比 ※1 寄与度 (対GDP) ※2

　　Private Demand

［Annual rate］***

Gross Domestic Product

Domestic Demand

***

2017／1～3 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

― 39 ―

Released: 2017.6.8

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(2017.5.18公表)


(2017.5.18公表)2次速報値


-0.0 -0.3

[-0.1] [-1.2]

0.4 0.1 0.4 0.1

0.4 0.1 0.3 0.1

0.2 0.1 0.1 0.1

0.2 0.1 0.1 0.1


Imputed Rent

1.4 0.9 0.0 0.0

0.7 1.1 0.1 0.2

*** *** 0.1 -0.2

0.1 0.0 0.0 0.0

0.1 -0.0 0.0 -0.0

0.3 0.2 0.0 0.0

*** *** -0.0 -0.0

0.7 0.9 0.2 0.2

*** *** -0.4 -0.4

5.0 5.0 0.8 0.8

7.9 7.9 -1.2 -1.2

（参考１） (cf)

-0.1 -0.1 *** ***

0.2 -0.1 *** ***

-0.2 -0.1 *** *** ※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.

-0.6 -0.5-0.0 -0.0

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

2017／1～3

2017／1～3

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



前期比　※5





Public Investment



公的在庫変動







Domestic 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


［年率換算］

民間住宅

民間企業設備

Private Residential Investment


［Annual rate］***


***


― 40 ―

Released: 2017.6.8

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(2017.5.18公表)


(2017.5.18公表)2次速報値


1.3 1.2 *** ***

0.5 0.5 0.5 0.5

0.8 0.7 0.6 0.5

0.6 0.6 0.4 0.3

0.6 0.6 0.3 0.3


Imputed Rent

6.5 6.3 0.2 0.2

2.3 2.5 0.4 0.4

*** *** -0.3 -0.4

-0.1 -0.3 -0.0 -0.1

0.6 0.4 0.1 0.1

-3.2 -3.2 -0.2 -0.2

*** *** -0.0 -0.0

1.7 1.8 0.4 0.4

*** *** 0.8 0.8

3.1 3.1 0.5 0.5

-1.4 -1.4 0.2 0.2

（参考） (cf)

1.7 1.6 *** ***

1.0 0.9 *** ***

2.1 2.2 *** *** ※1 : Changes from the previous year








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

( 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




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

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

2016年度（Fiscal Year)

― 41 ―

Released: 2017.6.8

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(2017.5.18公表)


(2017.5.18公表)2次速報値


1.2 1.1 *** ***

0.1 0.0 0.1 0.0

0.4 0.3 0.3 0.2

0.3 0.3 0.2 0.2

0.3 0.2 0.1 0.1


Imputed Rent

6.2 6.0 0.2 0.2

1.6 1.7 0.2 0.3

*** *** -0.3 -0.4

-0.6 -0.7 -0.1 -0.2

0.2 -0.0 0.0 -0.0

-3.5 -3.5 -0.2 -0.2

*** *** -0.0 -0.0

1.1 1.1 0.2 0.3

*** *** 1.0 1.0

-3.5 -3.5 -0.6 -0.6

-9.5 -9.5 1.6 1.6


1.5 1.5 *** ***

0.5 0.5 *** ***

1.9 2.0 *** ***

※1 : Changes from the previous year






（参考２） (cf)

-0.2 -0.2 *** *** GDP Deflator

-0.4 -0.4 *** ***

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

年　

項　　　目

前年　比 ※1 寄与度 (対GDP) ※2

2016年度（Fiscal Year)


民間在庫変動 Change in Private Inventories




( 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

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

― 42 ―

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2017

項　　　目 1～3 4～6 7～9 10～12 1～3

0.6 0.4 0.3 0.3 0.3 *** 1.0

[2.5] [1.6] [1.0] [1.4] [1.0] *** ***

0.2 0.5 -0.1 -0.0 0.1 *** 0.4

(0.2) (0.5) (-0.1) (-0.0) *** (0.1) ***

-0.2 0.9 -0.1 0.2 0.2 (0.1) 0.6

0.3 0.2 0.4 0.0 0.3 (0.2) 1.1 Private Consumption

0.3 0.2 0.3 0.0 0.3 (0.1) 1.1

除く持ち家の帰属家賃 0.3 0.2 0.4 -0.0 0.3 (0.1) 1.1 Excluding Imputed Rent

1.2 3.1 2.6 0.2 0.3 (0.0) 1.1 Private Residential Investment

-0.1 1.3 -0.2 1.9 0.6 (0.1) 2.5 Private Non-Resi. Investment

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

1.1 -0.9 -0.1 -0.6 -0.0 (-0.0) -0.2

1.4 -1.2 0.2 0.0 -0.0 (-0.0) -0.0

-0.3 0.7 -1.3 -3.0 -0.1 (-0.0) -0.6 Public Investment

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

0.0 1.4 -0.0 0.7 0.4 (0.1) 1.7

(0.5) (-0.1) (0.4) (0.4) *** (0.1) ***

0.5 -1.4 1.9 3.4 2.1 (0.4) 8.7

-2.0 -1.1 -0.2 1.3 1.4 (-0.2) 5.6

（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


0.9 0.1 0.6 0.6 0.4 *** 1.6

1.3 0.6 0.1 0.0 -0.3 *** -1.2

0.9 0.3 0.0 -0.1 -0.1 *** -0.4

1.5 0.2 0.7 -0.2 -0.0 *** ***

（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 ; ％)

20171～3 4～6 7～9 10～12 1～3

新（２次速報値） 0.6 0.4 0.3 0.3 0.3 　Second　Preliminary

[年率] [2.5] [1.6] [1.0] [1.4] [1.0] ［Annual rate］

旧（１次速報値） 0.6 0.4 0.2 0.3 0.5 　First　Preliminary

[年率] [2.6] [1.7] [1.0] [1.4] [2.2] ［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




2016

Final Sales ofDomestic Product

公的需要


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


Compensation of Employees

Gross Domestic Income

Gross National Income


民間企業設備

民間在庫変動

民間住宅


民間需要

[年　率　換　算]


Public Demand






国民総所得（ＧＮＩ）

国内総所得（ＧＤＩ）

Released: 2017.6.8

前期比（季節調整済） ※1






Private Demand

2016 2017

1～3

［Annual rate］

― 43 ―

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 1～3 4～6 7～9 10～12

0.5 0.9 1.1 1.6 1.3 ***

0.3 0.6 0.2 0.5 0.5 ***

(0.3) (0.6) (0.2) (0.5) *** (0.5)

-0.1 0.6 0.2 0.8 1.3 (0.9)

-0.1 0.3 0.3 0.9 0.9 (0.5) Private Consumption

-0.3 0.3 0.2 0.8 0.8 (0.5)

除く持ち家の帰属家賃 -0.6 0.1 0.0 0.8 0.8 (0.4) Excluding Imputed Rent

3.0 5.4 6.6 7.2 6.1 (0.2) Private Residential Investment

-0.5 2.0 0.9 3.3 3.6 (0.6) Private Non-Resi. Investment

(-0.1) (-0.2) (-0.4) (-0.6) *** (-0.4)

1.4 0.7 0.5 -0.6 -1.7 (-0.4)

2.7 1.2 1.0 0.4 -0.9 (-0.2)

-3.4 -2.2 -1.8 -4.2 -4.1 (-0.2) Public Investment

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

-0.7 1.6 1.1 2.0 2.2 (0.6)

(0.2) (0.3) (0.8) (1.2) *** (0.8)

-1.4 0.7 0.8 4.6 6.0 (1.0)

-2.4 -1.1 -3.6 -2.0 1.3 (-0.2)




0.5 1.1 1.4 2.2 1.7 ***

1.6 2.0 1.8 1.9 0.5 ***

1.6 1.2 1.0 1.1 0.3 ***

2.7 2.7 2.9 2.2 0.7 ***

（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 ; ％)

20171～3 4～6 7～9 10～12 1～3

新（２次速報値） 0.5 0.9 1.1 1.6 1.3

旧（１次速報値） 0.5 0.9 1.1 1.7 1.6

※1 Changes from the previous year







2016




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

※3



公的在庫変動

雇用者報酬



最終需要

　Second　Preliminary

　First　Preliminary








Public Demand


民間企業設備

民間在庫変動

公的需要



民間住宅

Released: 2017.6.8

前年同期比※1

民間需要 Private Demand





2016 2017

1～3

― 44 ―

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2017

項　　　目 1～3 4～6 7～9 10～12 1～3

0.9 0.2 0.1 0.4 -0.3 *** -1.2

［3.7] ［0.8] ［0.3] ［1.6] [-1.2] *** ***

-0.2 0.1 -0.1 0.4 0.1 *** 0.4

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

-0.5 0.6 -0.1 0.5 0.1 (0.1) 0.5

-0.1 0.1 0.3 0.4 0.1 (0.1) 0.6 Private Consumption

-0.1 0.1 0.3 0.4 0.1 (0.1) 0.5

除く持ち家の帰属家賃 -0.1 0.1 0.3 0.5 0.2 (0.1) 0.6 Excluding Imputed Rent

0.5 2.5 2.8 1.0 0.9 (0.0) 3.8 Private Residential Investment

-0.4 0.9 -0.4 2.1 1.1 (0.2) 4.3 Private Non-Resi. Investment

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

0.8 -1.3 -0.1 -0.2 0.0 (0.0) 0.1

1.2 -1.7 0.2 0.3 -0.0 (-0.0) -0.0

-1.2 0.7 -1.2 -2.4 0.2 (0.0) 0.8 Public Investment

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

-0.5 1.1 -0.2 1.0 0.9 (0.2) 3.5

(1.1) (0.1) (0.2) (0.1) *** (-0.4) ***

-3.8 -3.4 0.3 5.7 5.0 (0.8) 21.7

-10.0 -4.1 -0.8 5.7 7.9 (-1.2) 35.5


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

1.2 0.0 0.3 0.6 -0.1 *** -0.4

0.5 -0.1 -0.0 0.3 -0.1 *** -0.3

1.0 0.1 0.7 0.3 -0.1 *** ***

0.3 -0.2 -0.2 0.1 -0.5 *** ***

-0.3 -0.4 0.0 0.4 -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：％）（％)

20171～3 4～6 7～9 10～12 1～3

　新（２次速報値） 0.9 0.2 0.1 0.4 -0.3 　Second　Preliminary

　[年率] ［3.7] ［0.8] ［0.3] ［1.6] [-1.2] ［Annual rate］

　旧（１次速報値） 0.9 0.2 0.1 0.4 -0.0 　First　Preliminary

　[年率] ［3.7] ［1.0] ［0.3] ［1.7] [-0.1] ［Annual rate］

※1 Changes from the previous quarter (seasonally adjusted)

※2 Annualized





2016 2017

1～3

2016

最終需要

GDP Deflator

Domestic Demand Deflator




国内需要デフレーター


雇用者報酬



Public Demand










Released: 2017.6.8

前期比（季節調整済）

※1




民間企業設備

Private Demand


公的在庫変動

民間需要

国内需要


[年　率　換　算] ［Annual rate］

Domestic Demand


民間在庫変動

公的需要

民間住宅


― 45 ―

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 1～3 4～6 7～9 10～12

1.4 1.3 0.9 1.6 0.5 ***

-0.0 -0.1 -0.5 0.2 0.5 ***

(-0.0) (-0.1) (-0.5) (0.2) *** (0.5)

-0.4 -0.1 -0.6 0.6 1.2 (0.9)

-0.3 -0.2 -0.4 0.7 0.9 (0.5) Private Consumption

-0.5 -0.2 -0.4 0.7 0.9 (0.5)

除く持ち家の帰属家賃 -0.6 -0.3 -0.5 0.8 1.1 (0.5) Excluding Imputed Rent

2.3 4.2 5.4 6.9 7.3 (0.2) Private Residential Investment

-0.9 0.9 -0.5 2.5 3.6 (0.6) Private Non-Resi. Investment

(-0.0) (-0.2) (-0.3) (-0.5) *** (-0.4)

1.2 -0.1 -0.3 -0.9 -1.5 (-0.4)

2.8 0.5 0.4 -0.0 -1.1 (-0.2)

-4.0 -3.6 -3.0 -4.4 -2.9 (-0.2) Public Investment

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

-1.2 0.4 -0.2 1.5 2.6 (0.7)

(1.4) (1.4) (1.5) (1.4) *** (-0.1)

-7.9 -9.2 -10.7 -1.3 7.5 (1.3)

-15.1 -16.6 -18.4 -9.4 8.4 (-1.3)




1.4 1.5 1.3 2.1 0.9 ***

1.3 0.5 0.2 0.8 0.3 ***

2.6 2.2 2.3 2.2 1.0 ***

0.9 0.4 -0.1 -0.0 -0.8 *** GDP Deflator

-0.3 -0.7 -0.8 -0.3 0.0 ***

（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：％）（％)

