Japan WT/TPR/S/276 
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  I. ECONOMIC ENVIRONMENT 
(1) MAIN ECONOMIC DEVELOPMENTS  
1. Exports have often been a main source of growth for Japan's economy.  Between 2002 and 
2007, real GDP grew at an average annual rate of approximately 1.8%, underpinned by exports, which 
grew at an average annual rate of over 9% during the same period.  In the aftermath of the global 
economic crisis in 2008, exports collapsed, resulting in the Jap anese economy contracting in 2008 and 
2009.  Recovery in 2010 was again export-led.  Th e earthquake and tsunami in 2011 resulted in sharp 
declines in private consumption and stock building, and widespread supply chain disruptions affecting 
production across the country, particularly in ex port dominant sectors, su ch as automobiles and 
electronics.  Production was also af fected by the shutdown of nucl ear power plants, while exports 
were impacted by the floods in Thailand.  Against this background, exports declined and the economy 
contracted in 2011 (Table I.1). 
Table I.1 
Selected macroeconom ic indicators, 2007-11  
  2007 2008 2009 2010 2011 
(% change, unless otherwise indicated) 
National accounts 
Real GDP 2.2 -1.0 -5.5 4.5 -0.8 
   Domestic demand 1.1 -1.3 -4.0 2.8 0.1 
        Private consumption 0.9 -0.9 -0.7 2.6 0.1 
        Government consumption 1.1 -0.1 2.3 2.2 2.0 
   Gross fixed investment 0.3 -4.1 -10.6 0.1 0.8 
   Exports of goods and services 8.7 1.4 -24.2 24.3 -0.1 
   Imports of goods and services 2.3 0.3 -15.7 11.2 6.3 
Exports of goods and services (% of GDP)a 17.8 17.7 12.7 15.2 15.2 
Imports of goods and services (% of GDP)a 16.1 17.5 12.3 14.0 16.1 
Employment 0.5 -0.4 -1.6 -0.4 -0.1b 
Unemployment rate (annual average) 3.9 4.0 5.1 5.1 4.5b 
Household disposable income (% change) 0.2 -0.9 -1.1 0.4 .. 
Prices and interest rates  
Consumer prices (CPI)  (% change) 0.0 1.4 -1.4 -0.7 -0.3 
GDP deflator (% change) -0.9 -1.3 -0.5 -2.2 -2.1 
Basic discount rate and basic loan  rate (%) 0.8 0.3 0.3 0.3 0.3 
Exchange rate (annual average, ¥ per US$) 117.8 103.3 93.5 87.8 79.8 
(% of GDP) 
Fiscal balance 
Revenue  31.2 31.6 29.6 29.6 30.6 
Expenditure  33.3 35.7 40.0 39.0 40.7 
Balance -2.1 -4.1 -10.4 -9.4 -10.1 
Primary balance -2.1 -3.8 -9.9 -8.7 -9.2 
    Excluding social security -1.1 -2.7 -8.1 -7.1 -7.3 
Government debt, gross 183.0 191.8 210.2 215.2 229.8 
Saving and investment 
National saving (gross) 27.5 25.9 22.1 22.9 .. 
Domestic investment (gross) 22.9 23.0 19.7 19.8 .. 
Table I.1 (cont'd) WT/TPR/S/276 Trade Policy Review 
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    2007 2008 2009 2010 2011 
Current account balance 4.9 3.3 2.9 3.7 2.0 
    Goods balance 2.4 0.8 0.9 1.7 -0.3 
         Exports 15.5 15.4 10.9 13.3 13.4 
         Imports 13.1 14.6 9.9 11.6 13.7 
    Services balance -0.5 -0.4 -0.4 -0.3 -0.4 
    Income balance 3.2 3.2 2.7 2.6 3.0 
    Net transfer balance -0.3 -0.3 -0.2 -0.2 -0.2 
Capital and financia l account balance -4.4 -3.7 -3.0 -3.7 0.3 
Capital account -0.1 -0.1 -0.1 -0.1 0.0 
Financial account -4.3 -3.6 -2.9 -3.6 0.2 
        Direct investment -1.2 -2.2 -1.2 -1.1 -2.0 
Reserve assets -0.8 -0.6 -0.5 -0.8 -3.0 
 
.. Not available.  
a Percentage distribution in annual nominal GDP. 
b Devastated quake-hit prefectures (Iwate, Miyagi a nd Fukushima) are not included in the figures for 2011. 
