Japan eyes FY 2024 nominal GDP above 600 tril. yen, faster income growth

Economy

Japan’s nominal gross domestic product will top 600 trillion yen ($4.2 trillion) in fiscal 2024 for the first time, a target set by the government about a decade ago, a Cabinet Office estimate showed Thursday, expecting income growth to outpace inflation.

After higher import costs of energy and raw materials boosted prices of everyday goods, inflation will ease to 2.5 percent in fiscal 2024 from 3.0 percent this year. Income growth per capita, meanwhile, will accelerate to 3.8 percent from 2.4 percent, helped by the government’s planned temporary tax cut, according to the office.

The release o...

Kyodo News

Kyodo News