Japanese Economic Trends and JETRO's Activities to Attract Foreign Direct Investment to Japan
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Japanese Economic Trends and JETRO's Activities to Attract Foreign Direct Investment to Japan
- 1. Japanese Economic Trends and JETRO’s Activities to attract Foreign Direct Investment to Japan 9th July 2015 Masakazu Tachikawa JETRO Amsterdam
- 2. 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
- 3. Copyright (C) 2015 JETRO. All rights reserved. 3 “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～Mar 2015 2nd arrow: Flexible fiscal policy ○The process of ending deflation and better economic cycle has started. Real GDP： Back to the positive (1.5%) after the consumption tax hike. Improved business conditions and investment New job openings ratio： 1.9 Unemployment： record low (3.3%) 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: Basic Policies for Economic and Fiscal Management and Reform (decided at Cabinet meeting on May 24, 2014) The Ministry of Health, Labour and Welfare
- 4. Copyright (C) 2015 JETRO. All rights reserved. 4 Achievements of Abenomics in numbers Stock prices (Nikkei Stock Average) CPI growth rate (less food 【except alcohol 】 and energy ) Unemployment rate GDP (Real GDP growth rate) Business conditions (Tankan current situation, manufactures) 10,230 yen Dec. 26, 2012 (Launch of the Abe Administration) -0.6% 2012 Oct-Dec (before Abenomics) ＋3.9% 2015 Jan-Mar 20,569.87yen June 1, 2015 (closing price) -1.1% 2010 ＋2.2% 2014 4.3% 2012 average 3.3% 2015 April Large firms -3 Medium-sized firms -5 SMEs -12 Survey in Dec.2012 Large firms 12 Medium-sized firms 4 SMEs 1 Survey in Dec. 2014 Since the launch of the Abe administration, the Japanese economy has achieved a high standard of growth even on a global scale. Stock prices, Tankan DI, and unemployment have all improved. The GDP growth rate has also recovered from the negative downturn following the consumption tax hike in 2014 April.
- 5. -4.2 -12.5 -15 7.1 0.2 7.1 6.1 4.5 6 -2.1 -7.4 -2.5 11.1 0.8 4.1 -1.8 -1.8 -0.6 5.3 2.9 2 -0.9 4.4 -6.8 -2 1.2 3.9 -15 -10 -5 0 5 10 Copyright (C) 2015 JETRO. All rights reserved. 5 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The Effects of Abenomics (GDP growth rate) Source: Cabinet Office “National Accounts of Japan (Quarterly Estimates of GDP) Launch of Abenomics (Dec. 2012) Great East Japan earthquake (Mar. 2011) Last-minute demand before consumption tax hike Consumption tax hike to 8% (Apr. 2014) Lehman Brothers bankruptcy (Sep. 2008) %
- 6. 5000 7000 9000 11000 13000 15000 17000 19000 21000 The NIKKEI stock average has almost doubled since the start of the Abe cabinet and keeps its level around 20,000 yen. The NIKKEI stock average has made a historical boost thanks to the economic stimulus and positive prospect of the Japanese economic situation and good corporate performance caused by the yen’s depreciation . Copyright (C) 2015 JETRO. All rights reserved. 6 Stock market (Nikkei Stock Average) 国際的に見た日本の対内直接投資の現状The Effects of Abenomics (stock market) Lowest in past 20 years (Oct. 28, 2008) 6,994yen Unit: yen Launch of the Abe Administration (Dec. 26, 2012) 10,230yen 15 years’ high 20,569.87 yen (Jun. 1, 2015 ) Based on the closing price of The NIKKEI Stock Average
- 7. -70 -60 -50 -40 -30 -20 -10 0 10 20 30 2009 2010 2011 2012 2013 2014 2015 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 Big improvement for large companies and SMEs. Business conditions are almost at the same level as before the consumption tax hike. Copyright (C) 2015 JETRO. All rights reserved. 7 国際的に見た日本の対内直接投資の現状The Effects 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 companies (Tankan)Unit: “Good” or “bad” % points Large companies (manufacturers) Large companies (non-manufacturers) SMEs (manufacturers) SMEs (non-manufacturers) Consumption tax hike （April 2014）