 
Source:  Information provided by the Japanese authorities;  Cabinet Office online information;  and IMF (2012), Country 
 Report No. 12/208 . 
2. The Japanese economy has rebounded since then and r eal GDP growth is expected to be 2.4% 
in 2012.1  Recent growth has not been driven by expo rts, but has come on the back of reconstruction 
spending, consumer spending (helped by govern ment subsidies for environmentally friendly 
automobiles), and inventory building in the wake of  supply chain disruptions.  However, the recovery 
is fragile, with the Japanese economy being susceptib le to shocks in the global economic environment 
especially in key trading partners such as the EU and China. 
3. To be able to sustain growth in the medium  to longer term, domestic demand will need to 
continue to drive growth.  Other challenges to longe r term growth include very high public debt, the 
rapidly aging population, and deflation.  To ove rcome these challenges, the Japanese economy will 
need to undergo structural reforms, inter alia,  to improve productivity in the services sector, reform 
the labour market, and reform taxation. 
(2) MACROECONOMIC POLICIES  
4. In response to the earthquake and tsunami, th e national and local governments have adopted 
FY2011 supplementary budgets a nd FY2012 initial budget amounting to approximately ¥17 trillion 
(about 3.6% of GDP).2  Reconstruction is expected to be ar ound 4% of GDP.  Initially, reconstruction 
was financed through contingency reserves, reprio ritized spending, and a temporary reduction in the 
Government's contributions to the pension fund.3  However, under the Basic Guidelines for 
Reconstruction in Response to the Great East Japan  Earthquake, reconstruction is to be financed 
through a combination of reduced government e xpenditures, non-tax revenues, and temporary tax 
measures.  Nonetheless, expenditures rose to 40.7% of GDP in 2011, while revenues rose much more 
modestly to 30.6% of GDP;  consequently, the fiscal deficit in 2011 was in excess of 10% of GDP, 
while gross government debt reached nearly 230% of  GDP.  The fiscal deficit is expected to widen 
slightly in 2012 on account of c ontinued reconstruction spending .4  Furthermore, over the longer term, 
                                                      
1 IMF (2012). 
2 Information provided by the authorities. 
3 IMF (2011). 
4 IMF (2012). Japan WT/TPR/S/276 
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  expenditures related to pension and health care are e xpected to continue to rise due to Japan's rapidly 
aging population. 
5. Other than rebuilding the physical infrastructur e, the focus of the Government's rebuilding 
strategy is on job creation.  In this respect, the authorities have identified the creation of new 
innovative industries through the utilization of "r econstruction special zones" and private sector 
funds.5  Industries targeted include:  environmentall y friendly industries, life sciences, science and 
technology, and information and communications sect ors.  The authorities are also focusing on small 
and medium enterprises (SMEs) as an engine of gr owth and revitalization.  In this regard, the 
Government made sure that financing lines remain ed open after the disaster and is also considering 
making start-up capital more easily available.  In or der to realize the above, the Government has also 
consented to the Program for Promoting Japan as an  Asian Business Center and Direct Investment 
into Japan (Chapter II).  In the wake of the nuclear  disaster, the Government is also in the process of 
reviewing its energy strategy and mix.  This is  also seen as an avenue for reconstruction and 
revitalization.  In September 2012, the authorities i ssued the Innovative Strategy for Energy and the 
Environment.  These policies form the basis of Japan 's energy strategy, which is governed by three 
underlying principles:  realization of a society not dependent on nuclear power;  realization of a green 
energy revolution;  and stable supply of energy. 
