Japanese economictrends aug 2014

Japanese Economic Trends
August 2014
Japan External Trade Organization

1. Achievements of Abenomics
Copyright (C) 2014 JETRO. All rights reserved. 2
2. Outlook of Japanese economy
3. JETRO’s services for attracting
overseas companies

“Three arrows” strategy of Abenomics
1st arrow:
Bold monetary policy
20 years of stagnation
○Long-lasting economic
stagnation and deflation
○High level of public debt
<Annual average economic growth
rate for 20 years until 2012>
(Average for 20 years)
Nominal GDP growth: - 0.2%
Real GDP growth: 0.8%
Real GNI growth: 0.6%
A new decade of revival
○Improved macroeconomic
environment
○Improvement in corporate profits
○Revitalization of the economy,
Fiscal consolidation
<Annual average economic growth rate for 10
years since 2013> (Target of the government)
Nominal GDP growth: 3.0%
Real GDP growth: 2.0%
Real GNI growth: 3.0%
Launch of the Abe
Administration～Jun 2014
2nd arrow:
Flexible fiscal policy
○The process of ending
deflation and better
economic cycle has started.
Real GDP： growth in 6
consecutive quarters.
Improved business
conditions and investment
Job openings ratio： 1.6
Unemployment： below
4%
The “Three Arrows” policy is bringing Japan out of deflation, and has started a positive economic
cycle. In order to end deflation completely, and spread the benefits of this positive cycle, the
government will continue with the first two arrows, and launch the third arrow to ensure
sustained economic growth.
3rd arrow: Growth strategy that
promotes private investment
Source:
Basic Policies for Economic and Fiscal Management and
Reform (decided at Cabinet meeting on June 14, 2013)
Source:
Basic Policies for Economic and Fiscal Management and
Reform (decided at Cabinet meeting on May 24, 2014)
Source: same as the right

Abenomics 1：Bold Monetary Policy
○ In January 2013, the government and the Bank of Japan (BOJ) released a joint
statement introducing a “price stability target” aimed at achieving 2% inflation.
○ In order to reach the above target in 2years, in April 2014 the BOJ introduced
quantitative and qualitative monetary easing (QQME).
・Double the monetary base in 2 years
・More than double the average remaining maturity of government bond purchases
in 2 years
○ In the statement published after the Monetary Policy Meeting on May 21, 2014, the
word “Deflation”, which had been present in the previous statements, was deleted.
⇒Mr. Kuroda, president of the Bank of Japan explained “ it was deleted to imply that the
QQEM is proving effective”. This was widely accepted as “The silent announcement that
deflation is over”.
○”We are still halfway to achie the 2% inflation target. Comparing to the beginning of
QQME, it is certain that we have made significant progress. It is a great advancement.”
（Mr. Kuroda’s interview with the WSJ, May 27, 2014)
1st arrow:
Bold monetary policy

Abenomics 2：Flexible Fiscal Policy
2nd arrow:
Flexible fiscal policy
* Firm goal to reduce the primary balance deficit by half in fiscal year 2015. Additional
economic measures to be done without issuing new government bonds.
Emergency Economic Measures for the
Revitalization of the Japanese Economy
Economic Measures for Realization
of Positive Cycles
Goal：To end deflation and revitalize the
economy with compatible public finance.
Additional public finance : 10 trillion JPY
（Total project scale: 20 trillion JPY）
Goal: Take measures to tackle the impact
of the increase of consumption tax.
Government expense: 5.5 trillion JPY
（Total project scale: 19 trillion JPY）
Main Areas: Main Areas:
1. Post-quake reconstruction and disaster
prevention.
2. Creation of wealth through growth.
3. Ensuring a sense of security in daily life
and revitalizing regions.
1. Strengthening competitiveness
2. Support for women/young/elderly
3. Reconstruction, disaster prevention and
safety
4. Care for low-income earners and
moderation of rush demand/recoil
Summarized by JETRO based on Cabinet meeting documents.

