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The services sector saw robust 3.5% growth, fueled by the resurgence of international tourism, which generated $35bn in revenue, with over 31mn visitors.

The manufacturing sector grew by 2.5%, driven by demand for automobiles and semiconductors, while exports increased 4.2%, led by high-tech machinery and vehicles. However, elevated energy costs and yen depreciation led to a trade deficit of approximately $80bn.

Japan’s macroeconomic performance in FY24 exhibited resilience amid global uncertainties, achieving GDP growth of 1.5%. This growth was driven by a 2.0% increase in private consumption and a 3.8% rise in business investments, supported by government policies fostering innovation and sustainability.

Executive Summary
• Macro Economic Update
– Global
• Macro Economic Performance
– Japan
• Equity Market Performance
– Global
– Japan
• Debt Market Indicators
– Japan

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