Japan Output Gap (BOJ)
Bank of Japan estimate of the output gap and its capital and labor input components from 1983, the Tankan weighted-average factor utilization index, and labor market indicators used alongside it: Beveridge ratio, Tankan employment conditions DI, employment rate gap and accession-separation rate gap.
| Indicator | Q2-2026 | Q1-2026 | Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Q4-2024 | Q3-2024 | Q2-2024 | Q1-2024 | Q4-2023 | Q3-2023 | Q2-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Output gap2 | 0.53 | 0.57 | 0.51 | 0.56 | 0.39 | 0.4 | 0.22 | 0.07 | 0.14 | 0.88 | 0.94 | 1.19 | ||
| Capital input gap | 0.44 | 0.18 | 0.24 | 0.28 | 0.12 | 0.21 | 0.14 | 0.06 | -0.03 | 0.46 | 0.24 | 0.42 | ||
| Labor input gap | 0.1 | 0.39 | 0.27 | 0.28 | 0.27 | 0.19 | 0.08 | 0.01 | 0.17 | 0.42 | 0.7 | 0.77 | ||
| Tankan factor utilization index | -22.32 | -22.43 | -22.43 | -20.87 | -20.32 | -21.43 | -20.43 | -20.43 | -19.87 | -20.43 | -20.32 | -18.76 | -18.21 | |
| Labor market indicators4 | ||||||||||||||
| Beveridge ratio (vacancy rate / employee unemployment rate, s.a.) | 1.54 | 1.43 | 1.47 | 1.51 | 1.52 | 1.56 | 1.61 | 1.6 | 1.57 | 1.55 | 1.52 | 1.48 | 1.48 | |
| Tankan employment conditions DI | -37 | -38 | -38 | -36 | -35 | -37 | -36 | -36 | -35 | -36 | -35 | -33 | -32 | |
| Employment rate gap | 0.29 | 0.31 | 0.32 | 0.32 | 0.34 | 0.37 | 0.37 | 0.36 | 0.35 | 0.33 | 0.31 | 0.31 | ||
| Accession-separation rate gap (accession minus separation rate, s.a.) | 0.08 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.1 | 0.12 | 0.13 | 0.14 | 0.14 |
Latest reading
The latest reading is 0.53%, for Q1 2026. That is unchanged from Q4 2025 and +0.1 pp from a year earlier. The series on this page is quarterly and runs from Q1 1983 to Q1 2026.
- Latest
- 0.53%
- Q1 2026
- vs previous period
- 0.0 pp
- Q4 2025
- vs a year earlier
- +0.1 pp
About this data
Bank of Japan estimate of the output gap and its capital and labor input components from 1983, the Tankan weighted-average factor utilization index, and labor market indicators used alongside it: Beveridge ratio, Tankan employment conditions DI, employment rate gap and accession-separation rate gap. Quarterly research data outside the BOJ time-series database; the whole series is re-estimated each quarter.