20171～3 4～6 7～9 10～12 1～3

　新（２次速報値） 1.4 1.3 0.9 1.6 0.5

　旧（１次速報値） 1.4 1.3 1.0 1.6 0.8






1～3

2016

公的在庫変動





最終需要

国内需要デフレーター

雇用者報酬

公的需要





Released: 2017.6.8

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


2016 2017

　Second　Preliminary

　First　Preliminary



Domestic　Demand　Deflator


Private Demand




Public Demand




― 46 ―

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 2014 2015 2015

-0.5 1.2 1.2 *** 1.1 1.0 ***

-1.0 1.1 0.5 *** 0.7 0.4 ***

(-1.1) (1.2) *** (0.5) (0.7) *** (0.4)

-1.4 1.1 0.7 (0.5) 0.7 0.4 (0.3)

-2.7 0.5 0.6 (0.3) -0.4 0.4 (0.2) Private Consumption

-2.6 0.3 0.6 (0.3) -0.5 0.3 (0.1) Consumption of Households

除く持ち家の帰属家賃 -3.4 0.1 0.4 (0.2) -0.9 0.1 (0.0) Excluding Imputed Rent

-9.9 2.8 6.3 (0.2) -1.6 5.6 (0.2) Private Residential Investment

2.4 0.6 2.5 (0.4) 1.1 1.3 (0.2) Private Non-Resi. Investment

(0.5) (0.4) *** (-0.4) (0.6) *** (-0.3)

-0.1 1.2 -0.3 (-0.1) 0.8 0.5 (0.1)

0.4 2.1 0.4 (0.1) 1.7 1.3 (0.3)

-2.1 -1.9 -3.2 (-0.2) -2.1 -3.0 (-0.2) Public Investment

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

-0.3 0.3 1.8 (0.4) 0.1 0.9 (0.2)

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

8.8 0.7 3.1 (0.5) 2.9 1.2 (0.2)

4.3 0.2 -1.4 (0.2) 0.8 -2.3 (0.4)

（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)

-1.0 0.9 1.6 *** 0.5 1.3 ***

-0.1 2.6 1.5 *** 2.5 1.8 ***

0.1 2.7 0.9 *** 2.8 1.2 ***

-1.2 1.3 2.2 *** 0.7 2.6 ***








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

年度(Fiscal Year) 暦年(Calendar Year)

2016 2016


( 控除 )財貨・サービスの輸入





雇用者報酬









Domestic Product

Released: 2017.6.8


民間企業設備

Domestic Demand


民間在庫変動

Private Demand

前年比※1


Public Demand


― 47 ―

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

(単位：％）（％)

年

項　　　目 2014 2015 2015

2.0 2.7 1.1 *** 3.2 1.3 ***

1.0 1.1 0.0 *** 1.1 -0.1 ***

(1.0) (1.1) *** (0.0) (1.1) *** (-0.1)

0.6 1.1 0.3 (0.2) 1.1 -0.1 (-0.1)

-0.5 0.5 0.3 (0.2) -0.0 -0.0 (-0.0) Private Consumption

-0.4 0.3 0.2 (0.1) -0.1 -0.1 (-0.1) Consumption of Households

除く持ち家の帰属家賃 -0.6 0.3 0.3 (0.1) -0.2 -0.2 (-0.1) Excluding Imputed Rent

-6.7 2.7 6.0 (0.2) -0.7 4.7 (0.1) Private Residential Investment

3.7 1.1 1.7 (0.3) 2.0 0.5 (0.1) Private Non-Resi. Investment

(0.5) (0.3) *** (-0.4) (0.6) *** (-0.3)

2.1 1.0 -0.7 (-0.2) 1.1 -0.1 (-0.0)

2.4 1.7 -0.0 (-0.0) 1.7 0.9 (0.2)

0.8 -1.4 -3.5 (-0.2) -0.8 -3.8 (-0.2) Public Investment

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

1.6 0.7 1.1 (0.3) 1.0 0.1 (0.0)

(1.0) (1.6) *** (1.0) (2.0) *** (1.4)

11.5 -0.7 -3.5 (-0.6) 3.8 -7.3 (-1.3)

4.6 -8.9 -9.5 (1.6) -6.8 -14.9 (2.7)

（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)

1.6 2.4 1.5 *** 2.6 1.6 ***

2.3 2.8 0.5 *** 3.4 0.7 ***

1.8 1.5 2.0 *** 1.3 2.3 ***

2.5 1.5 -0.2 *** 2.1 0.3 *** GDP Deflator

2.1 -0.0 -0.4 *** 0.4 -0.5 ***

※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.



Released: 2017.6.8

前年比※1



Private Demand

Domestic Demand国内需要

民間需要


年度(Fiscal Year) 暦年(Calendar Year)

2016 2016

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




民間住宅

公的在庫変動



民間企業設備




Domestic Product

― 48 ―

B. Monthly Economic Report June 2017

Provisional translation

Cabinet Office 22 June 2017

Executive Summary Assessment of the current state of the Japanese economy

The Japanese economy is on a moderate recovery. • Private consumption is picking up moderately. • Business investment is picking up. • Exports is picking up. • Industrial production is picking up. • Corporate profits is improving. Firms' judgment on current business conditions is improving. • The employment situation is improving. • Consumer prices are flat. Concerning short-term prospects, the economy is expected to recover, supported by the effects of

the policies, while employment and income situation is improving. However, attention should be given to the uncertainty in overseas economies and the effects of fluctuations in the financial and capital markets.

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 decide the "Basic Policies for Economic and Fiscal Management and Reform 2017", the "Growth Strategy 2017", the "Regulatory Reform Work Plan", and the "Basic Policies for Overcoming Population Decline and Vitalizing Local Economy in Japan 2017" on June 9th. Hereafter, the Government implements economic and fiscal policies based on these Policies. In addition, the Government steadily implements the "Japan's Plan for the Dynamic Engagement of All Citizens". About work style reform, based on the "The action Plan for the Realization of Work Style Reform" decided in March, the Government will submit bills to the Diet at an early date. And the government implements "Economic Measures for Realizing Investment for the Future" and the FY2016 supplementary budget swiftly and steadily in order to overcome deflation completely and pave the way for steady economic growth. The Government also implements the FY2017 budget swiftly and steadily.

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 by these measures.

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

― 49 ―

Detailed explanations 1. Demand trends such as consumption and investment Private consumption is picking up moderately.

Private consumption is picking up moderately. Real wage income of employees is increasing moderately. Consumer confidence is picking up. 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 April from the previous month. Concerning short-term prospects, consumption is expected to pick up, supported by the improvement in the employment and income situations. Business investment is picking up. Business investment is picking up. The Quarterly Financial Statements Statistics of Corporations by Industry (January-March survey) show that business investment increased in the January-March quarter of 2017 by 1.3% from the previous quarter after increasing in the October-December quarter of 2016 by 3.5%. By industry, business investment decreased for manufacturers by 1.8% from the previous quarter, and increased for non-manufacturers by 3.0%. Capital Goods Shipments and Imports, supply-side statistics, show movements of picking up. According to the Short-Term Economic Survey of Enterprises in Japan (Tankan) (March survey), planned business investment for all industries in fiscal year 2017 is expected to decrease, thought it is larger than the planned investment in fiscal 2016 in the same quarter of the year. According to the Business Outlook Survey (April-June survey), planned business investment for all industries in fiscal year 2017 is expected to increase. In addition, according to the two surveys, the expected increase of planned business investment in fiscal year 2017 (year on year) is greater than the expected increase in fiscal year 2016 in the same quarter of the year. Accordig to Tankan, corporations' sense of excess capacity is improving. The figures for Orders Received for Machinery, a leading indicator, appear to be pausing. As for short-term prospects, business investment is expected to increase, mainly reflecting the improvement of corporate profits. Housing construction has been flat recently.

Housing construction has been flat recently. Construction of owned houses has shown a steady undertone recently. Construction of houses for rent has been flat recently. Construction of houses for sale is almost flat. In addition, the total number of sales of condominiums in the Tokyo metropolitan area is almost flat.

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

― 50 ―

Public investment is intensified. Public investment is intensified. The amount of public construction completed in April increased by 2.1% from the previous month, the amount of contracted public works in May decreased by 8.2% from the previous month, and the amount of public works orders received in April increased by 2.9% from the previous year. As for short-term prospects, public investment is expected to show steady performance due to the execution of related budgets. Exports are picking up. Imports show movements of picking up. The surplus in the balance of goods and services is almost flat.

Exports are picking up. By region, exports to Asia are picking up. Exports to the U.S. and other regions are almost flat. Exports to the EU show movements of picking up. As for short-term prospects, exports are expected to continue to pick up, mainly reflecting the moderate recovery of overseas economies. Imports show movements of picking up. By region, imports from Asia show movements of picking up. 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 almost flat. The surplus in the balance of trade in April decreased, as export values decreased while import values increased. The balance of services moved to surplus.

2. Corporate activities and employment

Industrial production is picking up. Industrial production is picking up. The Indices of Industrial Production increased by 4.0% from the previous month in April. The Indices of Industrial Inventories increased by 1.5% from the previous month in April. The Survey of Production Forecast in Manufacturing expects a decrease of 2.5% in May, and an increase of 1.8% in June. By industry, transport equipment and general-purpose, production and business oriented machinery are picking up. Electronic parts and devices are increasing. As for short-term prospects, production is expected to continue to pick up mainly reflecting the moderate recovery of overseas economies. Corporate profits is improving. Firms' judgment on current business conditions is improving. The number of corporate bankruptcies is almost flat.

Corporate profits is improving. According to the Quarterly Financial Statements Statistics of Corporations by Industry (January-March survey), corporate profits during the January-March quarter of 2017 increased by 26.6% from the previous year and by 2.7% from the previous quarter. By industry, manufacturers saw an increase in corporate profits of 70.3%, and non-manufacturers saw an increase 10.7%. By size of company, large and medium-sized companies saw an increase of 41.3% from the previous year, and small companies saw an increase of 5.5%. According to the BOJ Tankan (March survey), in fiscal year 2017, sales are

― 51 ―

expected to increase by 1.7% in the first half of the year, and are expected to increase by 1.0% in the second half from the previous year. Current profits are expected to decrease by 1.1% in the first half, and decrease by 1.1% in the second half from the previous year. Firms' judgment on current business conditions is improving. The Tankan (March survey) revealed that firms' judgment on current business conditions has improved for all enterprises in all industries. Firms' judgment on future business conditions, which indicates the business condition as of June, becomes more cautious than that on current business conditions. According to the corporate activity-related DI of the Economy Watchers Survey (May survey), the assessment of current and prospective business conditions fell. The number of corporate bankruptcies is almost flat. The employment situation is improving.

The employment situation is improving. The total unemployment rate was 2.8% in April, the same level as the previous month. The labor force, the number of employed persons, and the number of unemployed persons increased. The number of employees has been flat recently. The number of new job offers is almost flat. The effective ratio of job offers to applicants is increasing. It is the highest level after February 1974. Overtime hours worked in the manufacturing industry are almost flat. As for the movement of wages, contractual cash earnings are picking up. The total amount of cash earnings is increasing moderately. As for short-term prospects, the employment situation is expected to improve.

3. Prices and the financial market Producer prices are rising moderately. Consumer prices are flat.

Producer prices are rising moderately. Consumer prices, in terms of general, excluding fresh food and energy, are flat. According to the Monthly Consumer Confidence Survey (multi-person households), the ratio of households which forecast a rise in prices was 78.0% in May, a decrease of 0.9% points from the previous month. As for short-term prospects, consumer prices (general, excluding fresh food and energy) are expected to rise moderately, but they are expected to remain flat for the time being. As for stock prices, the Nikkei Stock Average rose from the 19,800-yen level to the 20,200-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 109-yen level, moved in the direction of depreciation to the 111-yen level.

― 52 ―

Main Economic Indicators of Japan

June　２０１７

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

― 53 ―

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.