6. With respect to monetary policy, the Bank of Japan (BOJ) maintained an accommodative 
stance during the period under review so as to  stimulate domestic demand.  The accommodative 
monetary policy was enabled by the deflationary environment in Japan.  With a view to further 
increasing monetary easing, the BOJ increased th e size of the asset purchase programme, which 
totalled ¥91 trillion in October 2012.6  Other measures, including "special rules" such as the 
establishment of ¥0.5 trillion line of credit to encour age asset-based lending by financial institutions, 
have been instituted by the BOJ, to "strengthen the foundations of economic growth".  Measures taken 
by the BOJ in response to the earthquake and ts unami were unprecedented.  The BOJ introduced a 
new ¥1 trillion loan programme to support lending activ ities of financial institutions in the affected 
regions. In the immediate aftermath of the disaster  the BOJ also made available ¥21.8 trillion yen of 
short-term liquidity, much more than that inject ed after the Lehman crisis.  The BOJ announced in 
February 2012 that it would continue with a zero in terest rate policy and implement an asset purchase 
programme until it judges that an annual inflation rate  of 1% is "in sight".  These announcements have 
signaled that Japan is moving towards making use of  "inflation targeting".  In October 2012, the 
Government and the BOJ released a joint statement, which stated that they would work together and 
make their utmost efforts to overcome deflation.   "All items" CPI reached 0.4% in April 2012, due 
mainly to higher fresh food and petroleum pr ices;  "all items" CPI was -0.4% in July 2012 , as fresh 
food and petroleum prices dropped. 
7. The nominal exchange rate of the yen against the U.S. dollar continued to appreciate during 
the review period (2011-12) albeit more slowly than in the previous review period (2009-10).7  
Initially the appreciation was due to the unwinding of the yen "carry trade" and later due to safe haven 
flows.  Furthermore, the authorities intervened to the tune of US$120 billion in the foreign exchange 
market in October/November 2011 to counter volatility in exchange rates.  It would appear that the 
                                                      
5 As of 28 September 2012, plans for 22 special zones had been approved. 
6 Bank of Japan online information.  Viewed  at:  http://www.boj.or.jp/en/announcements/ 
release_2012/k121030a.pdf. 
7 Between September 2008 and November 2010 the exchange rate rose from ¥109 per U.S. dollar to 
¥81 per U.S. dollar;  however, since then it has appreciated more slowly and was trading at ¥78 per U.S. dollar 
in September 2012. WT/TPR/S/276 Trade Policy Review 
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  appreciation in the exchange rate has eroded the international competitiveness of Japanese exports to 
some extent, as Japan recorded  a trade deficit in 2011, the first time in three decades. 
(3) STRUCTURAL POLICIES  
8. To be able to sustain growth in the futu re, the Japanese economy will need to undergo far-
reaching structural reforms focused on improving productivity in the services sector;  and addressing 
the duality in the labour market between regular and non-regular workers, which has resulted in 
depressed incomes and increasing revenues through comprehensive tax reforms.8  The authorities 
have initiated certain reforms th at address the above concerns. 
9. The Government's fiscal strategy is to put the public-debt-to-GDP ratio on a declining trend.  
To achieve this, the authorities aim to halve the primary deficit to GDP ratio by FY2015 and realize a 
primary surplus by FY2020.  In this regard, the Diet has approved a bill that would increase the 
consumption tax rate from the current 5% to 8%  in April 2014 and to 10% in October 2015.  
However, according to IMF estimates, this, togeth er with a planned cut in expenditure, would only 
reduce the primary deficit to 5% of GDP by 2020, while a fiscal adjustment of 10% of GDP over the next decade is necessary to put th e public-debt-to-GDP ratio firmly  on a downward path.  Japan has 
one of the lowest tax-to-GDP ratios in the OECD , which provides for ample space to broaden the tax 
base.  Options that could be considered by th e Government include:  reducing the exemption for 
pension income;  eliminating the tax deduction for dependent spouses;  and reducing benefits 
provided to wealthy retirees.
9  However, the authorities state that  they are not currently considering 
these options.  In a bid to reduce expenditure, options  to raise the pension retirement age (e.g. to 67) 
or collect contributions from dependent spouses have been debated publically in Japan.10  
10. The authorities are also considering options to increase the labour force, these include 
increasing female participation by provid ing better and more childcare facilities11;  promoting the 
employment of the elderly by obliging employers to ensure stable employment until the age of 65, and through the recently introduced "points-based pr eferential treatment for highly skilled foreign 
professionals in immigration procedure".  In additi on, labour market mobility and fairness could be 
facilitated by the recently revised Labour Contract Act, which introduces a new rule that promotes 
changing fixed-term contracts to open-ended contracts.  This s hould facilitate the employment of 
young workers and help narrow the gap be tween regular and non-regular workers. 
