Japan - Real Fixed Investment (gross fixed capital formation)

Japan: Real Fixed Investment (gross fixed capital formation)

Mnemonic IF$.IJPN
Unit Bil. Ch. 2015 JPY, SAAR
Adjustments Seasonally Adjusted at Annual Rate
Quarterly 2.28 %
Data 2020 Q3 130,084
2020 Q2 133,118

Series Information

Source Economic and Social Research Institute - Japan
Release GDP
Frequency Quarterly
Start Date 3/31/1980
End Date 9/30/2020

Japan: GDP

Reference Last Previous Units Frequency
Government Consumption 2020 Q3 115,013 111,275 Bil. JPY, SAAR Quarterly
Nominal Fixed Investment (gross fixed capital formation) 2020 Q3 133,002 135,612 Bil. JPY, SAAR Quarterly
Nominal Gross Domestic Product 2020 Q3 539,037 510,950 Bil. JPY, SAAR Quarterly
Private Consumption 2020 Q3 288,111 274,025 Bil. JPY, SAAR Quarterly
Real Fixed Investment (gross fixed capital formation) 2020 Q3 130,084 133,118 Bil. Ch. 2015 JPY, SAAR Quarterly
Real Government Consumption 2020 Q3 114,508 111,403 Bil. Ch. 2015 JPY, SAAR Quarterly
Real Gross Domestic Product 2020 Q3 527,140 500,629 Bil. Ch. 2015 JPY, SAAR Quarterly
Real Private Consumption 2020 Q3 283,369 269,594 Bil. Ch. 2015 JPY, SAAR Quarterly
Investment 2016 126,880,900,000,000 127,704,800,000,000 NCU Annual
Real Investment 2016 124,944,155,753,300 124,599,323,584,100 NCU Annual

Release Information

GDP measures the total value of final goods and services produced by domestic institutional units during the period. The current Benchmark Year for Japan GDP is 2011=100.

Economic and Social Research Institute (ESRI) produces both real and nominal GDP, classified by economic activity.  The industries are classified using 2011 as their benchmark year for "Input-Output Price Index of the Manufacturing Industry by Sector."

The data also includes the statistical discrepency associated with GDP, and GDP without the discrepency.  However, for chained GDP, statistical discrepency cannot be defined.


  • Framework: UN SNA 2008
  • Measurements:
    • Billions of Japanese yen at chained year-2015 prices (Bil. 2015 JPY)
    • At current prices (Bil. JPY)
    • Deflators relative to 2015 (Index 2015=100)
  • Adjustments:
    • Seasonally adjusted annualized rate (SA)
    • Not seasonally adjusted (NSA)
  • Native frequency: Quarterly
  • Start date: 1994Q1


  • 2011 prices - 1994 to 2020
  • 2005 prices - 1994 to 2016
  • 2000 prices - 1980 to 2011
  • 2000 prices - 1980 to 2008

Scope of the data

Transactions coverage: All resident household and legal entity institutional units are covered in the source data by using supply-side’s commodity-flow method.

Geographical coverage: The data cover the entire Japanese economy. The delineation of the constituent units of the economy is broadly in accordance with the SNA 2008.

Annual supply and use tables are compiled. In addition, annual input-output tables, consistent with the final annual national accounts data, are compiled, along with the detailed five-yearly benchmark input-output tables compiled as a joint project between ESRI and nine other ministries and agencies. Furthermore, institutional sector accounts are compiled on an annual basis, inclusive of financial flow accounts and balance sheets. Aggregated capital stock data are also compiled. 

Source data definitions, scope, classifications, valuation, and time of recording

Major sources are shown below. Some source data are not consistent with the definitions, classifications, and requirements of the national accounts, and they are adjusted before used in the compilation.

  • Expenditure approach: Input-Output Tables (five yearly), Financial Statements Statistics of Corporations, Balance of Payments Statistics, settlement of accounts of central and local governments, Survey on Non-Profit Organizations.
  • Income approach: Population Census (five yearly), Flow of Funds Accounts, Financial Statements Statistics of Corporations.
  • Production approach: Input-Output Table (five yearly), Census of Manufactures, Census of Commerce, Trade Statistics, Data of Customs.

Moody's Analytics supplements

We extend the current-price SA series to 1955 by using ESRI and IMF data.

For select current-price SA series, we calculate USD equivalents.

The revision cycle is stable from year to year. The preliminary quarterly estimates are revised with each new release, incorporating revisions to the source data. Annual revisions take place about 9 month after the reference fiscal year. Except for the benchmark revisions which take place every fifth year, the annual and quarterly data become final with the second release of annual revisions about 21 months after the reference fiscal year. However, as the seasonal factors are recalculated every quarter, the seasonally adjusted quarterly data will show minor changes with each new release.

At the time of data release, it is clearly stated whether released data are first preliminary, second preliminary, or revised annual estimates. When revisions outside the regular cycle are made, they are explained in the published materials and on the ESRI website “Notice on Usage.”