― 54 ―

〔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 2001 35,178.6 47,948.1 96.6 17,806.5 10,257.8 69,004.2 7.1 8.5 2.8 2.5 -5,606.9 -27,726.7 -33,306.6 42,121.9 8,788.3 48,617.4 0.8 44,822.3 -3.4 0.002 18,897.9CY 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 - - 2.0 -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 2.4 -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 3.1 -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 2.8 -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 1.2 -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 0.3 524.1 -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 1.7 -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 0.9 -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 0.8 -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 3.2 -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 3.5 -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 3.7 4.0 -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 123,949.4 102,461.2 5.8 2.9 3.5 2.3 -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 8,920.7

2015．July-Sept. 33,549.0 13,876.6 29.7 6,169.7 592.8 91,561.7 5.4 3.2 4.0 4.1 -978.4 -35,275.3 -36,253.7 48,642.8 12,389.1 67,694.0 3.7 47,047.1 3.4 0.010 20,426.62015．Oct.-Dec. 24,468.3 14,125.8 54.7 3,213.0 3,980.1 98,429.9 6.1 2.7 3.3 3.6 -6,868.0 -24,136.7 -31,004.7 41,788.8 10,784.1 67,910.6 2.8 47,593.7 3.2 0.038 20,630.02016．Jan.-Mar. 27,307.5 25,404.2 99.8 6,801.9 6,257.3 95,594.7 6.5 2.5 3.1 3.2 2,835.3 -27,045.6 -24,210.3 46,636.2 22,425.9 70,481.4 4.2 48,004.4 3.1 -0.002 13,282.62016．Apr.-June 21,696.5 2,945.1 5.3 1,739.5 87.5 95,987.5 6.5 2.8 3.3 2.0 -392.7 -22,657.3 -23,050.0 50,888.9 27,838.9 71,538.0 5.4 47,800.5 2.9 -0.064 5,983.22016．July-Sept. 45,090.6 13,004.7 28.6 5,738.1 226.1 96,319.4 5.6 2.9 3.3 1.4 -331.8 -47,127.4 -47,459.2 56,015.4 8,556.2 71,806.4 6.1 48,336.2 2.7 -0.060 7,618.72016．Oct.-Dec. 26,708.3 14,097.1 53.8 3,592.1 3,853.3 102,461.2 4.7 3.2 3.8 1.6 -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 P 17,532.9 85.2 6,466.3 1,838.0 99,800.1 4.5 3.5 4.1 2.2 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 9,740.22016． Apr. 5,148.6 -128.6 - -251.3 -58.6 97,104.1 6.8 2.7 3.3 2.4 -1,509.3 -4,682.9 -6,192.2 15,157.8 8,965.6 71,353.1 5.9 47,543.8 3.2 -0.056 4,515.22016． May 18,461.7 1,007.3 1.6 816.8 -35.9 95,266.9 6.5 2.8 3.3 1.9 1,837.2 -18,171.8 -16,334.6 18,713.3 2,378.7 71,494.7 5.3 47,596.6 2.9 -0.054 6,440.52016． June -1,913.8 2,066.4 5.3 1,174.0 181.9 95,987.5 6.2 2.9 3.3 1.7 -720.6 197.4 -523.2 17,017.8 16,494.6 71,538.0 5.4 47,800.5 2.9 -0.064 6,993.92016． July 22,744.4 5,820.0 15.7 3,608.5 -327.8 96,483.7 5.9 2.9 3.3 1.5 -496.1 -21,404.5 -21,900.6 21,409.7 -490.9 71,196.8 5.6 47,831.8 2.7 -0.046 7,370.72016． Aug. 17,762.7 4,107.3 23.0 1,181.2 374.9 96,350.9 5.7 2.8 3.2 1.3 132.8 -18,119.4 -17,986.6 18,692.5 705.9 71,326.6 5.9 47,889.7 2.8 -0.048 7,747.32016． Sept. 4,583.5 3,074.1 28.6 948.4 179.0 96,319.4 5.2 3.0 3.4 1.3 31.5 -7,603.5 -7,572.0 15,913.2 8,341.2 71,806.4 6.1 48,336.2 2.7 -0.060 7,738.12016． Oct. 15,411.5 3,524.4 34.9 940.5 368.7 96,981.9 5.0 3.1 3.6 1.3 -662.4 -13,518.4 -14,180.8 18,298.4 4,117.6 72,020.7 6.9 48,227.5 2.9 -0.047 8,196.62016． Nov. 13,851.7 7,210.2 47.8 1,318.2 3,303.5 97,429.8 4.7 3.3 3.8 1.6 -447.9 -14,535.5 -14,983.4 16,730.2 1,746.8 72,863.2 7.3 48,563.6 3.1 -0.054 8,924.22016． Dec. -2,554.9 3,360.4 53.8 1,333.3 181.1 102,461.2 4.5 3.4 3.9 1.9 -5,031.3 -97.3 -5,128.6 17,657.6 12,529.0 73,434.2 8.1 49,157.3 3.3 -0.058 9,274.92017． Jan. 20,000.6 4,740.5 62.3 2,387.3 205.1 98,945.8 4.5 3.4 4.0 2.0 3,515.3 -18,903.1 -15,387.8 16,979.6 1,591.8 73,415.7 8.3 49,030.2 3.2 -0.058 9,758.12017． Feb. 14,874.6 4,479.0 70.3 706.7 997.2 99,322.4 4.5 3.5 4.1 2.3 -376.5 -15,644.9 -16,021.4 13,824.8 -2,196.6 73,538.9 7.0 49,087.2 3.7 -0.048 9,839.52017． Mar. -4,421.3 2,791.8 75.3 718.1 218.7 99,800.1 4.5 3.6 4.2 2.4 -477.7 1,874.5 1,396.8 11,735.5 13,132.3 74,849.7 6.2 49,637.4 3.4 -0.060 9,623.12017． Apr. 4,152.3 P -245.6 - -322.5 -96.2 100,933.6 4.2 3.4 4.0 2.6 -1,133.4 -3,377.9 -4,511.3 18,265.8 13,754.5 75,314.4 5.6 49,383.6 3.9 -0.074 8,704.82017． May 15,863.8 99,515.2 4.4 P 3.4 P 3.9 P 2.8 1,418.4 -17,471.9 -16,053.5 11,225.9 -4,827.6 -0.065 9,185.9

(※） 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.

Call Rates AverageOut-

standingin the Call

MoneyMarket

Total

Actual RevenueBank-

notes incirculation

End ofYear orMonth

AverageAmountsOut-standing

M3 M2Broadly-definedLiqui-dity Banknotes

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 (※)

Billion Yen ％ Billion Yen Billion Yen ％

Uncollat-eralizedOverni-ght End ofPeriod

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

2.788

％ Billion Yen 10 BillionYen ％

10 BillionYen ％％

BillionYen

8.2746.4677.697

1.452

2.1161.8801.8341.7991.7321.6231.7661.9451.8651.6551.551

0.982

1.3641.2581.1801.1100.9981.1251.1101.0761.0391.0160.998

0.982

1.0661.0541.0391.0331.0261.0161.0141.0090.9980.9960.992

0.982

Released by Ministry of Finance Bank of Japan

FY FY FY FY FYFY FY FY FY FY

― 55 ―

〔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 2001 133,970.4 2,299.0 4,815.2 8,272.4 18,697.9 1,195.10 811 1.22 12,093.56 637,627.2 281.9 11,693 2,577.6 19,164 2.1 16,519.6 -30.8CY 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 -5.0

2015．July-Sept. 42,610.0 1,747.0 605.0 1,620.7 618.8 1,573.50 2,664 1.68 19,474.81 49,737.3 10.3 279 55.0 2,092 -14.1 488.8 21.5

2015．Oct.-Dec. 45,280.5 1,958.9 870.0 1,588.0 587.5 1,545.47 2,359 1.56 19,035.47 48,328.7 16.2 296 64.7 2,152 -3.1 633.2 51.5

2016．Jan.-Mar. 43,074.4 1,449.7 865.6 1,903.0 533.6 1,364.04 2,800 1.74 16,843.02 48,864.4 36.1 275 84.4 2,144 -5.6 466.3 -14.0

2016．Apr.-June 41,589.3 1,631.1 810.0 1,988.3 457.6 1,318.39 2,377 2.01 16,393.84 41,217.4 30.5 276 59.2 2,129 -7.2 327.4 -26.8

2016．July-Sept. 42,197.2 1,491.3 1,020.0 4,615.5 451.8 1,309.69 2,123 1.93 16,500.01 37,407.4 151.3 272 57.1 2,088 -0.1 335.3 -31.3

2016．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 38.5

2017．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 -11.8

2016． Apr. 13,839.1 471.4 110.0 676.0 149.2 1,335.67 2,561 1.77 16,543.47 11,857.3 1.3 105 20.4 695 -7.0 103.3 -46.3

2016． May 13,279.6 552.7 390.0 288.8 143.4 1,334.43 2,287 1.86 16,612.67 14,482.0 9.4 92 16.4 671 -7.3 115.8 -9.3

2016． June 14,470.6 607.0 310.0 1,023.5 164.9 1,288.83 2,287 2.01 16,068.81 14,878.0 19.8 79 22.4 763 -7.4 108.2 -14.6

2016． July 14,306.0 504.0 180.0 1,780.0 144.4 1,291.30 2,308 1.92 16,168.32 11,658.2 56.9 103 16.6 712 -9.5 124.0 3.2

2016． Aug. 14,402.8 343.0 500.0 541.0 127.7 1,303.93 2,021 1.98 16,586.07 13,036.0 41.8 97 24.2 726 14.8 126.0 28.7

2016． Sept. 13,488.4 644.3 340.0 2,294.5 179.7 1,334.42 2,048 1.93 16,737.04 12,713.1 52.6 72 16.4 650 -3.4 85.3 -68.5

2016． Oct. 14,121.5 606.2 290.0 835.0 138.3 1,360.45 1,975 1.83 17,044.51 10,512.1 20.7 71 11.6 683 -7.9 111.2 4.7

2016． Nov. 13,369.3 616.5 130.0 345.1 126.5 1,409.47 2,716 1.77 17,689.54 11,296.8 7.1 68 15.8 693 -2.5 594.4 319.6

2016． Dec. 14,503.1 551.4 220.0 929.0 157.9 1,522.68 2,498 1.71 19,066.03 13,279.7 15.4 100 16.7 710 1.5 171.6 -55.4

2017． Jan. 14,441.9 441.4 290.0 738.0 122.3 1,534.42 2,125 1.71 19,194.06 10,761.2 7.8 72 13.0 605 -10.3 128.4 1.2

2017． Feb. 14,140.3 486.5 180.0 555.0 122.3 1,537.60 2,176 1.68 19,188.73 10,279.1 14.5 73 12.1 688 -4.8 115.8 -29.1

2017． Mar. 13,638.8 425.0 166.9 1,407.0 161.3 1,552.10 2,045 1.70 19,340.18 13,128.8 22.0 92 21.1 786 5.3 166.8 -5.1

2017． Apr. 12,895.9 P 511.0 P 185.0 P 857.4 155.8 1,494.81 2,139 1.70 18,736.39 10,071.2 1.5 84 16.4 680 -2.1 104.0 0.62017． May 1,571.62 2,127 1.76 19,726.76 13,289.2 26.8 79 15.8 802 19.5 106.9 -7.7

(※)　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.

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

Average Yield of Divided

PayingCompanies

(End of Month)

NikkeiAverage（※）

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

Tokyo ★ ★

Billion Yen Million Shares % Billion Yen Case Billion Yen Case

BankDebentures

Tokyo Stock Exchange (1st Section) All Clearing

Houses

TotalAmount ofLiabilities

Numberof Cases

TotalLiabilities

% Billion Yen %

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

― 56 ―

〔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 2001 98.7 -6.8 - - 112.8 147.1 101.2 100.5 88.5 97.5 -6.3 116.5 -0.8 111.5 10.3 102.6 100.8CY 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 97.72015． July-Sept. 97.8 -0.9 97.0 -1.0 104.0 98.9 82.3 100.1 96.7 96.2 -0.7 113.3 -0.5 114.7 0.8 94.9 97.62015． Oct.-Dec. 98.4 -0.8 97.1 0.1 102.9 98.0 84.8 100.9 96.9 96.6 0.4 112.7 -0.5 114.9 0.2 95.0 97.92016． Jan.-Mar. 97.6 -1.4 96.2 -0.9 102.3 98.8 84.1 101.9 95.2 94.8 -1.9 114.2 1.3 116.8 1.7 94.8 96.12016． Apr.-June 94.3 -1.8 96.5 0.3 103.3 96.2 83.5 103.7 95.1 95.3 0.5 112.4 -1.6 116.0 -0.7 94.6 96.32016． July-Sept. 98.2 0.4 98.0 1.6 105.2 95.4 86.1 103.2 96.7 96.3 1.0 109.9 -2.2 114.3 -1.5 94.5 98.02016． 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. 101.3 3.8 100.0 0.2 106.7 97.6 86.0 105.3 100.0 98.5 -0.1 109.7 2.2 111.5 1.6 94.1 99.82016． Mar. 108.2 0.4 96.4 1.2 102.2 101.1 84.2 102.6 95.0 95.1 1.3 114.2 1.6 117.5 1.9 94.8 96.42016． Apr. 92.9 -3.2 96.8 0.4 102.3 96.6 83.5 106.2 95.4 95.4 0.3 112.6 -1.4 115.9 -1.4 94.6 96.42016． May 89.3 -0.6 95.6 -1.2 103.6 94.2 83.0 102.1 94.3 94.7 -0.7 112.8 0.2 116.7 0.7 94.6 95.92016． June 100.6 -1.6 97.0 1.5 104.1 97.8 84.1 102.8 95.7 95.7 1.1 112.4 -0.4 115.4 -1.1 94.6 96.62016． July 98.7 -4.2 97.0 0.0 103.8 96.1 86.6 102.8 95.5 96.0 0.3 110.5 -1.7 116.1 0.6 94.4 97.22016． Aug. 92.5 4.5 98.3 1.3 105.1 96.4 86.2 103.8 96.9 96.2 0.2 110.5 0.0 113.2 -2.5 94.4 99.22016． Sept. 103.5 1.5 98.6 0.3 106.6 93.7 85.5 103.0 97.6 96.8 0.6 109.9 -0.5 113.5 0.3 94.5 97.62016． Oct. 98.9 -1.2 98.9 0.3 106.3 96.0 86.8 104.9 97.7 97.9 1.1 108.5 -1.3 112.2 -1.1 94.5 98.72016． Nov. 101.7 4.4 99.9 1.0 108.5 96.7 88.3 102.0 99.2 98.9 1.0 106.6 -1.8 108.0 -3.7 94.5 100.52016． Dec. 100.8 3.1 100.6 0.7 108.5 97.1 88.8 103.3 100.2 98.9 0.0 107.3 0.7 108.9 0.8 94.5 101.12017． Jan. 93.1 3.2 98.5 -2.1 105.8 97.5 84.0 103.3 98.5 97.8 -1.1 107.4 0.1 111.6 2.5 94.4 98.32017． Feb. 98.9 4.7 101.7 3.2 109.5 98.2 88.0 107.2 101.2 99.2 1.4 108.1 0.7 111.3 -0.3 94.4 101.42017． Mar. 112.0 3.5 99.8 -1.9 104.8 97.2 86.1 105.3 100.2 98.4 -0.8 109.7 1.5 111.5 0.2 94.1 99.82017． Apr. 98.2 5.7 103.8 4.0 112.7 99.1 93.1 107.2 103.0 101.1 2.7 111.3 1.5 114.7 2.9 94.0 104.1