- 8. 0 0.2 0.4 0.6 0.8 1 1.2 1.4 3 3.5 4 4.5 5 5.5 2009 2010 2011 2012 2013.1Q 2013.2Q 2013.3Q 2013.4Q 2014.1Q 2014.2Q 2014.3Q 2014.4Q 2015.1Q Unemployment rate declined and jobs-to-applicants ratio surpassed 1.0 (more job posts than job seekers). Almost fully employed since late 2014. Copyright (C) 2015 JETRO. All rights reserved. 8 国際的に見た日本の対内直接投資の現状The Effects 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 Unemployment rate Jobs-to-applicants ratio
- 9. -2 -1 0 1 2 3 4 1990 1995 2000 2005 2010 2014 総合 生鮮食品を除く総合 食糧（酒類を除く）及びエネルギーを除く総合All items less fresh food All items less food (except alcohol ) and energy After almost 20 years’ doldrums, CPI is now on the path toward ending deflation. Copyright (C) 2015 JETRO. All rights reserved. 9 Consumer Price Index (year-on-year growth rate) 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The Effects of Abenomics (consumer prices) Steep rise in global oil and grain prices Increase in consumption tax from 3% to 5% All items
- 10. 1. Achievements of Abenomics 2. Outlook of Japanese economy 3. JETRO’s services for attracting overseas companies Copyright (C) 2014 JETRO. All rights reserved. 10
- 11. 4.9 ▲ 6.9 ▲ 2.1 1.1 3.90 1.70 1.97 1.94 1.80 1.46 1.59 1.64 2.97 -8 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 2014.1Q 2014.2Q 2014.3Q 2014.4Q 2015.1Q 2015.2Q 2015.3Q 2015.4Q 2016.1Q 2016.2Q 2016.3Q 2016.4Q 2017.1Q 〇The GDP real growth rate for Jan-Mar 2015 shows clear recovery of the Japanese economy. (Consumption is on the track of recovery too.) 〇After the consumption tax hike, the quarter real growth rate stayed minus for 2 consecutive periods but turned positive at 1.1% for Oct.-Dec. 2014, and stayed positive at 3.9% for Jan.-Mar. 2015. The rate is estimated to stay positive and reach 2.97% in 2017 first quarter. 国際的に見た日本の対内直接投資の現状Impact of consumer tax hike Copyright (C) 2015 JETRO. All rights reserved. 11 Estimated quarterly real GDP growth rate by private think tank (quarterly, annual rate, seasonally-adjusted) Apr. 2014 Consumer tax hike to 8% Last-minute demand before consumption tax hike Source: Compiled from the data of Japan Center for Economic Research “ESP Forecast Survey,” Jun. 2015 Actual Estimate Unit: %
- 12. 1.5 2.1 0.8 2.6 1.5 1.3 0.0 1.3 0.8 0.8 0.9 0.9 1.2 1.6 1.2 1.7 1.7 0.0 0.5 1.0 1.5 2.0 2.5 3.0 2015 2016 2017 2018 Japanese Government （revaitalised case） Japanese Government（baseline case） IMF World Bank ESP forecast 国際的に見た日本の対内直接投資の現状GDP forecast between 2015-2018 2015--2018 real GDP growth rate outlook Japanese Government : Summary of the Cabinet Office Mid-Year Trial Calculations for FY2015 (2015/2/12 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,” Jun. 2015) IMF and World BankCopyright (C) 2015 JETRO. All rights reserved. 12 Unit: % ■The Government’s Scenario The Japanese cabinet office has estimated two scenarios of GDP growth, a “revitalized case” and a “baseline case”. In the ”revitalized case”, which reflects the effects of the “three arrows”, real GDP growth rate will be more than 2%, and more than 3% in nominal terms. In the “baseline case”, the economy will grow based on potential growth rate, and real GDP will be a little less than 1% in the median-long term.
- 13. Market volume of smartphone gaming is growing ; 547bio(2013) → 658bio(2014) → 746bio(2015) → 824bio(2016) Source : CyberZ/Sead Planning figures for 2014 – 2016 are estimates Market of smartphone gaming is growing, whike market of gaming hard- and software for family is decreasing Rank 6th of the Global Competitiveness Index (up from 9th 2013-2014) Rank 1st of “Business sophistication” Rank 4th of “Innovation” Rank 2nd of “Company spending on R&D” Rank 3rd of “Availability of Scientist and engineers” 国際的に見た日本の対内直接投資の現状Opportunity of Japanese Market Copyright (C) 2014 JETRO. All rights reserved. 13 ■The Global Competitiveness Report 2014-15 ■For Gaming Industry
- 14. 1. Achievements of Abenomics Copyright (C) 2014 JETRO. All rights reserved. 14 2. Outlook of Japanese economy 3. JETRO’s services for attracting overseas companies
- 15. Copyright (C) 2014 JETRO. All rights reserved. 15 Abenomics 3：Growth strategy 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.
