Japan in Government criticizes current standards for economic statistics
Active discussions are now under way on how to review economic statistics such as the gross domestic product. In addition to some people’s belief that the statistics don’t reflect the real economy, the discussions have been prompted by irritation among government members that they do not show the results of policy. Accurate statistics are necessary to craft effective policies, but many different viewpoints are reflected in the debate. Doesn’t feel right The first meeting of the Liberal Democratic Party’s project team to develop new economic statistics was held on Thursday. “The figures for GDP do not match our daily sense,” said team chairman Yoshimasa Hayashi, a lawmaker in the House of Councilors. Nearly four years have passed since the launch of the Abenomics ecnomic policy package, but the GDP growth rate remains low. Quarter on quarter, the real GDP rose 0.2 percent in April-June. GDP is one of the most widely used measures to define a nation’...