The Japanese economic status and efficiency for this month remained positive and immovable despite the recent clamor on the previous election and the extension of the so-called “Abenomics”. According to recent reports, the Government is expecting a bullish month as exports and industrial output remained the main drivers for the unwavering growth projections.
Reports are also coming from the Government that they are going to enforce the second-longest postwar expansion phase these coming years. Currently, Japan stands as the third biggest economy in the world, and the government summed the country’s performance as “picking up moderately”.
Japanese’s Economic Status
Currently, the country is looking to capitalize on the on-going strength the government is continually seeing on its exports, and industrial output which saw great success from the previous quarters and months. Reports have been saying that both exports and imports are currently “picking up” as demand remains strong in overseas countries.
One thing to take note and expect is the growing consumer activity; Japanese consumers are expected to drive the consumer sector forward with great spending activities towards new cars, clothes, and even luxury goods.
The consumer price forecasts are expected to change as soon as Bank of Japan continues with its policy meeting just before the month ends. As of current, the BOJ’s expectations for the consumer inflation are flat 2% by March 2020.
Japanese’s Expansion Phase
The Cabinet Office also mentioned on how they will continue with the “expansion phase” which started last December of 2012. As of today, the phase has taken a 59 months turn which already overtakes the 57-month Izanagi boom which happened last 1965 to 1970. The longest postwar expansion took a total of 73 months to conclude, this was last 2002 to 2008.
Prime Minister Shinzo Abe and his party’s success and victory have been a roaring news from the past days; according to local statisticians and research centers, Abe’s reign has been boosting the country’s economy and has been consistent on topping economic charts and expectations.
One thing that the Abenomics has been keen to is the unemployment rate; the immense focus on eliminating the economic epidemic that is unemployment has been extinguished and this has been a positive trait that most locals saw from the Abenomics. Abe managed to pull down the massive 5.4% unemployment rate from 2009 to a whopping 2.9% today.
The expansion of both small and midsize local business has been a staple since Abe started office, and it has been consistently competitive ever since. Abenomics managed to push the per-capita gross domestic product from $63,637.6 last 2012 to $38.239.8 today.
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