- 16. Website・Seminar Provide information on “INVEST JAPAN” website Organizing seminars and symposiums Overseas Offices： Finding Potential Investors Headquarter： Individual Support Finding potential investor companies Consultation for potential investor companies Provide information on Japanese market and industry ; Support developing business model Provide information on related rules and regulations and mediation with related authorities Support solving various problems IBSC（Invest Japan Business Support Center)： Provide temporary office facilities Consultation by professionals Domestic Offices： Provide information of local economies Provide information of incentives of local municipalities Support “Top Sales” of local municipalities abroad INVEST JAPAN website Provide temporary office facilities Seminars and symposiums 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 Copyright (C) 2014 JETRO. All rights reserved. 16
- 17. Conference room To increase inward FDI
- 18. The center unifies the procedures that foreign companies and startups need to complete to establish a business. This is a first for our country. （Run by the Cabinet Office and Tokyo Metro. Govt.) Through personalized service provided by staff knowledgeable in administrative procedures and experts, the center helps to facilitate the prompt completion of various filing procedures required when starting a business, including those for company registration and notification of incorporation, taxes, social security, and immigration. Tokyo Business Establishment One-Stop Center (Opened on Apr. 1, 2015) Facilitate fast startups with face to face service. Company Registration National and Metropolitan Tax Immigration Employment Insurance Labor Insurance Health and Pension Insurance Copyright (C) 2015 JETRO. All rights reserved. 18 To increase inward FDI TOBEC opening ceremony on March 31, 2015 Attended: Prime Minister Abe, Mr. Masuzoe, Governor of Tokyo Mr. Ishiba, Minister of State for Special Missions Mr. Ishige, Chairman and CEO of JETRO
- 19. Copyright (C) 2014 JETRO. All rights reserved. 19 03-3582-4684 http://www.jetro.go.jp/en/invest/hotline/ Invest Japan Hotline JETRO will arrange meetings with the relevant authorities and provide comprehensive support. Consultation regarding investing in Japan Consultation regarding investing in Japan and regulatory reform requests from foreign companies JETRO will submit requests for regulatory reforms to the Cabinet Office and METI. Requests for regulatory reforms 国際的に見た日本の対内直接投資の現状Invest Japan Hotline
- 20. 20 Further Information □Japan Economic Policies (Abenomics) <Abenomics: We Are Accelerating the Implementation of Our Committed Reforms> http://www.kantei.go.jp/jp/singi/keizaisaisei/pdf/kaikakudankouEN.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.
Editor's Notes
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- ＜References＞ ①Economic and fiscal policies of Abe administration (Cabinet Office). (Japanese) http://www5.cao.go.jp/keizai1/abenomics/abenomics.html (English）http://www5.cao.go.jp/keizai1/2013/20130614item_02.pdf ②A: On 20years of stagnation B：on new decade of revival “Basic Policies for Economic and Fiscal Management and Reform”（2013/06/14, the Cabinet Office) (Japanese) http://www5.cao.go.jp/keizai-shimon/kaigi/cabinet/2013/2013_basicpolicies.pdf (English）http://www5.cao.go.jp/keizai1/2013/20130614_2013_basicpolicies_e.pdf C：On launch of Abe administration ～ Jun 2014 “Basic Policies for Economic and Fiscal Management and Reform”（2014/06/24, the Cabinet Office) (Japanese) http://www5.cao.go.jp/keizai-shimon/kaigi/cabinet/2014/2014_basicpolicies.pdf (English) JETRO translated from Japanese A:Page 5（Page in the index: 1） “Over the past 20 years or so, since the critical turning point of the bursting of the economic bubble at the start of the 1990s, Japan’s