11. In addition to the Program for Promoting Jap an as an Asian Business Center and Direct 
Investment into Japan, the authorities have announced a cut in the corporation tax rate in April 2012, 
to improve incentives to invest (Chapter III(3)).  Ho wever, strict and complicated domestic sector 
regulations and the limited availability of risk capita l continue to be cited as serious impediments to 
investment.   
(4) D
EVELOPMENTS IN TRADE AND FOREIGN DIRECT INVESTMENT  
12. Japan's current account surplu s decreased from US$147 billion in 2009 (2.9% of GDP) to 
US$119 billion in 2011 (2% of GDP), reflecting a narrowing of the gap between gross national 
savings and gross domestic investment (Table I.2).  This decline mainly reflects the sharp fall in the 
                                                      
8 For details see WTO document WT/TPR/S/243/Rev.1 May 2011. 
9 IMF (2012). 
10 IMF (2012). 
11 The authorities plan to increase childcare services, including by merging kindergarten and childcare 
systems. Japan WT/TPR/S/276 
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  trade account, where Japan recorded a deficit for the first time since 1980.  The deficit was due to a 
disruption in exports because of the devastation cau sed to export industries situated in the area 
affected by the earthquake and tsunami, an apprecia ting yen, and floods in Thailand.  In addition, 
imports rose on account of reconstr uction spending and increased fuel imports due to the halt in 
nuclear power production. 
13. In 2011, the share of exports of goods and ser vices in GDP was 15.9% (15.8% in 2010), while 
the share of imports was 16.6% (14% in 2010).12  These shares have increased since 2009, with 
imports rising faster (mainly due to higher fuel impor ts).  Japan continues to  be the world's fourth 
largest exporter (counting the European Union as one) and importer of goods.  Th e deficit in services 
trade has increased since 2009.  This is due mainly to higher travel and transport payments, as more 
Japanese travelled abroad because of the stronger ye n.  The deficit was US$22.3 billion in 2011 (0.4% 
of GDP).  Trade in services as a proportion of GDP has remained slightly over 5% since 2009. 
Table I.2 
Balance of payments, 2007-11 
(US$ billion)  
  2007 2008 2009 2010 2011 
Current account balance 211.7 159.4 147.0 203.9 119.1 
    Goods balance 104.8 38.1 43.6 91.0 -20.6 
        Exports 678.1 746.5 545.3 730.1 787.0 
        Imports 573.3 708.3 501.7 639.1 807.6 
    Services balance -21.3 -20.8 -20.4 -16.1 -22.3 
        Credit 129.1 148.8 128.3 141.5 145.4 
             Transportation 42.0 46.8 31.6 39.0 38.3 
             Travel 9.3 10.8 10.3 13.2 11.0 
             Other 77.8 91.1 86.4 89.3 96.0 
        Debit 150.4 169.5 148.7 157.6 167.7 
             Transportation  49.0 54.0 40.6 46.5 49.5 
             Travel 26.5 27.9 25.2 27.9 27.3 
             Other 74.8 87.7 83.0 83.1 90.9 
    Income balance 139.7 155.1 136.2 141.5 175.8 
        Credit 200.7 214.8 180.0 181.8 227.3 
             Compensation of employees 0.1 0.2 0.2 0.2 0.2 
             Investment income 200.5 214.7 179.9 181.7 227.1 
        Debit 61.0 59.8 43.9 40.4 51.5 
             Compensation of employees, debit 0.2 0.2 0.2 0.2 0.3 
             Investment income, debit 60.8 59.6 43.7 40.2 51.3 
    Current transfers -11.5 -13.0 -12.4 -12.4 -13.8 
        Credit 6.8 9.1 9.5 10.1 13.1 
        Debit 18.3 22.1 21.9 22.5 26.9 
Capital and financial account -227.8 -209.1 -162.1 -179.3 -93.7 
Capital account -4.0 -5.5 -5.0 -5.0 0.5 
     Credit 0.7 0.6 1.1 0.9 7.6 
        Capital transfers 0.2 0.2 0.2 0.1 5.1 
        Non-produced non-financial assets, credit 0.5 0.4 0.9 0.8 2.5 
     Debit -4.7 -6.1 -6.1 -5.8 -7.1 
        Capital transfers -3.0 -4.0 -2.8 -3.9 -4.6 
        Non-produced non-financial assets, credit -1.7 -2.1 -3.3 -2.0 -2.5 
