Investor Presentaiton
NOMURA
To reboot Japan's potential growth rate
Decomposition of Japan's potential growth rate (BOJ estimate)
(y-o-y, %, contribution)
6.0
5.0
4.0
3.0
2.0
1.0
0.0
Hours worked
Capital stock
Total factor productivity
Number of employed
Potential growth rate
In order to escape the trap of 'cheap Japan',
we need to raise per capita value added to
receive proper compensation.
By raising per capita value added of all
employees and raising productivity, we can
also improve growth potential of the overall
Japanese economy.
A policy-based effort to promote recurrent
education and reskilling is important. Private
enterprises and their employees should also
recognize its importance and intensify efforts
for job training.
-1.0
-2.0
83 85 87 89 91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 (CY)
Source: Nomura, based on BOJ data
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