economy generally has resigned itself to low economic growth. Over this period Japan’s real gross domestic product (real GDP) grew by just 0.8%, while its nominal GDP shrunk by 0.2% and real gross national income (real GNI), which indicates the size of the Japanese people’s real purchasing power, also showed a low rate of growth at just 0.6%, for the lowest performance among OECD states.” B:Page 10 （Page in the index: 6） “Over the coming decade (from fiscal 2013 through fiscal2022), nominal GDP growth of roughly 3% and real GDP growth of roughly 2%, on average, will be realized. The goal will be to achieve even higher growth in the second half of the 2010s. In this way, it is expected that real gross national income (real GNI), an indicator of real buying power, will grow by more than 2% over the medium to long term.” C:① Page 7 (Page in the index: 1） “Japan’s economy has suffered from low economic growth and long lasting deflation for 20 years. In order to bring swift end to deflation and revitalize Japan’s economy, The Abe administration has been carrying out the new economic policies (Abenomics), namely the “three arrows” policies of bold monetary policy, flexible fiscal policy and growth strategy that promotes private investment.” ② Page 7 (Page in the index: 1） “Japan’s real GDP, partially owing to the “three arrows” policy, has been growing for 6 consecutive quarters. During this period, the business conditions, including small and medium sized businesses, have drastically improved, and investment in plant and equipment is also increasing. Also, in all regions the economic conditions are greatly improving. Regarding employment, the job opening ration has reached its highest of 7 years at 1.6 and unemployment rate is down to below 4%, which show steady improvements.” ③Page 8. (Page in the index: 2） “In order to end deflation completely, the government will carry out the first two arrows with strength, and strive for continuous improvement of demand. Now that the gap between supply and demand is closing with the economic improvement brought by through Abenomics, this is the time for encouraging the main players of the economy, namely individuals and businesses, to challenge in areas such as employment, investment and broader projects, and further dive forward the third arrow, the growth strategy.” ★ Unemployment rate: Lowest in the past 20 years, 3rd from the bottom among OECD countries. ＜Data Reference＞ Real GDP： Refer to page 28. New job opening ration： The Ministry of Health, Labour and Welfare http://www.mhlw.go.jp/stf/houdou/0000065919.html Unemployment： Refer to Page 32.
- <References> Wording： “Abenomics is progressing!” (Japanese) http://www.kantei.go.jp/jp/topics/2014/20140611zenshin_abenomix.pdf Page16 (English) http://japan.kantei.go.jp/letters/message/abenomics/AbenomicsisProgressing_JP.pdf Page25 ＧＤＰ forecast: Refer to P. 19 *Numbers are based on the data in the appendix.
- ＜Data Reference (Japanese only)＞ The Cabinet Office http://www.esri.cao.go.jp/jp/sna/data/data_list/sokuhou/files/2015/qe151/gdemenuja.html Latest data: 2015.1Q revised (2015 Jan. 8) ---------------------------------------------------------------------------------------------------------------------------------------- 内閣府ホーム > 統計情報・調査結果 > 国民経済計算（GDP統計） > 統計データ > 統計表（四半期別GDP速報） > 2015年（平成27年） > 統計表一覧（2015年1-3月期 1次速報値） http://www.esri.cao.go.jp/jp/sna/data/data_list/sokuhou/files/2015/qe151/gdemenuja.html ※最終データ： 2015.1Q（2015年5月20日発表平成6年1-3月期～平成27年1-3月期1次速報値 （平成17年基準） ☆参考：データ更新に関するガイド（2014/2/6 JAA 渡辺） （四半期別実質GDP成長率） 内閣府「国民経済計算（GDP統計） 」→「統計表（四半期別GDP速報）」のうち最新年を選択。 （http://www.esri.cao.go.jp/jp/sna/data/data_list/sokuhou/files/files_sokuhou.html） 最新公表分の「統計表一覧」を選択。 2つ目のブロック「増加率」→「年率換算の実質季節調整系列(前期比)」を選択 エクセル表B列「国内総生産(支出側)」の該当数値を使用（過去に遡及して数字が変更となることから、必ず全データを更新すること。