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

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

Index ofProducers'Inventory Ratio ofFinished Goods

Index ofManufacturingProductionCapacity (Endof Year orMonth)

Special Group

◎

● ●

ProducerGoods

2010＝100　　　　(※) 　　　％

Released by Ministry of Economy, Trade and Industry

☆（★）

☆（★）

☆（★）

★ Index ☆CapitalGoods

ConstructionGoods

DurableConsumerGoods

NondurableConsumerGoods

Index ofManufacturingOperating rate

Index of Industrial Production Index ofProducers'Shipments

― 57 ―

〔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 2001 24,742.5 -5.9 13,105.7 11,351.2 -5.8 4,291.6 -16.5 7,074.5 2.1 14,338.3 6,624.5 -12.0 1,174 -4.6 - - -14.3 4.0 -1.8

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 - - -73.2 10.5 3.9

2015． July-Sept. 6,992.9 -2.2 3,001.8 2,434.1 -8.0 1,057.7 -12.5 1,367.4 -6.4 3,370.5 1,982.5 12.5 236 6.2 915 -3.1 4.8 16.5 -5.4

2015． Oct.-Dec. 7,259.5 3.8 3,153.3 2,504.5 2.9 1,047.7 -0.9 1,460.1 6.8 3,280.3 1,811.7 5.1 232 -0.7 882 -3.6 0.2 1.3 -3.6

2016． Jan.-Mar. 6,833.4 -5.9 3,349.0 2,609.9 4.2 1,128.4 7.7 1,498.8 2.7 4,240.1 2,263.3 -3.8 216 5.5 944 7.1 1.7 6.0 9.3

2016． Apr.-June 6,468.5 -5.3 2,964.5 2,441.8 -6.4 1,032.1 -8.5 1,446.2 -3.5 3,385.4 2,101.1 9.2 247 4.9 991 5.0 2.1 11.0 -0.5

2016． July-Sept. 6,396.4 -1.1 3,039.5 2,577.1 5.5 1,052.0 1.9 1,535.3 6.2 3,620.4 1,999.5 0.9 253 7.1 980 -1.2 3.9 11.2 3.6

2016． Oct.-Dec. 7,253.0 13.4 3,370.2 2,585.9 0.3 1,080.0 2.7 1,520.2 -1.0 3,453.3 1,988.9 9.8 251 7.9 953 -2.8 4.6 13.0 3.8

2017． Jan.-Mar. 6,679.8 -7.9 2,884.1 2,550.7 -1.4 1,034.6 -4.2 1,520.6 0.0 4,331.7 2,308.5 2.0 223 3.2 975 2.3 -0.8 10.0 -2.0

2016． Mar. 2,548.9 14.2 1,068.9 862.5 1.4 372.7 14.2 492.2 -6.5 2,341.4 1,199.1 13.1 76 8.4 982 1.8 4.3 1.1 26.0

2016． Apr. 2,250.7 -11.7 984.1 807.0 -6.4 336.6 -9.7 476.0 -3.3 983.8 582.7 -17.5 82 9.0 985 0.3 1.2 16.0 9.0

2016． May 2,053.7 -8.8 968.5 789.3 -2.2 336.7 0.0 480.8 1.0 1,102.2 768.2 57.3 79 9.8 1,001 1.6 4.3 15.0 7.9

2016． June 2,164.1 5.4 1,011.9 845.5 7.1 358.7 6.5 489.4 1.8 1,299.3 750.3 2.9 86 -2.5 988 -1.3 1.1 3.7 -15.2

2016． July 2,162.0 -0.1 1,025.2 893.2 5.6 362.1 0.9 521.2 6.5 906.1 629.5 4.0 85 8.9 996 0.8 6.0 11.1 9.1

2016． Aug. 2,123.6 -1.8 1,023.3 840.6 -5.9 350.8 -3.1 505.2 -3.1 1,044.4 569.0 5.4 82 2.5 961 -3.5 4.3 9.9 -12.7

2016． Sept. 2,110.8 -0.6 991.0 843.2 0.3 339.1 -3.3 508.9 0.7 1,669.9 800.9 -4.3 86 10.0 981 2.1 1.4 12.6 17.0

2016． Oct. 2,169.9 2.8 1,042.6 872.1 3.4 340.5 0.4 522.7 2.7 1,008.4 601.6 19.8 87 13.1 981 -0.1 4.9 22.0 9.3

2016． Nov. 2,599.0 19.8 1,126.6 847.8 -2.8 368.3 8.1 493.5 -5.6 944.5 571.3 7.4 85 6.7 954 -2.7 2.7 15.3 -1.8

2016． Dec. 2,484.0 -4.4 1,200.9 866.0 2.1 371.1 0.8 504.0 2.1 1,500.4 816.0 5.0 78 3.9 923 -3.2 6.5 2.2 4.6

2017． Jan. 2,236.9 -10.0 922.0 837.9 -3.2 330.9 -10.8 507.6 0.7 917.7 529.2 14.8 76 12.8 1,001 8.4 -0.2 12.0 27.3

2017． Feb. 2,207.5 -1.3 1,045.9 850.5 1.5 350.8 6.0 516.6 1.8 1,046.8 554.6 -8.1 71 -2.6 940 -6.1 1.6 6.8 -17.9

2017． Mar. 2,235.5 1.3 916.3 862.3 1.4 352.9 0.6 496.4 -3.9 2,367.2 1,224.7 2.1 76 0.2 984 4.7 -3.6 11.0 -10.8

2017． Apr. 2,296.6 2.7 928.7 835.9 -3.1 361.8 2.5 471.5 -5.0 981.9 560.7 -3.8 84 1.9 1,004 2.0 0.8 1.9 2.9

(※) 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

Released by Cabinet Office Ministry of Land, Infrastructure and Transport

Billion Yen ％ Billion Yen ％Thousandof Units ％Billion Yen ％ Billion Yen ％

Condo-minium

byManufac-turingindustries

by Nonmanufacturingindustries(except Ships・Electricity)

PrivateNon-Residence

Billion Yen ％

★ ★ ☆

Thousand of Units ％ ★ ％

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

Total

DemandbyPrivateSector

Total NumberSeasonallyAdjustedAnnualRates

With inexceptShips・Electricity☆ ☆ ☆ ☆

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

OwnHouse

RentedHouse

― 58 ―

〔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

2001 109.9 -1.6 -0.6 95.8 -0.3 90.2 -0.4 114.8 -3.1 - 87.6 -4.1 81.3 -7.9 - 6,752 6,412 5,369 340 5.0 0.59 1.012002 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 2.04

2015． July-Sept. 96.3 0.5 0.2 101.7 0.8 100.5 2.0 100.3 0.7 0.2 97.6 -0.9 98.6 1.3 0.6 6,652 6,426 5,676 223 3.4 1.22 1.85

2015． Oct.-Dec. 115.4 0.2 -0.1 118.5 1.3 100.9 2.2 100.1 0.6 0.1 102.4 -0.9 103.4 0.2 -0.4 6,633 6,425 5,714 216 3.3 1.26 1.89

2016． Jan.-Mar. 86.1 0.7 0.5 82.7 0.8 100.6 2.1 99.7 0.5 0.0 98.5 -2.1 97.6 -3.2 -1.7 6,601 6,388 5,703 213 3.2 1.29 1.97

2016． Apr.-June 103.5 0.6 1.1 98.0 0.2 102.0 2.0 100.9 0.5 0.2 98.2 -1.2 95.5 -1.9 -0.4 6,688 6,471 5,733 204 3.1 1.35 2.04

2016． July-Sept. 96.8 0.5 1.2 102.4 0.8 102.7 2.2 100.6 0.3 0.0 96.1 -1.5 96.9 -1.6 0.9 6,712 6,505 5,759 207 3.1 1.37 2.06

2016． Oct.-Dec. 115.9 0.4 0.1 119.1 0.6 103.2 2.2 100.6 0.5 0.3 101.2 -1.2 103.2 -0.2 0.9 6,691 6,496 5,805 204 3.0 1.41 2.15

2017． Jan.-Mar. 86.3 0.2 -0.1 83.6 1.1 102.9 2.3 100.0 0.3 -0.2 99.7 1.2 100.6 3.1 1.6 6,634 6,443 5,758 191 2.9 1.44 2.12

2016． Mar. 88.9 1.5 1.6 84.5 1.2 100.2 2.1 99.5 0.5 -0.1 102.1 -1.8 101.3 -3.0 -0.2 6,580 6,364 5,670 211 3.2 1.31 1.94

2016． Apr. 87.4 0.0 0.4 83.4 0.0 101.6 2.0 100.9 0.5 0.2 103.0 -0.9 100.1 -1.8 0.5 6,645 6,420 5,700 212 3.2 1.33 2.04

2016． May 85.6 -0.1 0.4 81.2 -0.2 101.9 2.0 100.8 0.4 0.0 94.9 -1.8 89.4 -2.8 -1.7 6,687 6,471 5,739 212 3.2 1.35 2.06

2016． June 137.6 1.4 2.0 129.5 0.5 102.4 2.0 100.9 0.5 0.2 96.6 -1.0 96.9 -1.3 2.3 6,733 6,522 5,761 207 3.1 1.36 2.03

2016． July 119.0 1.2 1.8 140.1 1.0 102.6 2.0 100.7 0.3 -0.1 97.6 -1.9 98.8 -0.6 0.4 6,708 6,504 5,743 202 3.0 1.37 2.03

2016． Aug. 86.8 0.0 0.6 84.9 0.8 102.7 2.2 100.5 0.2 0.0 93.0 -2.0 93.2 -2.6 -1.0 6,702 6,489 5,743 209 3.1 1.37 2.07

2016． Sept. 84.5 0.0 0.8 82.3 0.1 102.7 2.2 100.5 0.4 0.1 97.6 -0.9 98.8 -1.8 0.7 6,726 6,522 5,792 202 3.0 1.38 2.10

2016． Oct. 85.1 0.1 0.0 82.6 0.5 102.9 2.2 100.6 0.5 0.1 100.2 -0.9 100.7 -1.2 0.4 6,715 6,520 5,815 200 3.0 1.40 2.11

2016． Nov. 87.9 0.5 0.0 87.1 0.7 103.2 2.2 100.6 0.5 0.1 101.2 -0.9 103.8 -0.6 0.3 6,674 6,477 5,779 204 3.1 1.41 2.15

2016． Dec. 174.6 0.5 0.1 187.5 0.5 103.4 2.2 100.5 0.4 0.0 102.1 -1.8 105.0 1.2 0.7 6,683 6,490 5,820 207 3.1 1.43 2.19

2017． Jan. 86.1 0.3 -0.1 83.8 1.7 103.2 2.3 100.2 0.3 -0.1 96.4 0.7 93.1 2.0 0.6 6,667 6,470 5,793 198 3.0 1.43 2.13

2017． Feb. 83.9 0.4 0.0 82.1 1.1 103.0 2.4 100.0 0.3 -0.1 99.1 1.5 104.4 4.3 1.3 6,615 6,427 5,754 190 2.8 1.43 2.12

2017． Mar. 88.9 0.0 -0.3 84.9 0.5 102.6 2.4 99.9 0.4 0.0 103.6 1.5 104.4 3.1 -1.4 6,621 6,433 5,728 184 2.8 1.45 2.13

2017． Apr. 87.8 0.5 0.0 84.5 1.3 104.2 2.6 101.5 0.6 0.4 103.6 0.6 103.1 3.0 0.4 6,697 6,500 5,757 186 2.8 1.48 2.13

(※)　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.