Abenomics 3：Growth strategy
3rd arrow: Growth strategy that
promotes private investment
Reflect the
fruits of
economic
revival to the
daily life of the
people.
Fully utilize the ability
of the private sector
・Regeneration of industry and
acceleration of venture business.
・Restructuring of the regulations
and open up the public sector to
the private.
Full participation・nurturing
global personnel
・Friendly work environment for women.
・Utilizing the ability of the young and the
elderly.
・Educate the young to be global talents.
Creating new frontiers.
・Reviving Japan as “the nation of
technology and intellectual
property”.
・Break out into the world and
attract the world.
Aims to make the positive economic cycle that was created by the “First Arrow” and the “Second
Arrow” a continuous trend, and revive Japan’s “earning ability”.

Japan
revitalization
strategy
Industry
Revitalization Plan
－Strengthening the industry
base－
Strategic Market
Creation Plan
－Creating new markets
through tackling the social
issue－
Strategy of Global
Outreach
－Gaining access to the
growing global markets.－
“Invigorating talent, products
and wealth”
・Revive manufacturing
competitiveness.
・Create high-value service industry
・Create society with good
business environment and highly
utilized personal talent.
Investing public funds in research and
Easing regulations in fields with the below conditions.
・Fields in which Japan has global strength.
・Fields in which global market growth can be expected.
・Fields with certain strategic plans.
“Taking in the global
economic growth”
・Actively promote Japanese
technology to the world.
・Attract global talent, products
and wealth to Japan.
The government adopted the “Japan revitalization strategy”, and decided on the below three action plans to
carry out the growth strategy.
1. “Industry Revitalization Plan”⇒Strengthening the industry base.
2. “Strategic Market Creation Plan”⇒Creating new markets through tackling the social issues.
3. “Strategy of Global Outreach”⇒Gaining access to the growing global markets.

Speeding up the restructuring of
industries
Target: 10% increase in capital investment over the
next three years and a return of private investment
to pre-Global Financial Crisis levels
Scientific and Technological
Innovations
Target: Number one global innovator on
the Global Competitiveness Report
within the next five years
Strengthening Japan's
international competitiveness
as a business hub
Target: Japan to rank in the top 3 among
OECD member countries in the Ease of
Doing Business ranking (currently 15)
Becoming the world's
leading IT society
Target: World's highest level of public
data disclosure, (with a dataset totaling
over 10,000) by the end of FY 2015
Reinforcing human resource
capabilities and reforming the
employment system
Target: Decrease long-term unemployment
by 20% over the next five years and raise
employment turnover to 9%
Industry
Revitalization
Plan
By renewing the industries and talent in the private sector, and dispensing with
unnecessary regulations and restrictions in the public sector, the private and public will
actively carry out economic policies together.

Strategic
Market
Creation PlanRealizing clean and
economical energy demand
and supply
Building safe,
convenient and economical
next-generation infrastructures
Creating new growth sectors through taking initiative in tackling social issues,
and resolving social insecurity and nurturing industrial growth in parallel.
Increasing the nation's
healthy life expectancy
Target:
・Expand the market scale of the health promotion,
preventive care, living assistance industries to
10 trillion yen by 2020.
・Expand the market scale of the
pharmaceutical, medical device and
regenerative medicine-related
industries to 16 trillion yen.
Target:
・Capture domestic and international energy technology
sales of approximately 26 trillion yen by 2020.
Target:
・Implement maintenance and repairs on all
important and aging infrastructures, by using advanced
and efficient technologies such as sensors by 2030.
Building regional communities
that use their unique local
resources to appeal to the world
Target:
・ Advance a transition to “the sixth industry”
(collaboration of primary, secondary
and tertiary industries).
・30 million foreign visitors to Japan
by 2030.

Strategy of
Global Outreach
Strategic promotion of international
commerce and economic partnership
> Promoting economic partnership such as TPP and FTA.
> Targeting trading FTA ratio of 70% by 2018.
Strategic plan to gain access
to the growing global market
> Integrating global markets though
infrastructure export.
> Targeting infrastructure exports of
approximately 30 trillion yen by 2020.
Preparing capital and talent
base that sustain the growth
of Japan.
> Promoting globalization from within.
> Doubling inbound investment by 2020.
Actively and strategically gaining access to the global market and nurturing growth sectors,
so that Japanese enterprises and people can gain from the growing global market.

