Japan's Productivity through the Lens of “Cheap Japan”

山下大輔

■要旨

Historically, Japan was recognized as an expensive country, and the issue of the domestic–foreign price gap was subject to extensive discussion. However, in recent years, Japan has earned the reputation of “cheap Japan”, with prices no longer consistently ranking high among developed nations. It is often pointed out that the relative lack of productivity growth and the decline in innovation in Japan may be contributing to this trend. This paper aims to empirically examine higher or lower price levels in Japan relative to foreign countries. Based on this analysis, this work systematically investigates the structural factors behind the “cheap Japan” phenomenon by exploring the relationship between the real exchange rate—reflecting the disparity between domestic and foreign prices—and productivity, utilizing the Balassa–Samuelson hypothesis.

■目次

I――Introduction
II――Current Status of “Cheap Japan”
　　1｜Comparison by Big Mac Index
　　2｜Comparison of Total Prices Using OECD Purchasing Power Parity (PPP) Exchange Rates
III――The Relationship Between the Real Exchange Rate and Productivity: The Balassa- Samuelson Hypothesis
　　1｜Balassa-Samuelson Hypothesis
　　2｜Data Verification
　　3｜Implications for Japan
Ⅳ――Conclusion

日付	タイトル	執筆者	媒体
2023/08/22	Japan's Productivity through the Lens of “Cheap Japan”	山下大輔	基礎研レポート
2023/07/26	日本の物価は持続的に上昇するか－消費者物価の今後の動向を考える	山下大輔	ニッセイ基礎研所報
2023/07/10	景気ウォッチャー調査（23年6月）～景況感の回復ペースが鈍化	山下大輔	経済・金融フラッシュ
2023/06/08	景気ウォッチャー調査（23年5月）～現状判断DIは4か月連続で上昇	山下大輔	経済・金融フラッシュ

日付

タイトル

執筆者

媒体

2023/08/22

Japan's Productivity through the Lens of “Cheap Japan”

山下大輔

基礎研レポート

2023/07/26

日本の物価は持続的に上昇するか－消費者物価の今後の動向を考える

山下大輔

ニッセイ基礎研所報