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

★ ● ☆ ★ ★ ● ☆●

TotallyUnemployed

Unemploymentrate

Ratio ofJob OfferstoApplicants

Rate of NewJob Offersto NewApplicants

Em-ployeesManu-

facturing★★ ★

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

LabourForce

Em-ployed

Enterprises with 5 employees and over.AllIndust-ries

Manu-facturing

AllIndust-ries

Manu-facturing

AllIndust-ries

― 59 ―

〔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 - ND - － 11.7 - 11.9 - 12.2 - 12.6 -

* 1980 230,568 7.4 -0.6 77.9 －－－－ 15.0 - 9.1 - 49.4 - ND - － 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 - ND - 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 - 2.3 - 8.8 - ND - 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 - ND - 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 0.1 - -4.6 - 4.7 - -0.4 - 26.20 -0.7 - -0.4 - -1.0 - -0.7 -2001 309,054 -2.6 -1.7 72.1 -1.9 -3.0 -0.5 -5.0 -2.3 - 3.0 - 2.5 - -2.4 - 22.69 -0.7 - -0.8 - -1.1 - -1.2 -2002 305,953 -1.0 0.1 73.0 -3.3 -2.2 -2.1 -2.2 -2.1 - -1.1 - -1.3 - -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 - -4.1 - -0.8 - -1.2 - 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 1.2 - -1.3 - 4.3 - 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 - 1.9 - 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 - 14.2 - 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 - 2.3 - 7.6 - 1.5 - 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 4.6 - -6.1 - 8.8 - 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 - -10.2 - -24.1 - -4.7 - 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 - 7.2 - -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 - -0.2 - -1.1 - 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 3.2 - 3.2 - 4.3 - 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 - -11.2 - -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 - -16.2 - -3.7 - 41.36 -0.1 - -0.3 - -0.2 - -0.3 -

2015． July-Sept. 281,979 1.0 0.7 73.6 0.8 1.9 2.8 1.4 -3.7 -1.0 2.6 -1.2 -11.0 -2.4 -3.6 -1.0 50.12 0.2 -0.1 -0.1 -0.1 0.1 -0.3 -0.1 -0.2

2015． Oct.-Dec. 291,308 -3.0 -3.3 73.0 -0.2 0.4 0.5 0.3 -3.6 -1.3 -4.6 -2.7 -17.1 -5.2 -3.6 -1.3 41.15 0.3 -0.2 0.0 0.0 0.1 -0.1 0.0 0.1

2016． Jan.-Mar. 283,879 -2.5 -2.6 72.6 -0.3 0.6 -1.4 1.7 -3.7 -1.6 -7.5 -4.5 -17.4 -9.9 -3.8 -1.7 30.73 0.0 -0.4 -0.1 -0.7 0.0 -0.3 -0.1 -0.5

2016． Apr.-June 280,600 -1.6 -1.2 72.8 -1.4 -1.4 -4.0 -0.1 -4.5 -0.6 -11.2 -3.2 -19.7 -3.8 -4.6 -0.6 42.99 -0.4 0.3 -0.4 0.4 -0.4 0.3 -0.3 0.4

2016． July-Sept. 273,841 -2.9 -2.4 70.7 -1.3 -2.0 -3.4 -1.2 -3.8 -0.3 -12.8 -2.9 -19.1 -1.7 -3.9 -0.3 43.38 -0.5 -0.2 -0.5 -0.2 -0.5 -0.3 -0.4 -0.3

2016． Oct.-Dec. 290,432 -0.3 -0.7 71.8 0.8 -0.9 -2.8 0.2 -2.1 0.4 -5.9 4.8 -8.9 6.8 -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 73.1 1.2 -1.5 -1.2 -1.6 1.0 1.6 2.5 4.0 8.8 7.7 1.2 1.7 52.82 0.3 -0.4 0.2 -0.1 -0.2 -0.7 -0.3 -0.4

2016． Apr. 298,520 -0.7 -0.4 74.2 -0.9 -0.7 -3.6 0.8 -4.4 -0.4 -9.2 -1.1 -18.4 -1.0 -4.5 -0.4 39.04 -0.3 0.2 -0.4 0.3 -0.3 0.1 -0.3 0.2

2016． May 281,827 -1.6 -1.1 74.7 -2.1 -2.1 -4.8 -0.8 -4.6 0.0 -10.7 -0.4 -18.8 0.0 -4.7 0.0 43.95 -0.5 0.1 -0.4 0.0 -0.5 -0.1 -0.4 -0.1

2016． June 261,452 -2.7 -2.3 69.6 -1.3 -1.4 -3.6 -0.3 -4.5 0.0 -13.7 -2.0 -21.9 -1.1 -4.7 -0.1 45.83 -0.4 -0.1 -0.4 0.0 -0.4 -0.1 -0.3 -0.1

2016． July 278,067 -0.9 -0.5 70.0 -0.2 0.7 -0.2 1.1 -4.2 -0.1 -13.3 -0.7 -20.9 -0.1 -4.3 0.0 42.62 -0.4 -0.2 -0.5 -0.2 -0.4 -0.3 -0.4 -0.3

2016． Aug. 276,338 -5.1 -4.6 70.7 -2.2 -3.6 -6.0 -2.5 -3.8 -0.3 -13.8 -1.4 -20.4 -1.8 -3.9 -0.3 43.73 -0.5 0.0 -0.5 0.0 -0.5 0.1 -0.4 0.1

2016． Sept. 267,119 -2.6 -2.1 71.6 -1.7 -3.2 -5.0 -2.3 -3.3 0.1 -11.0 0.5 -16.1 1.0 -3.5 0.0 43.74 -0.5 0.2 -0.5 0.0 -0.5 0.1 -0.5 -0.1

2016． Oct. 281,961 -0.2 -0.4 71.1 -0.2 -1.0 -4.0 0.6 -2.7 -0.1 -9.0 1.3 -14.1 1.1 -2.8 0.0 48.26 0.1 0.6 -0.4 0.2 0.1 0.7 -0.4 0.2

2016． Nov. 270,848 -0.9 -1.5 72.4 1.7 -0.3 -2.7 1.1 -2.3 0.4 -7.0 2.9 -9.7 5.9 -2.4 0.4 43.77 0.5 0.0 -0.4 0.0 0.5 -0.1 -0.4 -0.1

2016． Dec. 318,488 0.1 -0.3 71.8 0.7 -1.3 -2.0 -0.9 -1.2 0.7 -1.8 4.8 -2.7 5.0 -1.3 0.7 51.78 0.3 -0.2 -0.2 0.0 0.0 -0.4 -0.6 -0.1

2017． Jan. 279,249 -0.6 -1.2 71.0 1.0 -1.1 -1.2 -1.1 0.5 0.6 0.8 0.0 4.5 1.8 0.6 0.7 53.37 0.4 -0.2 0.1 -0.2 0.1 -0.4 -0.3 -0.4

2017． Feb. 260,644 -3.4 -3.8 75.4 0.2 -2.7 -1.8 -3.1 1.1 0.3 2.6 -0.4 9.8 0.4 1.2 0.3 54.17 0.3 -0.1 0.2 0.0 -0.3 -0.1 -0.3 0.1

2017． Mar. 297,942 -1.0 -1.3 72.8 2.1 -0.8 -0.7 -0.9 1.4 0.2 3.8 0.4 12.4 0.9 1.7 0.3 51.16 0.2 0.1 0.2 0.2 -0.4 0.1 -0.4 0.2

2017． Apr. 295,929 -0.9 -1.4 73.1 P 3.2 P 1.1 P 1.0 P 1.1 2.1 0.2 3.0 -1.9 11.0 -2.1 2.3 0.2 52.45 0.4 0.4 0.3 0.4 -0.1 0.4 -0.1 0.4

2017．P May 2.1 0.0 4.4 1.0 13.5 2.2 2.3 0.0 50.31 P 0.2 0.2 0.1 0.2

Bloomberg

(※) Current Survey of Commerce: Data is compared to them of previous year or month after store adjustment. (※) Consumer Price Index: Base year changed in August 2011. Corporate Goods Price Index: Changed to the 2015 base CGPI in January 2017. Family Income and Expenditure Survey: Two-or-more-person households (Including agricultural, forestry and fisheries households) in and after January 2000. Consumer Price Index: Base year changed in August 2016.

Released by Ministry of Internal Affairs andCommunications

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

Yen (Duringmonth or average

during year)% % 2015 = 100 (※) % $ / bl 2015 = 100 (※) %

★ ☆ ★ ☆Average

★

GeneralGeneral excludingFresh Food

General excludingFresh Food

General□ ★ (※) ★ ☆ ★ ☆

Export(Yen basis)

Import(Yen basis)

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

DomesticAll Japan Ku-area of Tokyo

★Average

Propensity to

Consume●

DepartmentStores

SuperMarket

― 60 ―

〔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

2001 48,979.2 -5.2 - 2,889.1 10,229.5 2,820.7 11,533.3 7,210.8 14,711.1 7,810.0 19,732.2 42,415.5 3.6 - 5,250.6 11,109.7 5,621.5 13,215.9 2,764.0 7,671.5 5,411.9 17,987.1

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

2015． July-Sept. 18,956.4 3.7 - 1,573.7 3,538.1 414.0 3,445.9 3,049.9 3,755.4 1,989.0 10,171.4 19,906.6 -5.9 - 1,737.7 5,806.8 2,744.8 6,104.0 649.2 1,985.6 2,234.8 9,784.1

2015． Oct.-Dec. 18,857.9 -4.6 - 1,432.3 3,514.1 414.5 3,335.1 3,353.8 3,932.9 2,106.8 9,935.6 19,001.6 -13.9 - 1,786.5 4,951.9 2,110.9 6,190.9 623.7 1,941.3 2,346.0 9,504.2

2016． Jan.-Mar. 17,509.6 -7.9 - 1,328.8 3,381.6 351.3 2,972.3 2,835.6 3,654.5 2,100.5 8,923.6 17,186.2 -15.6 - 1,541.4 4,304.4 1,626.0 5,735.1 638.7 1,825.0 2,120.3 8,758.1

2016． Apr.-June 17,006.8 -9.5 - 1,281.8 3,350.8 346.1 2,932.8 2,652.7 3,389.0 1,943.1 8,992.3 15,556.4 -18.7 - 1,612.3 3,556.6 1,484.4 5,239.8 528.5 1,813.5 1,925.6 7,838.7

2016． July-Sept. 17,013.8 -10.2 - 1,284.1 3,322.7 343.5 3,079.6 2,764.2 3,321.3 1,943.4 9,092.7 16,057.3 -19.3 - 1,534.0 3,869.6 1,706.6 5,302.4 508.4 1,784.3 1,991.5 8,059.7

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. 18,999.1 8.5 - 1,446.6 3,801.0 376.5 3,210.0 2,795.3 3,630.4 2,098.2 10,234.3 18,669.6 8.6 - 1,588.3 5,446.1 2,381.4 5,922.1 663.9 1,993.2 2,083.8 9,069.8

2016． Mar. 6,456.8 -6.8 0.4 476.8 1,296.9 120.7 1,082.7 1,026.7 1,307.4 790.2 3,318.5 5,711.9 -14.8 -2.7 524.5 1,433.8 554.6 1,910.7 224.1 623.5 684.1 2,911.0

2016． Apr. 5,889.6 -10.1 -0.8 424.6 1,162.2 122.6 1,038.2 913.1 1,200.6 702.5 3,072.8 5,078.3 -23.1 -3.3 547.8 1,122.8 419.9 1,655.1 184.2 587.9 622.8 2,569.3

2016． May 5,091.9 -11.3 -1.6 410.0 1,016.2 107.5 865.2 744.3 970.3 577.9 2,769.1 5,139.3 -13.7 2.0 531.9 1,200.5 526.6 1,752.4 167.2 624.9 651.7 2,556.6

2016． June 6,025.3 -7.4 2.0 447.3 1,172.3 116.0 1,029.4 995.2 1,218.1 662.7 3,150.5 5,338.9 -18.7 0.6 532.6 1,233.3 537.8 1,832.3 177.1 600.7 651.1 2,712.8

2016． July 5,728.4 -14.0 -1.7 437.2 1,146.8 116.4 1,015.9 965.0 1,182.5 665.6 3,043.9 5,223.9 -24.6 -0.6 519.5 1,277.0 591.8 1,713.4 170.4 589.6 667.7 2,561.5

2016． Aug. 5,316.4 -9.6 0.3 425.4 1,042.3 111.3 982.8 777.3 971.3 590.7 2,927.3 5,351.0 -17.0 -0.7 514.9 1,330.7 583.4 1,677.8 161.8 613.9 673.4 2,632.9

