JPY macro coverage

Japan Economic Indicators

Japanese yen — the leading funding currency and a global safe haven.

The Japanese yen (JPY) is the official currency of Japan and the third-most-traded currency in the world. It is widely used as a funding currency in carry trades thanks to historically low Japanese interest rates, and tends to strengthen during global risk-off episodes.

Open Central Bank Policy Rate JPY currency profile Developer docs

Japan macro brief

The highest-signal pages for Japan include Central Bank Policy Rate, Inflation Rate (CPI/HICP), Core Inflation, Gross Domestic Product (GDP) Growth, with each page linking back to the source metadata, release history, and API endpoint.

The Bank of Japan (BoJ) Policy Board holds eight Monetary Policy Meetings per year and targets 2% CPI inflation. After decades of unconventional policy — zero rates, QQE, yield-curve control — the BoJ has been gradually normalising, and JGB yields and the BoJ's rate guidance are closely watched globally.

The pages below are organized by indicator rather than API route. That keeps the public website useful for research while still preserving direct links into the versioned API documentation for developers.

What to watch
  • BoJ Monetary Policy Meeting decision and Outlook Report.
  • Japan national CPI and Tokyo CPI advance reading.
  • Tankan survey (quarterly) and machinery orders.
  • MoF FX intervention statements and reserves data.
  • US 10-year Treasury yield (key cross-market driver).

Key Japan indicators

The highest-signal country pages for rates, inflation, growth, labour markets, and external balances.

Central Bank Policy Rate

Primary interest rate set by the Central Bank.

~8x/year % Monetary Policy
Open page API docs

Inflation Rate (CPI/HICP)

Headline inflation: the year-over-year percentage change in the Consumer Price Index (CPI), the standard measure central banks target.

Monthly %YoY Economy
Open page API docs

Core Inflation

CPI excluding volatile items like food and energy.

Monthly %YoY Economy
Open page API docs

Gross Domestic Product (GDP) Growth

GDP growth: the quarterly change in the inflation-adjusted value of all goods and services produced in the economy.

Quarterly JPY tn Economy
Open page API docs

Unemployment Rate

Percentage of the labor force that is unemployed.

Monthly % Labor Market
Open page API docs

Trade Balance

The difference between the value of a country's exports and imports.

Monthly JPY bn Economy
Open page API docs

Retail Sales

Measures change in the total value of sales at the retail level.

Monthly JPY bn Economy
Open page API docs

Producer Price Index (PPI)

Measures the average change over time in the selling prices received by domestic producers for their output.

Monthly %YoY Economy
Open page API docs

All Japan indicator pages

Filter by indicator name, source, cadence, or category.

Economy 11 pages

Business Confidence

Survey-based measure of business executives' outlook on economic conditions, production, and investment plans.

Quarterly Index (0-100 normalized) Coverage metadata updating
Country page Country list API docs

Consumer Confidence

Survey-based measure of consumers' confidence in economic conditions, employment prospects, and personal finances.

Monthly Index (0-100 normalized) History from 2000-03-31 (26.2 years)
Country page Country list API docs

Current Account Balance

Measures trade in goods and services and income flows.

Monthly JPY bn History from 2000-01-31 (26.4 years)
Country page Country list API docs

Gross Domestic Product (GDP) Growth

GDP growth: the quarterly change in the inflation-adjusted value of all goods and services produced in the economy.

Quarterly JPY tn History from 2000-03-31 (26.2 years)
Country page Country list API docs

Housing Starts

Number of new residential construction projects that have begun in a given period, a key indicator of economic activity and construction sector health.

Monthly Thousands (SAAR) History from 2000-01-31 (26.4 years)
Country page Country list API docs

Inflation Rate (CPI/HICP)

Headline inflation: the year-over-year percentage change in the Consumer Price Index (CPI), the standard measure central banks target.

Monthly %YoY History from 2000-01-31 (26.4 years)
Country page Country list API docs

Producer Price Index (PPI)

Measures the average change over time in the selling prices received by domestic producers for their output.

Monthly %YoY History from 2000-01-31 (26.4 years)
Country page Country list API docs

Retail Sales

Measures change in the total value of sales at the retail level.

Monthly JPY bn History from 2000-01-31 (26.4 years)
Country page Country list API docs

Trade Balance

The difference between the value of a country's exports and imports.

Monthly JPY bn History from 2000-01-31 (26.4 years)
Country page Country list API docs

Trade-Weighted Index (NEER)

Nominal Effective Exchange Rate (NEER) measuring the value of a currency relative to a basket of trading partners' currencies, weighted by trade volumes. Published monthly by the BIS.

Monthly Index (2020=100) History from 2000-01-31 (26.4 years)
Country page Country list API docs
Labor Market 5 pages

Labor Force Participation Rate

Ratio of the labor force to the working-age population.

Monthly % History from 2000-01-31 (26.4 years)
Country page Country list API docs
Money & Credit 3 pages

Narrow Money (M1)

Currency in circulation + transaction deposits. RBNZ column A.

Monthly JPY tn History from 2003-04-30 (23.1 years)
Country page Country list API docs

M2 Money Supply

M1 + savings deposits (on-call). RBNZ derived: column A + B1.

Monthly JPY tn History from 2003-04-30 (23.1 years)
Country page Country list API docs

Broad Money (M3)

M1 + savings + term deposits. RBNZ column A+B (broadest aggregate).

Monthly JPY tn History from 2003-04-30 (23.1 years)
Country page Country list API docs
Monetary Policy 4 pages

Central Bank Total Assets

Total assets on the central bank's balance sheet, reflecting the scale of monetary policy operations including quantitative easing programs.

Weekly JPY tn History from 2000-01-31 (26.4 years)
Country page Country list API docs

Foreign Exchange Reserves

Assets held by the central bank in foreign currencies, used to support the exchange rate and manage monetary policy. Key indicator of a country's external financial position.

Monthly USD bn History from 2000-05-31 (26.1 years)
Country page Country list API docs
Government Bond Yields 9 pages
Additional Indicators 4 pages

JPY market drivers

Evergreen macro forces to keep beside the country data table.

Driver 1

BoJ policy rate, JGB yield-curve guidance, and forward guidance from the Governor.

Driver 2

US-Japan 10-year yield differential, the dominant driver of USD/JPY.

Driver 3

Risk sentiment and global equity volatility (VIX).

Driver 4

Japan CPI excluding fresh food and energy ('core-core').

Driver 5

MoF FX intervention rhetoric and balance-of-payments flows.

Driver 6

Tankan survey, industrial production, and machinery orders.

Explore other countries

Move laterally into another country hub while keeping the same indicator-first structure.

Argentina (ARS) Australia (AUD) Bolivia (BOB) Brazil (BRL) Canada (CAD) Chile (CLP) China (CNY) Colombia (COP) Czechia (CZK) Denmark (DKK) Eurozone (EUR) Hong Kong (HKD) Hungary (HUF) Iceland (ISK) India (INR) Indonesia (IDR)