Table I.2 (cont'd)
                                                      
12 Based on the most recent data available. WT/TPR/S/276 Trade Policy Review 
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    2007 2008 2009 2010 2011 
Financial account  -223.8 -203.5 -157.1 -174.3 -94.2 
    Direct investment -51.3 -106.3 -62.8 -58.6 -117.4 
        Direct investment abroad -73.5 -130.8 -74.6 -57.2 -115.7 
        Direct investment in Japan 22.2 24.6 11.8 -1.4 -1.7 
    Portfolio investment 73.1 -292.6 -216.5 -151.0 161.1 
        Assets -123.5 -189.6 -160.2 -262.6 -103.1 
        Liabilities 196.6 -103.0 - 56.3 111.6 264.1 
    Financial derivatives 2.8 24.8 10.5 11.9 17.1 
        Assets 188.5 271.9 333.9 403.5 407.5 
        Liabilities -185. 7 -247.2 -323.3 -391.5 -390.4 
    Other investment -211.9 201.5 138.6 67.2 21.8 
        Assets -260.8 139.5 202.7 -130.1 -92.7 
        Liabilities 48.9 62.0 -64. 2 197.3 114.4 
    Reserve assets -36.5 -30.9 -26.9 -43.9 -176.6 
Net errors and omissions 16.1 49.6 15.0 -24.6 -25.4 
 
Source : Information provided by the Japanese authorities. 
(i) Composition of merchandise trade 
14. Manufactures continue to dominate Japan's exports, accounting for 88.1% of total 
merchandise exports in 2011, up from with 87.5% in  2009 (Chart I.1).  During 2009-11, machinery 
and transport equipment remained Japan's most important merchandise export, accounting for 58.3% 
of the total in 2011 (Table AI.1).  Within ma nufactures, the shares of office machines and 
telecommunication equipment declined considerab ly, while the shares of other non-electrical 
machinery and automotive products increased.  Go ing forward, export performance might be 
adversely affected as the slowdown in East Asia, Ja pan's largest export market, sets in;  the authorities 
believe that the weak state of Japan's real e xports is due to the global economic slowdown. 
15. The share of primary products in total mercha ndise imports increased from 46.2% in 2009, to 
51.4% in 2011.  The increase was due to an increase in fuel imports, which were necessitated by the 
halt in nuclear power production in the aftermath of the earthquake a nd tsunami in March 2011.  On 
the other hand, the share of manufactures declined, with machinery and transport equipment declining 
from 23% of total imports in 2009 to 20.8% in 2011 (Table AI.2). 
(ii) Direction of merchandise trade 
16. China remains Japan's largest export market, attracting 19.7% of total exports in 2011, up 
from 18.9% in 2009 (Chart I.2).  The share of Asia as a whole as an export destination also continued 
to rise, which in turn helped to  increase APEC's share to 76.1% (from 74.8%).  In contrast, the shares 
of both the United States and EU (27) declined, owi ng mainly to the global economic crisis.  China's 
share has increased steadily since 2007 (Table AI.3). 
17. China's share in Japan's merchandise imports de creased to 21.5% in 2011 (22.5% in 2009), 
but it remains Japan's largest trading partner.  The share of goods imported by Japan from Asia 
increased, although not as much as exports, while the share of imports from the Middle East showed a 
considerable increase, mainly due to increased fuel imports.  On the other hand, the share of imports 
from the United States and EU (27) declined (Table AI.4). 
 Japan WT/TPR/S/276 
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  Chart I.1
Composition of merchandise trade, 2009 and 2011
2009 2011
(a)    Exports (f.o.b.)
Other consumer
goods
8.7
Manufactures
87.5
Total:   US$580.7 billion Total:  US$823.3 billion
(b)    Imports (c.i.f.)
Chemicals
8.8Transport
equip.
3.3
Manufactures
51.7Office machines &
telecom. equipment
11.2Other electrical
machines
3.8
Non-electrical 
machinery
4.6Textiles & clothing
5.9
Other mining
6.3
Fuels
27.6Non-electrical
machinery
4.2
Other  1.6Other electrical 
machines 
3.4Office machines & 
telecommunication equip.
10.6
Other semi-manuf.   