Achievements of Abenomics in numbers
Stock prices
(Nikkei Stock Average)
Exchange rates
(Yen exchange rate to the dollar)
Unemployment rate
GDP
(Real GDP growth rate)
Business conditions
(Tankan “current situation”)
10,230 yen
Dec. 26, 2012
Launch of the Abe
Administration
-0.3%
2012 Q1-Q4 average
2.45%
2013 Q1-Q4 average
15,162.1yen
Jun. 30, 2014
85.15 yen
Dec. 26, 2012
101.39 yen
Jun. 30, 2014
4.3%
2012 average
3.7%
Q1 2014
Large firms -3
Medium-sized firms -5
SMEs -12
Survey in Dec. 2012
Large firms 12
Medium-sized firms 19
SMEs 1
Survey in Jun. 2014
Since the launch of the Abe administration, the Japanese economy has achieved a high
standard of growth. GDP, stock prices, exchange rate and unemployment have all improved.

Achievements of Abenomics (examples)
1. A new headquarter institution was set up in May 2014, which will strategically manage R&D
in the field of medicine.
2. Established a new legal framework to accelerate the commercialization of regenerative
medicine.
Healthcare sector
Launched the first fundamental electricity reform in 60 years.
→ Legal separation of electricity generation and distribution (to be achieved by 2020).
→ Opening up the electricity market to small retailers (law already in place, to be
implemented in 2016).
Energy Sector
1. Enhanced economic partnerships（Participation in TPP negotiations, agreeing on Japan-
Australia EPA)
2. Enhanced top-level government involvement in sales (2012：25 cases→2013：67 cases）
3. Relaxed visa requirements mainly for ASEAN countries.
4.Increased number of international flights at Haneda airport by 30 thousand.
Business Globalization and Tourism Sector

Accelerated structural reforms in Japan (1)
■Corporate Tax Reform
In order to strengthen Japan’s competitiveness as a global business location, the
government is reforming the corporate tax system to lower the rate to a globally
competitive level, making it a pro-growth tax structure.
The tax period of the corporate tax for
the reconstruction from the Great East
Japan Earthquake ended one year ahead
of schedule. [The corporate tax was
reduced by 2.4% since April 2014]
Special tax system to promote capital
investment into productivity increase
was launched in January 2014 [10,000
capital investment cases have been
recorded]
Main Initiatives to Date
New Measures for pro-growth corporate tax reform
 New goal to reduce the percentage level of the effective corporate tax rate down to the
twenties in the next several years.
 The first phase reductions will start from FY2015.
 In order to make such reduction consistent with the FY2020 target to achieve primary
surplus, permanent revenues will be secured through such measures as broadening the
tax base and so forth.

■Attracting Talent from Overseas
Create an environment where skilled professionals from overseas can play an active role.
Revise the Points-based immigration system for highly skilled foreign professionals.
[Starting from April 2015]
Current point-based system
for skilled professionals
Further Benefits for highly
skilled foreign professionals
More Info: http://www.immi-moj.go.jp/newimmiact_3/en/index.html
Example:
Doctor’s degree: 30pts
7 year experience: 15pts
6 million JPY salary: 15pts
Published papers: 20pts
Total: 80pts
Points given for academic
history, employment history,
salary and research
achievements.
A total of more than 70pts
qualifies as skilled professional.
Qualified to apply
for permanent
residence after
5years of stay.
Easier to
get work
permit for
spouse.
If certain
conditions
fulfilled,
parents can
reside in
Japan.
・More points given for certain
qualifications (eg. MBA, MOT).
・Salary received from overseas
employer can be counted in the
point system.
Professionals
who are
planning to
stay less than
1 year can
benefit from
the system
Reduced the
period of stay
necessary to
apply for
permanent
residence
(5years
→3Years).
Example:
Doctor’s degree: 30pts
MBA: 5pts
7 year experience: 15pts
8 million JPY salary: 20pts
Published papers: 25p ts
Total: 95pts

In order to realize the growth strategy, National
Strategic Special Zones were created for
carrying out drastic regulation reforms.
The below 6 areas were specified, to begin with.
Tokyo Area (including
Kanagawa and Chiba)
・International business
and innovation hub
> Urban development
> Employment guideline
> Medical care for foreigners
Niigata City
・Center for agricultural
reform in large-scale
farming
Osaka/Kyoto/Hyogo Area
・Center for international
innovation in the field of
medical care, etc. and
general support
Yabu city , Hyogo
・Center for agricultural
reform in hilly and
mountainous areas
Fukuoka city
・Center for employment
system reform to
promote new businesses
Okinawa
・Center for international
tourism
■National Strategic Special Zones

