GDP components · Japan
Japan GDP External Demand QoQ Final
The Japan GDP External Demand QoQ Final is one part of the national accounts of Japan: what households spend, what businesses invest, what they earn, or how productive workers are.
- Importance
- Medium
- Released
- Quarterly
- Next release
- Currency
- JPY · Japanese yen
- Central bank
- The Bank of Japan
Latest figures
The latest release for Q2, published on 7 September 2026, came in at 0.5%, in line with the consensus of 0.5%, up from 0.3% the time before.
A result in line with the consensus usually causes little reaction: it was already priced in.
Over the last 7 releases it ranged from -0.8% to 0.7%, averaging 0.1%; it has been rising for three releases in a row.
| Released | For | Actual | Consensus | Previous |
|---|---|---|---|---|
| 7 Sep 2026 | Q2 | 0.5% | 0.5% | 0.3% |
| 7 Jun 2026 | Q1 | 0.3% | 0.3% | 0% |
| 9 Mar 2026 | Q4 | 0% | 0.0% | -0.3% ® |
| 7 Dec 2025 | Q3 | -0.2% | -0.2% | 0.1% ® |
| 7 Sep 2025 | Q2 | 0.3% | 0.3% | -0.8% |
| 8 Jun 2025 | Q1 | -0.8% | -0.8% | 0.7% |
| 10 Mar 2025 | Q4 | 0.7% | 0.7% | -0.1% |
Why it matters
GDP's headline hides its drivers. Household spending is usually the largest part of demand; investment is the most cyclical and tells you about firms' confidence; productivity and labour costs decide whether growth can continue without inflation.
How it is calculated
the Statistics Bureau and the Cabinet Office estimates each component from surveys, tax and trade data, after inflation where noted ("real").
What changes mean
- Strong spending with weak income growth cannot last: watch the savings rate.
- Productivity growth lets wages rise without pushing up prices; unit labour costs show the opposite.
Higher than expected: A stronger figure than expected points to a healthier economy: it usually supports the Japanese yen and local stocks, and can push bond yields up.
Lower than expected: A weaker figure than expected points to slowing activity: the Japanese yen tends to soften and markets price in lower rates.
A short history
The components follow the expenditure approach to GDP set out by Keynesian economics in the 1930s and standardised in the System of National Accounts.
Questions
What is the Japan GDP External Demand QoQ Final?
The Japan GDP External Demand QoQ Final is one part of the national accounts of Japan: what households spend, what businesses invest, what they earn, or how productive workers are.
What was the latest Japan GDP External Demand QoQ Final?
0.5% for Q2, published on 7 September 2026 (consensus 0.5%, previous 0.3%).
When is the next Japan GDP External Demand QoQ Final?
On Monday 7 December 2026 at 23:50 UTC.
Educational content only, not investment advice. Figures are the published results as recorded by our calendar; market reactions described are typical, not guaranteed.