4.9Transport 
equipment
3.0
Chemicals
8.8Manufactures
47.1Office machines &
telecom. equipment 
10.2
Total:   US$552.0 billion Total:   US$854.6 billion Per cent
Manufactures
88.1Other transport 
equipment
6.2
Other electrical
machines
6.2
Iron & steel  
5.7Other electrical 
machines
6.4
Other consumer
goods  7.5
Other  2.0Mining
4.6
Office machines & 
telecommunication
equipment
13.6Automotive products
17.8
Other  6.0
Other semi-
manufactures
4.8Non-electrical 
machinery
17.1Agriculture 1.3
Iron & steel
5.4
Source :  UNSD, Comtrade database (SITC Rev.3).Other  consumer
goods  9.2
Mining
40.2Other consumer
goods
9.0Automotive products
18.3
Other semi-
manufactures
4.7Non-electrical
machinery
13.6
Other semi-manuf.
4.9Mining 
4.4Agriculture  1.4
Agriculture
11.2Agriculture
12.3
Mining
33.9Chemicals 
10.6Chemicals 
10.3Other 
6.7
Textiles & clothing 
4.9
Other mining
8.1
Fuels
32.1Other transport 
equipment
6.8
 WT/TPR/S/276 Trade Policy Review 
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  (iii) Foreign direct investment 
18. Japan's inward FDI remains substantially lowe r than outward FDI, and low compared with 
other developed economies.13  After recording inflows between 2007 and 2009, inward FDI showed 
outflows of US$1.4 billion in 2010 and US$1.8 billion in 2011.  On the other hand, Japan's outward 
FDI more than doubled in 2011, to US$116 billion, (from US$57 billion in 2010), presumably due to 
an appreciating yen and low returns in the domestic economy.  The stock of inward FDI has remained 
static at approximately 3.9% of GDP since 2009, wh ile the stock of outward FDI rose to 16.0% of 
GDP in 2011, from 14.5% of GDP in 2009. 
19. The EU remains the largest investor in Japan , accounting for over 42% of inward FDI in 
2011, while the United States accounted for over 31%.  The largest recipient of FDI was the finance 
and insurance sector followed by the electrical mach inery industry and the wholesale and retail sector. 
20. The United States, the EU, China, and the Caym an Islands were the major recipients of 
outward foreign direct investment by Japan in 2011.  The main industries/sectors invested were 
finance and insurance, wholesale and retail trade, chemicals and pharmaceuticals, and transport equipment. 
                                                      
13 UNCTAD (2012).  FDI into Japan in 2011 recorded  an outflow of approximately US$1.8 billion, 
while the United States and the European Union recorded inflows of US$227 billion and US$421 billion, 
respectively.  Inflows into Ch ina amounted to US$124 billion. Japan WT/TPR/S/276 
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  Chart I.2
Direction of merchandise trade, 2009 and 2011
2009 2011
(a)    Exports (f.o.b.)
Other Asia  
10.6Asia
56.8
Total:   US$580.7 billion Total:  US$823.3 billion
(b)    Imports (c.i.f.)
Other
5.0Indonesia
4.0
EU27
10.7United Arab 
Emirates 
4.1
United States
11.0EU27
9.4United Arab
Emirates
5.0Other Asia
11.5
United States
8.9
Total:   US$552.0 billion Total:   US$854.6 billionPer cent
Asia
58.7
Other Asia  
11.7Middle East
3.0China
18.9
Other Middle East
7.9Korea, Rep. of
4.7Korea, Rep. of
4.0United States
16.4Chinese Taipei
6.2
Indonesia
4.0United States
15.5
Source :  UNSD, Comtrade database.China
21.5EU27
11.7Middle East   
3.7
Asia
51.8Asia
51.5China
22.2
Other
5.6Hong Kong, China
5.2
EU27
12.5Hong Kong, China
5.5China
19.7
Other America
6.2
Malaysia
3.6Malaysia
3.0
Australia
6.3Other America
6.7Korea, Rep. of
8.0Korea, Rep. of   
8.1
Other America
5.1Other America
5.4Australia
6.6
Other Asia
12.1Thailand  3.8
Singapore
3.6Chinese Taipei
6.3
Singapore 
3.3Thailand
4.6
Saudi Arabia  
5.3 Saudi Arabia 
5.9Other Middle East
7.4
Middle East
16.8Middle East
18.9Other
5.0Other
3.9