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International Economic Trends

VIEWS: 7 PAGES: 6

									International Economic Trends                                                                                                         Japan

 Real GDP                                                                 Employment
 Percent change from year ago                                             Percent change from year ago
     6                                                                     1


     3
                                                                           0
     0


  -3                                                                       -1


  -6
                                                                           -2
  -9


 -12                                                                       -3
              2006        2007        2008        2009        2010                   2006        2007        2008        2009         2010
         06          07          08          09          10          11         06          07          08          09           10          11




 Consumer Price Index                                                     Unemployment Rate
 Percent change from year ago                                             Percent
     3                                                                    5.5


     2
                                                                          5.0


     1
                                                                          4.5

     0

                                                                          4.0
  -1

                                                                          3.5
  -2


  -3                                                                      3.0
              2006        2007        2008        2009        2010                   2006        2007        2008        2009         2010
         06          07          08          09          10          11         06          07          08          09           10          11




 Monthly Earnings                                                         Current Account Balance
 Percent change from year ago                                             Percent of GDP
     6                                                                     6

     4
                                                                           5
     2
                                                                           4
     0

  -2                                                                       3

  -4
                                                                           2
  -6
                                                                           1
  -8

 -10                                                                       0
              2006        2007        2008        2009        2010                   2006        2007        2008        2009         2010
         06          07          08          09          10          11         06          07          08          09           10          11


                                                                                                                                Research Division
28                                                                                                              Federal Reserve Bank of St. Louis
Japan                                                                                      International Economic Trends

   Adjusted Monetary Base                                                      Interest Rates
   Percent change from year ago                                                Percent
   15                                                                          2.0

   10

    5                                                                          1.5

    0                                                                                       10-Year Government Bonds

    -5                                                                         1.0

   -10

   -15                                                                         0.5

   -20                                                                                                3-Month CDs

   -25                                                                         0.0
              2006        2007           2008        2009        2010                     2006         2007            2008            2009          2010
         06          07             08          09          10          11           06          07               08           09             10               11




   M1                                                                          Exchange Rate and Inflation Differential
   Percent change from year ago                                                Yen/US$                                                               Percent
    6                                                                        126.9                                                                             8.6

                                                                                                             Foreign/US Inflation Differential
                                                                                                                                (right scale)
    4                                                                        116.9
                                                                                                                            |                                  0.0
                                                                                                                            |
                                                                                                                            |


    2                                                                        106.9                                                                           -8.6




    0                                                                         96.9                                                                          -17.2

                                                                                                      Exchange Rate
                                                                                                      (left scale)
    -2                                                                        86.9                                                                          -25.8
              2006        2007           2008        2009        2010                     2006        2007          2008        2009          2010
         06          07             08          09          10          11




   M2                                                                          Real Effective Exchange Rate
   Percent change from year ago                                                Index 2005 = 100
    4                                                                         115


                                                                              110

    3
                                                                              105


                                                                              100
    2
                                                                               95


                                                                               90
    1

                                                                               85


    0                                                                          80
              2006        2007           2008        2009        2010                     2006         2007            2008            2009          2010
         06          07             08          09          10          11           06          07               08           09             10               11


Research Division
Federal Reserve Bank of St. Louis                                                                                                                              29
International Economic Trends                                                                                                                                                       Japan

 GDP
 Percent change from year ago
     6
                                                                                                                   Real
     3

     0

     -3
                                                                                                         Nominal
     -6

     -9

 -12
               93        94        95        96        97        98        99        00        01        02        03        04        05        06        07        08        09        10
          93        94        95        96        97        98        99        00        01        02        03        04        05        06        07        08        09        10        11




 Industrial Production
 Percent change from year ago
 30

 20

 10

     0

 -10

 -20

 -30

 -40
               93        94        95        96        97        98        99        00        01        02        03        04        05        06        07        08        09        10
          93        94        95        96        97        98        99        00        01        02        03        04        05        06        07        08        09        10        11




 Retail Sales
 Percent change from year ago
 10


     5


     0


     -5


 -10


 -15
               93        94        95        96        97        98        99        00        01        02        03        04        05        06        07        08        09        10
          93        94        95        96        97        98        99        00        01        02        03        04        05        06        07        08        09        10        11




 Capacity Utilization
 2005 = 100
 110


 100


 90


 80


 70


 60
               93        94        95        96        97        98        99        00        01        02        03        04        05        06        07        08        09        10
          93        94        95        96        97        98        99        00        01        02        03        04        05        06        07        08        09        10        11



                                                                                                                                                                           Research Division
30                                                                                                                                                         Federal Reserve Bank of St. Louis
Japan                                                                                                                         International Economic Trends