overseas companies

1.2
0.85
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
日本政府民間予測平均
国際的に見た日本の対内直接投資の現状GDP forecast in FY2014
FY2014 real GDP growth rate outlook
Japanese Government :
Summary of the Cabinet Office Mid-Year Trial Calculations for FY2014
(2014/7/25 Council on Economic and Fiscal Policy)
Private Sector :
Aggregation of forecast by 42 Japanese economic forecasters and organizations
(Japan Center for Economic Research “ESP Forecast Survey,” July 2014)
FY2014 economic outlook
Japanese
Government
Japanese Economic
Forecasters
Real GDP growth 1.2 0.9
Domestic demand
contribution
1.1 0.5
Overseas demand
contribution
0.1 0.4
Notional GDP growth 3.3 2.5
Consumer price
increase
3.2 3.1
Excluding the
Impact of
consumption tax
increase
1.2 1.1
Unemployment rate 3.5 3.6
%
%
Japanese Government Japanese Economic
Forecasters
Unit: %
Comparison between the forecast
by government and private sector
The impact of the consumption tax increase (2014 April) was larger than expected, so the
government forecast of GDP growth was slightly lowered. But overall it is generally agreed
between government and private forecasters that all sectors are showing recovery.

5.3
2.9
1.3
0.3
6.7
▲ 4.9
2.7
1.7 1.5
1.6
2.7
▲ 2.5
1.6
-6
-5
-4
-3
-2
-1
0
1
2
3
4
5
6
7
2013.1Q 2013.2Q 2013.3Q 2013.4Q 2014.1Q 2014.2Q 2014.3Q 2014.4Q 2015.1Q 2015.2Q 2015.3Q 2015.4Q 2016.1Q
EstimateActual
The general view is that the consumption decline caused by the
consumption tax increase will be revived by around July – September 2014.
国際的に見た日本の対内直接投資の現状Impact of consumer tax increase
Estimated quarterly real GDP growth rate by private think tank
(quarterly, annual rate, seasonally-adjusted)
Apr. 2014
Consumer tax
increase to 8%
Oct. 2015
Consumer tax
increase to 10%
(provisional)
Last-minute demand
before consumption
tax increase
Source:
Compiled from the data of Japan Center for
Economic Research “ESP Forecast Survey,”
July 2014

Macro economic effect generated
by elimination of tariffs
国際的に見た日本の対内直接投資の現状Impact of TPP
Macro economic effect of participation in TPP by the Japanese Government
Source: Government Task Force for TPP “Unified calculation of the Government”
(published in March 2013)
(Reference)
Calculation of economic effects by Pacific Economic Cooperation Council (PECC)
Total: 3.2
trillion yen
Consumption:
3.0 trillion yen
Investment:
0.5 trillion yen
Export:
2.6 trillion yen
Import:
-2.9 trillion yen
GDP increase of 3.2 trillion yen
GDP decrease of 3.0 trillion yen
GDP increase of approx. 10 trillion yen
(2) Amount of agricultural,
forestry and fishery products:
(1) Entire economy:
(PECC: A council consisting of the government, industry
and academia of 25 countries, mainly in APEC)
Export ＋0.55% (＋2.6T JPY), Import -0.60% (-2.9T JPY),
Consumption ＋0.61％ (＋3.0T JPY),
Investment ＋0.09 (＋0.5T JPY)
(*economic effect over 10-year period)
<Conditions for calculation>
1. Only considers the effect of customs elimination.
Liberalization of service and investment not included.
2. Customs are eliminated immediately.
3. No additional economic policies included.
<Conditions for calculation>
1. TPP participants consist of 12 countries as of
March 2013, including Japan.
2. The abolition of non-tariff obstacles and the
liberalization of service and investment are included.