- ＜Additional information for presentation＞ ○Heightened expectations for economic recovery by government policies and improved outlook for earnings of export companies by the yen’s depreciation has driven a historic increase. ＜Data Reference＞ Yahoo Finance: Nikkei Stock Average Price http://stocks.finance.yahoo.co.jp/stocks/history/?code=998407.O ※Last updated data：2014/12/30 ①“Abenomics: We are Accelerating the Implementation of Our Committed Reforms”. The Cabinet Office, Nov. 2014 http://www.kantei.go.jp/jp/singi/keizaisaisei/pdf/kaikakudankouEN.pdf ②日本経済新聞 2015年6月1日 「東証大引け、12日続伸 27年ぶり長期上昇、15年ぶり高値 」 http://www.nikkei.com/markets/kabu/summary.aspx?g=DGXLASS0ISS16_01062015000000
- <Data Reference> ①The Bank of Japan “Tankan” http://www.boj.or.jp/statistics/tk/index.htm/ ②Note Reference “Abenomics” is Progressing! http://japan.kantei.go.jp/letters/message/abenomics/AbenomicsisProgressing_JP.pdf Page 25 *Latest data: 2015.1Q -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ☆参考：データ更新に関するガイド （短観） ①四半期別の最新発表月分は（http://www.stat.go.jp/data/roudou/rireki/gaiyou.htm）で確認。 ②時系列の四半期別データは時系列統計データ検索サイト（http://www.stat-search.boj.or.jp/index.html#）で「短観」アイコンをクリック、グラフ直下の「データ表示」→「時系列データ表示（四半期）」で数字を抽出。 ※最終データ： 2015.1Q（2015年4月1日掲載「2015年3月調査」） 2015.2Q公表予定は3ヵ月後
- <Additional information for presentation> Continuous decline in total employment rebounding Stagnant jobs-to-applicants ratio turned into 1.06 ( over 1.0 ) in 2013.4Q Unemployment rate steadily improving <Data reference> ①Unemployment (Japanese Only) The Ministry of Health, Labor and Welfare http://www.stat.go.jp/data/roudou/rireki/gaiyou.htm ②Jobs-to-applicants ratio (Japanese Only) The Ministry of Internal Affairs and Communications http://www.stat.go.jp/data/roudou/rireki/gaiyou.htm Latest Data:: 2015 1Q --------------------------------------------------------------------------------------------------------------- ☆参考：データ更新に関するガイド （（就業者数・完全失業率） ①最近の数値は四半期のため、「労働力調査 過去の結果の概要」http://www.stat.go.jp/data/roudou/rireki/gaiyou.htm の三列目「四半期平均」PDFの結果概要[全国]項目で確認。 もしくは、直近分は「労働力調査」トップページhttp://www.stat.go.jp/data/roudou/index.htm の更新情報で確認。 （有効求人倍率） 直近の四半期分、過去の年平均分共に同じエクセル表から参照。厚生労働省「一般職業紹介状況」（http://www.mhlw.go.jp/toukei/list/114-1.html） の「集計結果」→「統計表一覧」→「最新月分」（12月公表分はhttp://www.e-stat.go.jp/SG1/estat/List.do?lid=000001117042） →エクセル表「3.有効求人倍率（実数及び季節調整値）」内の該当値を確認。 ※最終データ：（完全失業率） 2015年5月29日公表「労働力調査（基本集計）平成27年(2015年) 1～3月期平均（速報）」 （有効求人倍率） 2015年5月29日公表「一般職業紹介状況（平成26年6月分及び平成27年1月～3月平均）」
- <Additional information for presentation> With consumer prices, which had been stagnant for nearly 20 years, holding firm, Japan is in the process of ending deflation. （Cabinet Office “Related Cabinet Meeting Materials on Economic Monthly Reports” (Dec. 24. 2013)） ＜Reference＞ The Cabinet Office (The Cabinet Ministers’ conference on monthly economic reporting,) Published 2013/12/24 (Japanese only, translated by JETRO) http://www5.cao.go.jp/keizai3/getsurei/2013/12kaigi.pdf Page 2 ＜Data reference＞ Statistics Japan (The Ministry of Internal Affairs and Communications) （http://www.e-stat.go.jp/SG1/estat/List.do?bid=000001033700&cycode=0） *Latest Data: 2014 (Annual)( Released on 2015, Jan 30)
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- ＜Reference＞ ① The government’s forecast “Abenomics: We are Accelerating the Implementation of Our Committed Reforms”. The Cabinet Office, Nov. 2014 http://www.kantei.go.jp/jp/singi/keizaisaisei/pdf/kaikakudankouEN.pdf ②Chart: Japan Center of Economic Research “ESP Forecast Survey” (May. 2015) http://www.jcer.or.jp/esp/ ＜Newspaper articles＞ Nikkei Nov 18th, 2014 「景気足踏み、回復うかがう 」 http://www.nikkei.com/article/DGKKASGC17H10_X11C14A1MM8000/ Nikkei Nov 18th, 2014 「消費押し上げに重点 経済対策２～３兆円」 http://www.nikkei.com/article/DGXLASFS17H4Z_X11C14A1EE8000/