   Monthly Earnings and Output per Worker
   Percent change from year ago
    8
                    Monthly Earnings                                            Output per Worker
    4


    0


    -4


    -8


   -12
              93        94        95         96        97        98        99         00        01        02        03        04        05        06        07        08        09        10
         93        94        95         96        97        98        99         00        01        02        03        04        05        06        07        08        09        10        11




   Labor Force Indicators
   Percent change from year ago*, Percent
    8
                                                                                                                    Unemployment Rate
    6

    4

    2

    0

                                                                                                                               Employment*
    -2

    -4
              93        94        95         96        97        98        99         00        01        02        03        04        05        06        07        08        09        10
         93        94        95         96        97        98        99         00        01        02        03        04        05        06        07        08        09        10        11




   Inflation
   Percent change from year ago
    8

                                                  Consumer Price Index
    4


    0


    -4
                                                                                            Producer Price Index
    -8


   -12
              93        94        95         96        97        98        99         00        01        02        03        04        05        06        07        08        09        10
         93        94        95         96        97        98        99         00        01        02        03        04        05        06        07        08        09        10        11




   Gross Government Debt and Budget Balance
   Percent of GDP, annual data                                                                                                                                   Percent of GDP, annual data
    6                                                                                                                                                                                               215
               Budget Balance
    3                                                                                                                                                                                               185
               (left scale)
    0                                                                                                                                                                                               155

    -3                                                                                                                                                                                              125

    -6                                                                                                                                                                                              95

    -9                                 Gross Debt                                                                                                                                                   65
                                       (right scale)
   -12                                                                                                                                                                                              35
              93        94        95         96        97        98        99         00        01        02        03        04        05        06        07        08        09        10




Research Division
Federal Reserve Bank of St. Louis                                                                                                                                                                   31
International Economic Trends                                                                                                                                                      Japan

 International Trade - Goods and Services
 Percent of GDP
 20


 16
                                                                                                                  Exports
 12


     8
                                       Imports
     4
              93        94        95        96        97        98        99        00        01        02        03        04        05        06        07        08        09        10
         93        94        95        96        97        98        99        00        01        02        03        04        05        06        07        08        09        10        11




 Current Account Balance
 Percent of GDP
     6

     5

     4

     3

     2

     1

     0
              93        94        95        96        97        98        99        00        01        02        03        04        05        06        07        08        09        10
         93        94        95        96        97        98        99        00        01        02        03        04        05        06        07        08        09        10        11




 Foreign Exchange Reserves
 Billions of US$
1250


1000


 750


 500


 250


     0
              93        94        95        96        97        98        99        00        01        02        03        04        05        06        07        08        09        10
         93        94        95        96        97        98        99        00        01        02        03        04        05        06        07        08        09        10        11




 Real Effective Exchange Rate
 Index 2000 = 100
 185

 170

 155

 140

 125

 110

 95

 80
              93        94        95        96        97        98        99        00        01        02        03        04        05        06        07        08        09        10
         93        94        95        96        97        98        99        00        01        02        03        04        05        06        07        08        09        10        11



                                                                                                                                                                          Research Division
32                                                                                                                                                        Federal Reserve Bank of St. Louis
Japan                                                                                                                    International Economic Trends

   Adjusted Monetary Base
   Percent change from year ago
   40

   30

   20

   10

    0

   -10

   -20

   -30
              93        94        95        96         97        98        99         00        01        02        03        04        05        06        07        08        09        10
         93        94        95        96         97        98        99        00         01        02        03        04        05        06        07        08        09        10        11




   Monetary Aggregates
   Percent change from year ago
   40


   30


   20
                                                                                     M1
   10


    0
                                                                                           M2
   -10
              93        94        95        96         97        98        99         00        01        02        03        04        05        06        07        08        09        10
         93        94        95        96         97        98        99        00         01        02        03        04        05        06        07        08        09        10        11




   Interest Rates
   Percent
    5


    4
                                                 10-Year Government Bonds
    3


    2


    1
               3-Month CDs
    0
              93        94        95        96         97        98        99         00        01        02        03        04        05        06        07        08        09        10
         93        94        95        96         97        98        99        00         01        02        03        04        05        06        07        08        09        10        11




   Stock Exchange Index - Tokyo Stock Exchange
   2005 = 100
  150


  125


  100


   75


   50
              93        94        95        96         97        98        99         00        01        02        03        04        05        06        07        08        09        10
         93        94        95        96         97        98        99        00         01        02        03        04        05        06        07        08        09        10        11



Research Division
Federal Reserve Bank of St. Louis                                                                                                                                                              33

								
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