2016． Sept. 5,968.9 -6.9 0.7 421.6 1,133.6 115.8 1,080.8 1,021.9 1,167.5 687.1 3,121.5 5,482.4 -16.1 2.1 499.6 1,261.9 531.4 1,911.2 176.2 580.8 650.3 2,865.3

2016． Oct. 5,870.2 -10.3 1.8 421.7 1,112.2 116.0 1,071.1 994.3 1,197.0 650.5 3,122.5 5,389.1 -16.3 -0.1 506.6 1,226.8 467.5 1,914.3 177.0 617.7 680.4 2,733.9

2016． Nov. 5,956.4 -0.4 3.7 417.9 1,116.5 120.9 1,061.6 1,029.5 1,211.2 633.3 3,235.6 5,809.9 -8.7 4.3 583.7 1,439.0 593.8 1,943.0 197.9 630.9 718.1 2,886.5

2016． Dec. 6,678.9 5.4 2.1 485.1 1,329.8 133.9 1,205.2 1,056.6 1,369.8 711.0 3,740.1 6,043.0 -2.5 3.2 584.8 1,667.8 728.0 1,996.3 218.3 650.7 715.9 2,921.8

2017． Jan. 5,422.0 1.3 0.8 423.3 1,006.4 109.3 923.2 810.5 1,054.0 596.6 2,887.3 6,513.9 8.4 3.8 537.6 1,835.8 791.9 2,116.9 233.3 655.2 691.4 3,360.8

2017． Feb. 6,347.5 11.3 6.5 481.0 1,316.4 131.6 1,085.5 944.5 1,223.2 700.7 3,486.4 5,536.4 1.3 -1.2 459.8 1,726.5 776.0 1,727.4 195.0 612.1 659.6 2,488.4

2017． Mar. 7,229.6 12.0 -4.0 542.2 1,478.2 135.6 1,201.2 1,040.2 1,353.2 801.0 3,860.7 6,619.3 15.9 3.5 590.9 1,883.9 813.6 2,077.8 235.6 725.9 732.8 3,220.6

2017． Apr. 6,329.4 7.5 -0.3 472.2 1,293.7 12.6 1,108.2 919.1 1,232.2 717.9 3,448.2 P 5,848.3 15.2 -0.6 583.9 1,629.0 691.4 1,807.7 187.5 645.6 657.0 2,830.6

(※)　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 2007Released by Ministry of Finance

Billion Yen ％ Billion Yen Billion Yen ％ Billion Yen

Exports and Imports on a Customs Clearance Basis (※)Exports Imports

CrudeMaterialsand Fuels

fromEU

toU.S.A

toEU

Machi-nery andEquip-ments

fromU.S.A

Machi-nery andEquip-ments

ElectricEquip-ments

Total Metals fromAsia★ ☆

OfficeMachi-nary

Passen-gerCars

★ ☆

Crude Oiland

PetroleumProducts

OfficeMachi-nary

toAsia Total Food-

stuff

― 61 ―

〔Foreign Trade Statistics (Continued)〕

CY * 1970 65.9 60.6 － 15.7 15.4 18.6 20.8

* 1975 97.2 123.8 － 25.3 2.0 23.0 -12.5

* 1980 111.3 185.3 － 39.2 17.0 28.5 -5.6

* 1985 111.7 164.3 － 55.7 4.3 31.1 0.3

* 1990 96.1 112.4 － 64.0 5.6 49.6 5.8

* 1995 89.1 76.1 117.1 69.1 3.8 68.3 12.5

* 2000 88.9 79.8 106.2 86.2 9.4 84.4 10.9

2001 93.1 84.3 105.2 78.1 -9.4 82.8 -1.9

2002 91.7 82.3 106.2 84.3 7.9 84.4 1.9

2003 91.5 80.8 108.1 88.4 4.9 90.4 7.1

2004 92.8 83.7 105.7 97.8 10.6 96.7 7.0

2005 98.8 94.2 104.9 98.6 0.8 99.5 2.9

2006 105.1 107.3 97.9 106.3 7.8 103.3 3.8

2007 111.8 116.7 95.8 111.4 4.8 103.2 -0.2

2008 109.6 126.7 86.5 109.7 -1.5 102.5 -0.6

2009 99.8 96.5 103.4 80.5 -26.6 87.8 -14.4

2010 100.0 100.0 100.0 100.0 24.2 100.0 13.9

2011 101.1 109.3 92.5 96.2 -3.8 102.6 2.6

2012 103.3 110.8 93.2 91.6 -4.8 105.0 2.4

2013 114.8 127.0 90.4 90.2 -1.5 105.3 0.3

2014 119.6 133.4 89.7 90.7 0.6 106.0 0.6

2015 125.0 125.3 99.8 89.8 -1.0 103.0 -2.8

2016 115.5 105.9 109.1 90.0 0.3 102.6 -0.3

2015． July-Sept. 126.3 125.9 100.3 89.1 -2.9 104.1 -1.9

2015． Oct.-Dec. 124.0 120.1 103.2 90.2 -4.0 104.1 -2.5

2016． Jan.-Mar. 119.0 110.1 108.1 87.3 -3.3 102.8 -1.0

2016． Apr.-June 114.4 104.0 110.0 88.2 -1.3 98.5 -1.4

2016． July-Sept. 112.2 102.2 109.8 90.0 1.0 103.4 -0.6

2016． Oct.-Dec. 116.2 107.3 108.3 94.5 4.7 105.8 1.6

2017． Jan.-Mar. 122.8 116.9 105.0 91.8 5.2 105.1 2.2

2016． Mar. 117.4 104.4 112.5 97.9 -1.0 108.0 5.0

2016． Apr. 116.3 104.7 111.1 90.2 -4.7 95.8 -7.5

2016． May 112.4 103.3 108.8 80.6 -2.4 98.3 3.6

2016． June 114.3 103.9 110.0 93.9 3.1 101.4 0.4

2016． July 111.4 101.8 109.4 91.5 -2.4 101.4 -4.0

2016． Aug. 113.2 101.7 111.3 83.6 0.8 103.9 3.9

2016． Sept. 112.1 103.2 108.6 94.8 4.7 104.9 -1.6

2016． Oct. 113.5 104.1 109.0 92.1 -1.4 102.3 -2.5

2016． Nov. 114.2 105.9 107.8 92.8 7.4 108.3 3.6

2016． Dec. 120.7 111.9 107.9 98.5 8.4 106.7 3.6

2017． Jan. 123.5 117.0 105.6 78.2 -0.3 109.9 6.3

2017． Feb. 121.6 117.6 103.4 92.9 8.3 93.0 -4.3

2017． Mar. 123.3 116.2 106.1 104.4 6.6 112.5 4.2

2017． Apr. 120.0 P 114.9 P 104.4 93.9 4.1 P 100.5 P 5.0

(※)　Base year changed in August 2013.

2010 = 100 (※) ％

Released by Ministry of Finance

Indexes of TradeUnit Value Quantum Index

Exports ImportsTerms

Classification ofTrade

Exports Imports★ ★

〔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

2001 10,452.4 3,212.0 8,846.9 46,036.7 -6.0 37,189.8 2.5 -5,634.9 8,200.9 -960.4

2002 13,683.7 6,469.0 12,121.1 48,902.9 6.2 36,781.7 -1.1 -5,652.1 7,810.5 -595.8

2003 16,125.4 8,355.3 12,463.1 51,329.2 5.0 38,866.0 5.7 -4,107.8 8,639.8 -869.7

2004 19,694.1 10,196.1 14,423.5 57,703.6 12.4 43,280.1 11.4 -4,227.4 10,348.8 -850.9

2005 18,727.7 7,693.0 11,771.2 63,009.4 9.2 51,238.2 18.4 -4,078.2 11,850.3 -815.7

2006 20,330.7 7,346.0 11,070.1 72,026.8 14.3 60,956.7 19.0 -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 -4,362.0 16,481.8 -1,358.1

2008 14,878.6 1,889.9 5,803.1 77,611.1 -3.0 71,808.1 9.1 -3,913.1 14,340.2 -1,351.5

2009 13,592.5 2,124.9 5,387.6 51,121.6 -34.1 45,734.0 -36.3 -3,262.7 12,631.2 -1,163.5

2010 19,382.8 6,857.1 9,516.0 64,391.4 26.0 54,875.4 20.0 -2,658.8 13,617.3 -1,091.7

2011 10,401.3 -3,110.1 -330.2 62,965.3 -2.2 63,295.5 15.3 -2,779.9 14,621.0 -1,109.6

2012 4,764.0 -8,082.9 -4,271.9 61,956.8 -1.6 66,228.7 4.6 -3,811.0 13,991.4 -1,144.5

2013 4,456.6 -12,252.1 -8,773.4 67,829.0 9.5 76,602.4 15.7 -3,478.6 17,697.8 -989.2

2014 3,921.5 -13,498.8 -10,465.3 74,074.7 9.2 84,540.0 10.4 -3,033.5 19,414.8 -1,994.5

2015 16,235.1 -2,816.9 -886.2 75,274.2 1.6 76,160.4 -9.9 -1,930.7 21,018.9 -1,966.9

2016 20,342.1 4,377.1 5,525.1 68,979.7 -8.4 63,454.6 -16.7 -1,148.0 18,101.1 -2,136.1

2015． July-Sept. 4,909.4 -700.2 -429.0 18,809.6 2.3 19,238.6 -7.6 -271.2 6,118.8 -509.1

2015． Oct.-Dec. 3,146.1 -620.6 15.3 18,553.7 -7.2 18,538.5 -14.8 -635.8 4,179.3 -412.6

2016． Jan.-Mar. 5,930.0 1,087.3 848.6 17,344.7 -10.9 16,496.1 -16.8 238.7 5,501.2 -658.5

2016． Apr.-June 4,550.2 988.2 1,475.8 16,526.1 -10.4 15,050.3 -18.9 -487.6 4,051.4 -489.5

2016． July-Sept. 5,774.3 1,139.0 1,486.0 16,736.5 -11.0 15,250.5 -20.7 -347.0 5,184.5 -549.2

2016． Oct.-Dec. 4,087.6 1,162.6 1,714.6 18,372.3 -1.0 16,657.7 -10.1 -552.0 3,363.9 -439.0

2017．P Jan.-Mar. 5,786.9 969.7 1,088.9 19,017.0 9.6 17,928.1 8.7 -119.2 5,435.7 -618.6

2016． Mar. 2,972.2 1,140.0 877.1 6,336.7 -11.2 5,459.6 -15.8 263.0 2,159.1 -326.9

2016． Apr. 1,816.1 271.2 682.5 5,616.7 -9.9 4,934.2 -22.7 -411.3 1,745.2 -200.2

2016． May 1,757.6 112.7 30.8 5,063.6 -11.7 5,032.8 -13.1 81.9 1,893.6 -248.7

2016． June 976.5 604.4 762.5 5,845.8 -9.7 5,083.3 -20.3 -158.1 412.7 -40.6

2016． July 1,939.6 397.2 600.7 5,556.0 -15.4 4,955.3 -25.9 -203.5 1,693.5 -151.1

2016． Aug. 1,970.4 167.5 218.0 5,300.0 -9.7 5,081.9 -18.4 -50.6 1,981.1 -178.1

2016． Sept. 1,864.3 574.3 667.2 5,880.5 -7.8 5,213.3 -17.6 -92.9 1,510.0 -220.0

2016． Oct. 1,546.6 239.0 565.9 5,749.0 -9.4 5,183.1 -15.9 -326.9 1,474.9 -167.3

2016． Nov. 1,426.7 403.5 340.0 5,941.8 0.0 5,601.7 -10.7 63.5 1,204.9 -181.7

2016． Dec. 1,114.3 520.1 808.7 6,681.5 6.7 5,872.8 -3.7 -288.6 684.1 -90.0

2017．P Jan. 65.5 -1,089.2 -853.4 5,517.3 2.9 6,370.7 9.9 -235.7 1,265.5 -110.8

2017．P Feb. 2,813.6 1,013.0 1,076.8 6,333.9 12.2 5,257.0 0.3 -63.9 1,975.1 -174.5

2017．P Mar. 2,907.7 1,045.9 865.5 7,165.9 13.1 6,300.4 15.4 180.4 2,195.1 -333.3

2017．P Apr. 1,951.9 258.9 553.6 6,178.6 10.0 5,625.0 14.0 -249.7 1,848.0 -155.1

(※) 　Figures are based on the IMF Balance of Payments Manual 6th Edition.Released by Ministry of Finance

Balance of Payments (IMF Basis Not-seasonally Adjusted) (※)Current Account

Goods and ServicesPrimaryIncome

Second-ary

IncomeTrade Balance

ServicesExports Imports

Billion Yen ％Billion

Yen ％ Billion Yen

― 62 ―

〔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

2001 -346.2 10,562.9 3,700.1 5,629.1 -185.3 -3,517.5 4,936.4 456.7 - - - - - - - - - - 401,959 113.85 ～ 131.80 121.58