- <References> ①Government’s Outlook (All material in Japanese Only and translated by JETRO) Council on Economic and Fiscal Policy 2014.11.4 “Material Presented by Mr. Kuroda” ②Japan Center for Economic Research “ESP Forecast (Dec 2014)” Published: 2014/12/5 http://www.jcer.or.jp/esp/ ③IMF：World Economic Outlook Database （http://www.imf.org/external/pubs/ft/weo/2013/02/weodata/weoselser.aspx?c=158&t=1） ④World Bank：Country and region specific forecasts and data （http://www.worldbank.org/en/publication/global-economic-prospects/data）
- ＜References＞ ①The Financial Times “Japan setback will not be the end of Abenomics” 2014/11/23 http://www.ft.com/cms/s/0/34a76ece-7176-11e4-b178-00144feabdc0.html#axzz3OfrsNBja “Talk that Abenomics has failed is premature. Prices are in stable positive territory for the first time in 15 years, albeit so far largely because of a weaker yen and higher import prices. The latest recession notwithstanding, corporate Japan is making near record profits and there is virtually full employment. The latest wobbles aside, Japan still has the best chance in a generation to slay deflation. Now is the time to press more determinedly ahead, not to waver..” ②Businesslife.co “The fall and rise of Japan” 2015/01/05 http://www.businesslife.co/Features.aspx?id=the-fall-and-rise-of-japan “So, just how much does Japan’s recovery owe to the impact of Abenomics? Well, a great deal, according to Ian Heslop, Head of Global Equities at Old Mutual. “I would say the recovery is indeed on the back of Abenomics. In 2012 we saw a change in government, a change in fiscal and monetary policy and a change in risk appetite from Japanese investors. Valuations of Japanese equities aren’t massively expensive and there’s still growth potential. Core inflation is going in the right direction. The Japanese economy has come a long way in 18 months.”” ③The Wall Street Journal “How the IMF’s Christine Lagarde Sees the World’s Economic Hot Spots” 2014/12/08 http://www.wsj.com/articles/how-the-imfs-christine-lagarde-sees-the-worlds-economic-hot-spots-1418099682 “MR. BAKER: Is Japan going to get back on track? MS. LAGARDE: You have to give them the credit of trying something that was really hard, and is still very hard. Where clearly it’s a bit short on the delivery is both on the structural reforms and fiscal commitment. Our sense is that once the election is over, and hopefully [Abe’s] hand will be stronger, he comes back to the fiscal plan.”
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- <Reference> “Japan Revitalization Strategy – Japan is Back-” http://www.kantei.go.jp/jp/singi/keizaisaisei/pdf/en_saikou_jpn_hon.pdf Page 28 “Abenomics” is progressing! <in details> <The Path Towards Growth> (Japanese Only, Translated by JETRO) http://www.kantei.go.jp/jp/headline/seicho_senryaku2013.html (3) Strategy of Global Outreach http://www.kantei.go.jp/jp/headline/seicho_senryaku2013_plan3.html
- IBSCs are located in six major cities of Japan. At each IBSC, experienced staff and advisors provide information making use of broad networks, and offer consultation according to your company’s needs. IBSCs offer these and other services, including temporary office space for both foreign firms that are new to Japan and those already operating in the country.
- - As part of the National Strategic Special Zone legislature, the Tokyo One-Stop Business Establishment Center was opened on the 7th floor of JETRO Tokyo HQ in April. The center unifies the various filing procedures required for incorporation and business start-ups in Tokyo, which facilitates foreign companies to complete the procedures promptly at one place: procedures such as company registration, taxes, social security, and immigration. 2 other facilities are located on the same floor; Business Development Center Tokyo, and Tokyo Employment Consultation Center. The opening ceremony was held on March 31, attended by Prime Minister Abe, Governor Masuzoe, Minister Ishiba, and EBC Chairman Risberg.