国際的に見た日本の対内直接投資の現状GDP Long-Term Forecast
Source: Compiled from the forecast values by Cabinet Office, IMF, Euromonitor International and World Bank
Japan’s real GDP growth rate as estimated
by international organizations (until 2017)
Unit: %
2.0
1.2
1.1
1.2
1.1
1.5
1.7
1.0 1.0
1.5
1.3
1.3
1.5
2.6
1.2
1.4
1.8
1.9
0.0
0.5
1.0
1.5
2.0
2.5
3.0
2013 2014 2015 2016 2017
IMF Euromonitor International World Bank Japanese Government

76.0% of companies answered that
the Tokyo Games would lead to
significant demand in the Japanese economy.
33.4% of companies recognized that
the Tokyo Games would have
“positive effects” on their business performance.
国際的に見た日本の対内直接投資の現状Impact of Tokyo Olympic Games in 2020
Tokyo Metropolitan Government/
The Tokyo Organising Committee of
the Olympic and Paralympic Games
3.0
Japan Center for Economic Research 2.2
Mizuho Research Institute 2.5
Dai-ichi Life Research Institute 21.0
The Mori Memorial Foundation 19.4
Estimated economic effects of
Tokyo Olympic Games
Approx. 80% of companies anticipate
“significant demand in the Japanese economy”
Unit: trillion yen
■Towards the 2020 Tokyo Olympic Games, it is expected that there will be large
infrastructure development and that the Abenomics policies will be carried out ahead
of schedule, to meet the target of 2020.
■Estimated economic effects are 3 trillion to 20 trillion yen.
Source: “Survey on Perceptions of Companies about 2020 Tokyo Olympic
and Paralympic Games” (Teikoku Databank)
November 2013, number of valid respondents: 10,769 companies

国際的に見た日本の対内直接投資の現状Evaluation of Abenomics
■The Econominst
…Mr Abe is back with a proper third arrow. There are two reasons for thinking that this time
it will hit the target. First, the country has reached a point at which almost all Japanese
realize that reform of some sort is needed. Second, Mr Abe is at last pursuing schemes of
such breadth that they touch on nearly every area of the economy that demands change.
（The Economist, Volume 411 Number 8893, Article “The Third Arrow”）
■The Wall Street Journal
Abenomics has succeeded in injecting some much-needed hope into the Japanese economy,
and there are signs that deflation is ending and GDP growth is returning. But without
structural changes, the trend is unlikely to be sustainable. Labor market reform may be the
biggest big test of Mr. Abe's leadership
(The Wall Street Journal 2014.05.08 Article “Making Abenomics Work for Japan” ）
■Dr. Jim Yong Kim (World Bank President )
Abe’s commitment to tackling “rock hard regulations” related to employment, agriculture
and healthcare is a “very encouraging sign. And so, we remain optimistic that he will be able
to deliver on that third arrow,” Kim said.（Jiji Press 2014.6.29 Article “World Bank Kim optimistic about Abe’s
“3rd arrow””)

overseas companies

Japanese Government aims to attract
35 trillion yen in inward FDI by 2020
Drastically strengthening the government’s support framework
for attracting foreign companies
 JETRO to cooperate with embassies in approaching the executives of foreign
companies, and to strengthen the function of attracting foreign investment.
 JETRO to work with relevant ministries to build up a one-stop support
functionality and to create opportunities for tying up foreign and Japanese
companies.
 JETRO will also aid local municipalities which are actively inviting foreign
companies to set up establishments.
Inward FDI into JapanJapan Revitalization Strategy (June 2013)国際的に見た日本の対内直接投資の現状Japan Revitalization Strategy (Revised - June 2014)
Source: Japan Revitalization Plan (Revised 2014) 2014/6/24

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国際的に見た日本の対内直接投資の現状JETRO’s activities to attract foreign direct investment
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27
Further Information
□Japan Economic Policies (Abenomics)
<Abenomics is progressing - Summarized report on the major achievements of the third arrow of Abenomics>
http://japan.kantei.go.jp/ongoingtopics/pdf/2014/140627_abenomics.pdf
<Achievements of Abenomics>
http://www.kantei.go.jp/jp/singi/keizaisaisei/pdf/seika02shousaiEN.pdf
<Revision of Japan Revitalization Strategy>
http://www.kantei.go.jp/jp/singi/keizaisaisei/pdf/10challenge02shousaiEN.pdf
□Outlook of Japan Economy
Government Estimates: http://www5.cao.go.jp/keizai1/2014/0124mitoshi-e.pdf
Japan Centre for Economic research: http://www.jcer.or.jp/eng/
(ESP Forecast July Survey): http://www.jcer.or.jp/eng/pdf/esp/fcst1407_eng.pdf
□JETRO’s Services
“How to set up business in Japan”: http://www.jetro.go.jp/en/invest/setting_up/
“JETRO IBSCs”: http://www.jetro.go.jp/en/invest/ibsc/
Copyright (C) 2014 JETRO. All rights reserved.