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 21,592.0 15,847.6 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 28,698.5 14,562.4 30,354.3 -1,723.5 -13,916.6 -578.0 9,099.7 - - - - - - - - - - 1,216,903 99.80 ～ 121.30 108.77

2015． July-Sept. -65.2 5,562.6 4,472.9 10,930.9 -205.4 -9,848.0 212.2 718.4 3,924.3 -772.4 -527.1 18,977.9 1.7 19,505.0 1.8 -245.3 5,294.1 -597.4 1,248,936 119.06 ～ 125.20 122.31

2015． Oct.-Dec. -47.1 4,366.0 3,766.8 -1,591.0 146.9 1,909.0 134.3 1,267.1 4,441.8 -104.0 269.7 18,342.2 -3.3 18,072.5 -7.3 -373.7 5,044.5 -498.7 1,233,214 116.91 ～ 123.39 120.61

2016． Jan.-Mar. -561.8 9,011.0 3,540.1 20,113.6 -1,219.8 -13,440.9 18.1 3,642.8 5,170.1 799.6 943.8 17,086.7 -6.8 16,142.9 -10.7 -144.1 4,896.8 -526.4 1,262,099 111.30 ～ 121.30 115.32

2016． Apr.-June 3.7 6,979.6 1,852.7 4,424.5 -1,192.6 1,982.4 -87.4 2,425.8 4,740.8 790.9 1,158.3 16,771.0 -1.8 15,612.7 -3.3 -367.4 4,487.5 -537.6 1,265,402 101.50 ～ 112.20 108.07

2016． July-Sept. -86.4 10,496.0 4,875.8 10,230.5 -901.8 -3,587.7 -120.9 4,808.1 4,858.5 1,095.1 1,460.8 16,874.1 0.6 15,413.2 -1.3 -365.8 4,376.6 -613.1 1,260,145 99.80 ～ 107.21 102.37

2016． Oct.-Dec. -98.8 2,211.9 4,293.8 -4,414.2 1,590.6 1,129.6 -387.9 -1,776.9 5,146.4 1,453.0 1,709.7 18,005.0 6.7 16,295.3 5.7 -256.7 4,228.8 -535.4 1,216,903 101.41 ～ 118.20 109.43

2017． Jan.-Mar. P -66.8 5,265.0 5,669.3 -4,064.5 1,196.1 1,297.8 1,166.4 -455.0 5,242.4 775.5 1,328.1 18,936.4 5.2 17,608.3 8.1 -552.6 4,940.5 -473.6 1,230,330 110.39 ～ 117.93 113.56

2016． Apr. 20.4 1,615.7 849.2 -5,262.7 -465.6 6,523.9 -29.2 -220.9 1,620.2 327.4 391.4 5,569.5 -0.8 5,178.2 1.0 -63.9 1,462.7 -170.0 1,262,509 108.02 ～ 112.20 109.88

2016． May -8.0 4,001.3 538.3 6,678.8 -313.9 -3,109.7 207.7 2,251.7 1,531.9 196.1 332.9 5,572.4 0.1 5,239.5 1.2 -136.7 1,540.0 -204.3 1,253,967 106.40 ～ 111.09 109.15

2016． June -8.7 1,362.7 465.2 3,008.3 -413.1 -1,431.8 -265.9 394.9 1,588.8 267.4 434.1 5,629.1 1.0 5,195.0 -0.8 -166.7 1,484.7 -163.3 1,265,402 101.50 ～ 110.69 105.49

2016． July -46.6 4,023.6 476.7 3,214.7 -330.8 870.2 -207.3 2,130.6 1,538.3 265.3 376.9 5,532.4 -1.7 5,155.4 -0.8 -111.7 1,457.7 -184.7 1,264,750 100.72 ～ 107.21 103.90

2016． Aug. -12.9 3,124.4 -121.1 6,557.7 -402.3 -2,879.3 -30.6 1,166.9 1,805.4 465.8 577.9 5,671.4 2.5 5,093.5 -1.2 -112.1 1,541.7 -202.2 1,256,053 99.80 ～ 102.96 101.27

2016． Sept. -26.9 3,348.0 4,520.2 458.0 -168.7 -1,578.6 117.1 1,510.6 1,514.9 364.0 505.9 5,670.3 -0.0 5,164.3 1.4 -142.0 1,377.2 -226.3 1,260,145 100.58 ～ 103.92 102.04

2016． Oct. -79.0 786.6 1,554.6 3,125.4 -92.5 -3,306.3 -494.6 -681.1 1,744.8 488.3 529.3 5,806.0 2.4 5,276.7 2.2 -41.0 1,440.6 -184.1 1,242,792 101.41 ～ 105.25 103.82

2016． Nov. -9.9 1,184.2 632.6 -2,340.2 486.3 2,228.4 177.1 -232.6 1,729.6 548.0 623.5 6,014.1 3.6 5,390.5 2.2 -75.5 1,370.9 -189.3 1,219,291 101.90 ～ 113.75 108.18

2016． Dec. -9.9 241.2 2,106.6 -5,199.4 1,196.8 2,207.5 -70.4 -863.2 1,671.9 416.7 556.8 6,184.9 2.8 5,628.1 4.4 -140.2 1,417.2 -162.0 1,216,903 113.40 ～ 118.20 115.95

2017． Jan. P -23.5 -1,535.1 1,111.0 -4,713.7 591.6 377.5 1,098.6 -1,577.1 1,217.3 14.5 154.8 6,152.2 -0.5 5,997.4 6.6 -140.3 1,350.8 -148.0 1,231,573 112.78 ～ 117.93 114.73

2017． Feb. P -11.9 1,775.2 2,135.5 -2,864.2 375.8 1,676.2 451.9 -1,026.5 2,293.9 600.6 830.8 6,489.9 5.5 5,659.1 -5.6 -230.2 1,899.0 -205.7 1,232,340 111.85 ～ 114.33 113.06

2017． Mar. P -31.5 5,024.9 2,422.8 3,513.4 228.7 -755.9 -384.1 2,148.6 1,731.2 160.4 342.4 6,294.3 -3.0 5,951.8 5.2 -182.1 1,690.8 -119.9 1,230,330 110.39 ～ 115.20 113.01

2017． Apr. P -3.2 1,070.5 465.8 -7,308.0 -453.2 8,057.7 308.3 -878.2 1,807.4 336.5 261.9 6,226.5 -1.1 5,964.6 0.2 74.6 1,594.8 -123.9 1,242,295 108.30 ～ 111.42 110.08

2017． May - - - - - - - - - - - - - - - - - - 1,251,868 110.85 ～ 114.15 112.21

＃

　　　Gold & Foreign Exchange Reserves: Figures are end of year or month.

Foreign ExchangeRates

CapitalAccount

　　Financial Account Net Errors

andOmissions

　　Current Account (Seasonally Adjusted)

DirectInvest-ment

PortfolioInvest-ment

FinancialDerivatives(other thanReserves)

　　Trade BalanceServices

IncludingGold

TrancheExports

Balance of Payments (IMF Basis) Continued (※) Gold &Foreign

ExchangeReserves

ImportsHigh-Low

Billion Yen MillionDollar Yen Per 1 Dollar

OtherInvest-ment

ReserveAssets

　　Goods and ServicesPrimaryIncome

Second-ary

Income

Inter-Bank RatesU.S.Dollar Spot

Central rate

Billion Yen Billion Yen ％Billion

Yen ％

Released by Ministry of Finance Bank of Japan(※) 　Figures are based on the IMF Balance of Payments Manual 6th Edition.

＃　 Figures are calculated by Policy Planning and Research Division , Minister's Secretariat, Ministry of Finance.

― 63 ―

〔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 2.9 2.7 3.5 2.2 3.0 3.0 3.9 27,416.5 2.1 2.7 53.5 8,045.0 6.5 8.3 15.7 163.2 *** *** 0.3 2,519.4 -5.5 -4.8 4.9

1996 52,580.7 45,065.0 2.6 2.3 3.1 2.7 2.9 2.6 3.2 2.6 28,000.8 2.1 3.1 53.3 8,347.7 3.8 5.5 15.9 219.3 *** *** 0.4 2,815.7 11.8 11.1 5.4

1997 53,414.3 45,550.1 1.6 0.8 1.1 0.0 1.7 0.9 0.9 0.1 28,519.2 1.9 1.1 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 -1.3 -1.1 -0.8 -1.2 -1.5 -1.0 -0.8 28,349.0 -0.6 -1.1 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 -0.3 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 46,171.1 1.4 1.3 2.8 2.5 1.6 1.5 2.7 2.6 28,658.9 0.6 2.8 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 46,358.7 -0.7 -1.8 0.4 -0.6 -0.6 -1.8 0.4 -0.7 28,893.3 0.8 0.4 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 -0.9 0.1 0.8 28,826.4 -0.2 0.1 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 0.7 1.5 2.1 0.0 0.9 1.5 2.2 28,715.0 -0.4 1.5 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 0.5 2.2 1.5 1.4 0.8 2.3 1.5 28,927.5 0.7 2.2 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 2.1 0.9 1.3 1.3 1.6 29,154.3 0.8 1.7 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 49,657.8 0.5 0.7 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 50,479.3 0.9 0.3 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 49,927.3 -2.1 -4.1 -1.1 -3.5 -2.4 -4.7 -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 47,222.7 -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 49,202.4 2.2 1.4 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 0.2 1.5 0.9 0.6 0.2 1.2 1.0 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 51,369.8 51,048.9 2.1 2.0 0.3 -0.5 2.3 2.3 0.5 0.1 30,011.8 1.2 -0.9 58.4 7,973.7 6.4 5.2 15.5 -33.4 *** *** -0.1 1,595.9 -0.9 -4.3 3.1

2015 52,995.4 51,597.3 3.2 2.7 1.1 1.2 3.4 2.8 2.8 2.7 30,008.2 -0.0 -0.4 56.6 8,135.0 2.0 1.1 15.4 252.2 *** *** 0.5 1,584.3 -0.7 -1.6 3.0

P 2016 53,682.0 52,120.7 1.3 1.1 1.0 1.2 0.7 0.5 1.2 0.9 29,998.5 -0.0 0.4 55.9 8,171.8 0.5 1.3 15.2 101.7 *** *** 0.2 1,659.4 4.7 5.6 3.1

54,020.0 － 1.5 - 1.3 - - - - - 30,100.0 0.4 0.7 - 8,230.0 1.3 2.1 - 160.0 * -0.2 * -0.2 - 1,670.0 5.1 5.4 -

55,350.0 － 2.5 - 1.5 - - - - - 30,580.0 1.6 0.8 - 8,630.0 4.8 3.4 - 180.0 * 0.1 * 0.0 - 1,700.0 1.7 0.1 -

2013． July-Sept. 50,688.9 51,211.3 0.9 - 0.6 - 0.5 - 0.3 - 29,786.4 0.5 0.1 58.8 7,642.6 2.3 2.0 15.1 -95.6 *** *** -0.2 1,632.6 4.4 3.4 3.2

2013． Oct.-Dec. 50,611.0 51,164.4 -0.2 - -0.1 - -0.2 - -0.4 - 29,849.6 0.2 -0.2 59.0 7,774.2 1.7 1.5 15.4 -0.5 *** *** -0.0 1,706.2 4.5 3.6 3.4

2014． Jan.-Mar. 51,245.0 51,722.3 1.3 - 1.1 - 1.1 - 0.8 - 30,668.2 2.7 2.4 59.8 7,993.8 2.8 2.4 15.6 -298.8 *** *** -0.6 1,742.0 2.1 1.9 3.4

2014． Apr.-June 51,259.8 50,741.8 0.0 - -1.9 - 0.2 - -1.5 - 29,639.4 -3.4 -4.9 57.8 7,880.7 -1.4 -1.7 15.4 238.3 *** *** 0.5 1,625.9 -6.7 -9.1 3.2

2014． July-Sept. 51,228.8 50,661.4 -0.1 - -0.2 - 0.3 - 0.3 - 29,763.5 0.4 0.3 58.1 7,981.5 1.3 1.0 15.6 -1.9 *** *** -0.0 1,511.8 -7.0 -7.1 3.0

2014． Oct.-Dec. 51,707.2 51,036.1 0.9 - 0.7 - 1.3 - 1.3 - 29,921.7 0.5 0.6 57.9 8,039.3 0.7 0.5 15.5 -53.0 *** *** -0.1 1,514.1 0.2 0.2 2.9

2015． Jan.-Mar. 52,801.2 51,621.6 2.1 - 1.1 - 1.6 - 1.6 - 30,014.6 0.3 0.5 56.8 8,164.2 1.6 1.2 15.5 134.4 *** *** 0.3 1,562.8 3.2 3.0 3.0

2015． Apr.-June 52,949.7 51,583.9 0.3 - -0.1 - 0.6 - 0.4 - 29,954.6 -0.2 -0.4 56.6 8,093.8 -0.9 -1.1 15.3 363.1 *** *** 0.7 1,576.2 0.9 1.1 3.0

2015． July-Sept. 53,198.3 51,675.2 0.5 - 0.2 - 0.4 - 0.4 - 30,134.1 0.6 0.5 56.6 8,144.8 0.6 0.6 15.3 242.0 *** *** 0.5 1,605.1 1.8 1.6 3.0

2015． Oct.-Dec. 53,051.7 51,548.9 -0.3 - -0.2 - -0.2 - -0.2 - 29,930.8 -0.7 -0.6 56.4 8,125.6 -0.2 0.1 15.3 276.3 *** *** 0.5 1,592.0 -0.8 -0.8 3.0

2016． Jan.-Mar. 53,535.0 51,863.1 0.9 - 0.6 - 0.5 - 0.9 - 29,913.6 -0.1 0.3 55.9 8,091.0 -0.4 -0.1 15.1 125.1 *** *** 0.2 1,599.8 0.5 1.2 3.0

2016．P Apr.-June 53,637.2 52,070.3 0.2 - 0.4 - -0.1 - 0.3 - 29,931.7 0.1 0.2 55.8 8,165.8 0.9 1.3 15.2 213.2 *** *** 0.4 1,640.5 2.5 3.1 3.1

2016．P July-Sept. 53,680.2 52,203.6 0.1 - 0.3 - -0.0 - 0.0 - 30,009.3 0.3 0.4 55.9 8,129.1 -0.4 -0.2 15.1 88.0 *** *** 0.2 1,687.2 2.8 2.6 3.1

2016．P Oct.-Dec. 53,899.0 52,383.7 0.4 - 0.3 - 0.3 - -0.1 - 30,138.1 0.4 0.0 55.9 8,303.7 2.1 1.9 15.4 -14.5 *** *** -0.0 1,704.8 1.0 0.2 3.2

2017．P Jan.-Mar. 53,740.2 52,515.1 -0.3 - 0.3 - -0.1 - -0.1 - 30,182.0 0.1 0.3 56.2 8,391.2 1.1 0.6 15.6 -113.9 *** *** -0.2 1,720.6 0.9 0.3 3.2

(※)　National Accounts: Figures are based on the System of National Accounts 2008 and Quarterly Estimates of GDP: January - March 2017. (the 2nd preliminary) (1980～1993: chain-linked, base year = 2000、1994～: chain-linked, base year = 2011) （#）　FY2016, 2017: The government decided on January 20, 2017 the "Fiscal 2017 Economic Outlook and Basic Stance for Economic and Fiscal Management" at the Cabinet ＊: Contribution to Change of Gross Domestic Expenditures by Component.

☆Percen-tagedistribu-tion


Gross DomesticProduct

(Expenditure) (※)

●Gross National Income

(※)　　　●Gross Domestic Product (Expenditure) (※)　　　　●

Private Consumption Gross Private Capital Formation

□ □Private Non-Resi. Inventment Private Inventory Private Residential Investment


☆

％

FY 2016 (#)FY 2017 (#)

Released by Cabinet Office

10 Billion Yen ％％

10BillionYen

10BillionYen

10BillionYen

10BillionYen％％％

Percen-tagedistribu-tion

― 64 ―

〔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

1996 12,969.2 4.1 3.7 24.7 8,122.8 3.2 2.3 15.4 4,846.4 5.6 6.2 9.2 4,984.2 8.4 4.8 9.5 4,756.2 20.4 11.0 9.0 38,738.0 3,082 10.3

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 2,944 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 2,788 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 2,824 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 2,915 0.2

2014 13,088.7 2.4 0.7 25.5 10,356.1 2.1 0.5 20.2 2,732.6 3.9 1.1 5.3 9,013.5 12.6 9.3 17.5 10,280.3 12.1 8.3 20.0 37,531.3 2,952 -0.8

2015 13,238.4 1.1 0.8 25.0 10,533.5 1.7 1.7 19.9 2,704.9 -1.0 -2.4 5.1 9,357.1 3.8 2.9 17.7 9,579.7 -6.8 0.8 18.1 38,742.7 3,051 0.3

P 2016 13,230.2 -0.1 0.5 24.6 10,626.3 0.9 1.3 19.8 2,603.9 -3.7 -2.8 4.9 8,676.6 -7.3 1.2 16.2 8,156.2 -14.9 -2.3 15.2 0.0 0 0.0

13,400.0 1.0 1.1 - 10,710.0 1.0 1.1 - 2,690.0 0.7 1.1 - 8,590.0 -6.3 0.8 - 8,130.0 -11.3 -1.2 - 39,340.0 - -

13,720.0 2.4 1.6 - 10,880.0 1.6 1.0 - 2,840.0 5.4 4.2 - 9,100.0 5.9 3.2 - 8,570.0 5.3 2.6 - 40,420.0 - -

2013． July-Sept. 12,865.8 1.1 0.9 25.4 10,187.1 0.3 0.1 20.1 2,678.7 4.5 4.3 5.3 8,192.3 1.6 -0.1 16.2 9,335.2 3.8 2.1 18.4 9,105.6 - -2.1

2013． Oct.-Dec. 12,904.3 0.3 0.4 25.5 10,157.4 -0.3 0.1 20.1 2,746.9 2.5 1.7 5.4 8,150.5 -0.5 -0.2 16.1 9,773.5 4.7 3.0 19.3 9,910.1 - 5.9

2014． Jan.-Mar. 12,975.6 0.6 0.0 25.3 10,231.4 0.7 0.2 20.0 2,744.2 -0.1 -0.7 5.4 8,660.0 6.3 6.2 16.9 10,495.8 7.4 6.2 20.5 9,254.3 - -11.5

2014． Apr.-June 13,019.2 0.3 -1.3 25.4 10,350.5 1.2 -0.6 20.2 2,668.7 -2.8 -4.4 5.2 8,732.0 0.8 0.9 17.0 9,875.8 -5.9 -4.1 19.3 9,167.5 - 2.1

2014． July-Sept. 13,148.0 1.0 0.8 25.7 10,418.5 0.7 0.5 20.3 2,729.5 2.3 1.7 5.3 9,071.1 3.9 1.4 17.7 10,245.2 3.7 1.6 20.0 9,073.1 - -1.1

2014． Oct.-Dec. 13,183.7 0.3 0.3 25.5 10,432.2 0.1 0.2 20.2 2,751.6 0.8 1.1 5.3 9,567.9 5.5 3.4 18.5 10,466.5 2.2 1.1 20.2 10,036.5 - 5.9

2015． Jan.-Mar. 13,212.8 0.2 0.4 25.0 10,491.8 0.6 0.9 19.9 2,721.0 -1.1 -1.6 5.2 9,518.0 -0.5 1.5 18.0 9,805.7 -6.3 1.1 18.6 9,554.8 - -7.2

2015． Apr.-June 13,239.0 0.2 0.2 25.0 10,490.7 -0.0 0.1 19.8 2,748.3 1.0 0.2 5.2 9,280.8 -2.5 -4.0 17.5 9,557.8 -2.5 -2.7 18.1 9,550.1 - 1.5

2015． July-Sept. 13,240.0 0.0 0.0 24.9 10,536.5 0.4 0.4 19.8 2,703.4 -1.6 -1.4 5.1 9,525.3 2.6 2.2 17.9 9,693.0 1.4 2.5 18.2 9,377.1 - -1.3

2015． Oct.-Dec. 13,275.7 0.3 0.3 25.0 10,620.4 0.8 0.7 20.0 2,655.3 -1.8 -1.5 5.0 9,104.2 -4.4 -0.2 17.2 9,252.9 -4.5 -0.3 17.4 10,260.8 - 7.1

2016． Jan.-Mar. 13,378.8 0.8 1.1 25.0 10,750.2 1.2 1.4 20.1 2,628.6 -1.0 0.3 4.9 8,756.7 -3.8 0.5 16.4 8,330.0 -10.0 -2.0 15.6 9,658.1 - -5.3

2016．P Apr.-June 13,208.1 -1.3 -0.9 24.6 10,564.8 -1.7 -1.2 19.7 2,643.2 0.6 0.3 4.9 8,463.3 -3.4 -1.4 15.8 7,985.4 -4.1 -1.1 14.9 - - 0.0

2016．P July-Sept. 13,193.0 -0.1 -0.1 24.6 10,584.0 0.2 0.2 19.7 2,609.0 -1.3 -1.3 4.9 8,491.8 0.3 1.9 15.8 7,918.1 -0.8 -0.2 14.8 - - 0.0

2016．P Oct.-Dec. 13,163.4 -0.2 -0.6 24.4 10,616.3 0.3 0.0 19.7 2,547.2 -2.4 -3.0 4.7 8,974.8 5.7 3.4 16.7 8,371.3 5.7 1.3 15.5 - -

2017．P Jan.-Mar. 13,167.2 0.0 -0.0 24.5 10,615.7 -0.0 -0.0 19.8 2,551.5 0.2 -0.2 4.7 9,425.6 5.0 2.1 17.5 9,032.6 7.9 1.4 16.8 - -

(※)　National Accounts: Figures are based on the System of National Accounts 2008 and Quarterly Estimates of GDP: January - March 2017. (the 2nd preliminary) (1980～1993: chain-linked, base year = 2000、1994～: chain-linked, base year = 2011)(＃)　FY2016, 2017: The government decided on January 20, 2017 the "Fiscal 2017 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.)


Gross Domestic Product (Continued) (※） ● National Income　　 (＊)Savings

ratio

(＊)

Government Expenditures Exports of Goods and Services Imports of Goods and ServicesGovernment Consumption Capital Formation including

Inventories☆




☆

％


PerCapita

Released by Cabinet Office

％ 10 Billion Yen Thousand Yen ％

FY 2016 (#)FY 2017 (#)

10 BillionYen

10 BillionYen

10 BillionYen

10 BillionYen

10 BillionYen

％％％

― 65 ―

〔Enterprises Profits〕

★ ★ ★

2013． Oct.-Dec. 3.8 26.6 4.0

2014． Jan.-Mar. 5.6 20.2 7.4

2014． Apr.-June 1.1 4.5 3.0

2014． July-Sept. 2.9 7.6 5.5

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.-June2017． July-Sept.2017． Oct.-Dec.2018． Jan.-Mar.

(※1) 'TANKAN' (All Industries.) : * The figures are forecasted in the survey in March, 2017． (※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 Network. The 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 Finance and 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)

★ ★

％％

FY 1985

1990 9.2 -2.0 14.1

-5.7 -14.4 2.68 4.046.9 4.2 12.8 2.3 0.3

1995 3.2 20.2

6.7 9.6 1.1 -1.9 3.41 5.15

2.67 3.81

2000

3.9 1.4 2.6 19.1 27.9

18.0 32.3 2.87 4.613.7 33.2 8.6

2005 6.2 15.6 -3.9

2.8 4.9

2011 -0.3 3.5

4.8 6.7 12.3 16.5 4.01 6.48

3.42 4.11-3.2

2012

0.7 2.2 0.4 -11.7

2013 2.5 23.1 6.6

7.2 12.4 3.65 4.64-0.5 7.0 4.0 0.6 -0.4

2014 2.7 8.3

5.5 7.1 28.4 48.7 4.44 6.45

4.63 7.385.9 11.5

2015

7.8 0.6 1.3

* -0.3

2016 [-1.1] [-2.2] [1.8]

4.8 -5.3 4.91 7.15-1.1 5.6 7.1 -1.3 -2.3

[3.9] * 1.3 * 1.4 * -1.12017 [2.1] [0.1]

* -2.4 * -3.4 * -4.1 * -11.4 * 4.82 * 6.55

* 4.70 * 6.44

23.7 4.36 6.01

2014・1H 2.3 2.2 4.4 3.1 4.57 7.22

2013・2H 7.9 10.0 21.7

2015・1H 0.0 0.1 16.0 14.5 5.30 8.26

2014・2H -0.9 0.5 7.3 20.2 4.68 7.53

2016・1H -4.1 -6.1 -9.8 -26.9 4.98 6.42

2015・2H -2.5 -4.5 -5.4 -23.0 4.54 6.07

2017・1H [2.6] [5.6] [11.1]

* -4.6 * 4.57 * 6.29

2016・2H * -0.7 * -0.8 * 2.2 * 9.1 * 4.67 * 6.68

Released by Ministry of Finance Bank of Japan

2017・2H [1.7] [-4.4] [-1.9] * 1.0 * 1.2 * -1.1

* 1.7 * 1.7 * -1.1 * 4.6 * 4.84 * 6.61

― 66 ―


Published by Information Service Department Policy Research Institute Ministry of Finance 3-1-1 Kasumigaseki, Chiyoda-ku, Tokyo 100-8940 JAPAN

URL http://www.mof.go.jp/english/pri/publication/mf_review/index.htm

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