▲ 4.1
▲ 12.6
▲ 15.0
7.0
0.3
7.0
6.1
4.2
6.0
▲ 2.1
▲ 6.9
▲ 3.0
10.8
0.9
4.1
▲ 2.5 ▲ 3.0
0.2
5.3
2.9
1.3
0.3
6.7
▲ 16.0
▲ 11.0
▲ 6.0
▲ 1.0
4.0
9.0
Japan’s real GDP growth rate
(quarterly, annual rate, seasonally-adjusted)
国際的に見た日本の対内直接投資の現状<Appendix> Achievements of Abenomics (GDP growth rate)
Source: Cabinet Office “National Accounts of Japan (Quarterly Estimates of GDP),”June 9, 2014
Lehman Brothers
bankruptcy
(Sep. 2008)
Launch of
Abenomics
(Dec. 2012)
Great East Japan earthquake
(Mar. 2011)
Last-minute
demand before
consumption tax
increase

70
80
90
100
110
120
130
Yen response to monetary easing by Bank of Japan
FX market (against US dollar)
* Note: The exchange rates are the Tokyo interbank central rates Source: The Bank of Japan “Foreign Exchange Rate”
国際的に見た日本の対内直接投資の現状<Appendix> Achievements of Abenomics (FX market)
Unit: yen
(Jun. 30, 2014)
101.39 yen
Launch of the Abe
Administration
(Dec. 26, 2012)
85.15yen
Max after year 1985
(Oct. 28, 2011) 75.86 yen

5,000.00
7,000.00
9,000.00
11,000.00
13,000.00
15,000.00
17,000.00
Complied from NIKKEI Stock Average closing
price
48% increase between Dec 2012 and Jun 2014
Stock market (Nikkei Stock Average)
国際的に見た日本の対内直接投資の現状<Appendix> Achievements of Abenomics (stock market)
Lowest in past 20 years
(Oct. 28, 2008)
6,994yen
Final session Q2 2014
(Jun. 30, 2014)
15,162.1yen
Unit: yen
Launch of the Abe
Administration
(Dec. 26, 2012)
10,230yen

-70
-60
-50
-40
-30
-20
-10
0
10
20
30
2009 2010 2011 2012 2013 2014
大企業/製造業大企業/非製造業中小企業/製造業中小企業/非製造業
First time in 22 years that over 50% of both manufacturing and
non-manufacturing SMEs expressed positive business sentiment.
国際的に見た日本の対内直接投資の現状<Appendix>Achievements of Abenomics(business conditions)
Source: Compiled from the data in the Bank of Japan “National Short-Term Economic Survey
of Enterprises in Japan” known as Tankan (current situation diffusion index [DI])
Launch of Abenomics
(Dec. 2012)
Business conditions of companiesUnit: “Good” or “bad” % points
Large companies
(manufacturers)
Large companies
(non-
manufacturers)
SMEs
(manufacturers)
SMEs
(non-manufacturers)
Consumption tax increase
（April 2014）

Unemployment rate declined and jobs-to-applicants ratio surpassed 1.0
国際的に見た日本の対内直接投資の現状<Appendix> Achievements of Abenomics (employment)
Unemployment rate and jobs-to-applicants ratio
Source: Ministry of Internal Affairs and Communications “Labor Force Survey”
Ministry of Health, Labor and Welfare “General Job Placements”
Unit: %
Unit: ratio
0
0.2
0.4
0.6
0.8
1
1.2
0
1
2
3
4
5
6
2009 2010 2011 2012 2013.1Q 2013.2Q 2013.3Q 2013.4Q 2014.1Q 2014.2Q
Unemployment rate Jobs-to-applicants ratio

-2
-1
0
1
2
3
4
1990 1995 2000 2005 2010 2013
On the path toward ending deflation
Consumer Price Index (on the previous year )
Source: Ministry of Internal Affairs and Communications “Consumer Price Index”
国際的に見た日本の対内直接投資の現状<Appendix> Achievements of Abenomics (consumer prices)
Steep rise in global oil
and grain prices
Increase in consumption
tax from 3% to 5%

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Japanese economictrends aug 2014

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