Obbligazione Japan Development Bank 1.05% ( XS0171578502 ) in JPY

Emittente Japan Development Bank
Prezzo di mercato 100 JPY  ▼ 
Paese  Giappone
Codice isin  XS0171578502 ( in JPY )
Tasso d'interesse 1.05% per anno ( pagato 1 volta l'anno)
Scadenza 20/06/2023 - Obbligazione č scaduto



Prospetto opuscolo dell'obbligazione Development Bank of Japan XS0171578502 in JPY 1.05%, scaduta


Importo minimo 1 000 000 JPY
Importo totale 75 000 000 000 JPY
Descrizione dettagliata La Japan Bank for International Cooperation (JBIC), precedentemente nota come Development Bank of Japan, č un'istituzione finanziaria governativa giapponese che fornisce finanziamenti e investimenti per progetti di sviluppo a livello internazionale e nazionale.

The Obbligazione issued by Japan Development Bank ( Japan ) , in JPY, with the ISIN code XS0171578502, pays a coupon of 1.05% per year.
The coupons are paid 1 time per year and the Obbligazione maturity is 20/06/2023







PROSPECTUS SUPPLEMENT TO PROSPECTUS DATED APRIL 19, 2000
„75,000,000,000
Development Bank of Japan
(Incorporated under the Development Bank of Japan Law)
1.05% Japanese Yen Guaranteed Bonds Due June 20, 2023
Unconditionally and Irrevocably Guaranteed
as to Payment of Principal and Interest by
Japan
We will pay interest on the bonds semi-annually in arrears in equal payments on June 20 and December 20
of each year, commencing December 20, 2003, except that the first payment of interest to be made on
December 20, 2003 shall be in respect of the period from and including June 27, 2003 to, but excluding,
December 20, 2003, and shall amount to „5,063 per „1,000,000 principal amount of the bonds. The bonds will
mature on June 20, 2023. We may redeem all, but not less than all, of the bonds in the event of certain tax law
changes. The redemption terms are described in this prospectus supplement under "Description of the Bonds and
Guarantee--Redemption". The bonds will be issued only in registered form in denominations of „1,000,000 and
integral multiples thereof. See "Description of the Bonds and Guarantee".
We have applied to list the bonds on the Luxembourg Stock Exchange.
Neither the Securities and Exchange Commission nor any other regulatory body has approved or
disapproved of these securities or passed upon the accuracy or adequacy of this prospectus supplement or
the accompanying prospectus. Any representation to the contrary is a criminal offense.
Per bond
Total
Price to Public(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99.354%
„74,515,500,000
Underwriting Discount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0.45%
„
337,500,000
Proceeds to the Bank(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
98.904%
„74,178,000,000
(1) Plus accrued interest, if any, from and including June 27, 2003, if settlement occurs after that date.
The underwriters are offering the bonds subject to various conditions. The underwriters expect to deliver the
bonds through the book-entry facilities of The Depository Trust Company, Euroclear Bank, S.A./N.V., as
operator of the Euroclear System ("Euroclear"), and Clearstream Banking, socie“te“ anonyme ("Clearstream,
Luxembourg"), against payment on or about June 27, 2003.
Nomura Securities
UBS Investment Bank
Deutsche Bank
JPMorgan
Merrill Lynch & Co.
Morgan Stanley
Nikko Citigroup
Tokyo-Mitsubishi International plc
Prospectus Supplement dated June 25, 2003.


The bonds are exempt from the requirement for registration under the Securities and Exchange Law
of Japan and are subject to the Special Taxation Measures Law of Japan. The bonds may not be offered,
sold or delivered in Japan or to residents of Japan, except pursuant to an exemption from, or otherwise in
compliance with, the Securities and Exchange Law of Japan to certain financial institutions and persons
holding bonds through such institutions. Interest payments on the bonds generally will be subject to
Japanese withholding tax unless the holder establishes that the bonds are held by or for the account of a
holder that is not an individual resident of Japan or a Japanese corporation for Japanese tax purposes or
is a Japanese designated financial institution described in Article 6 of the Special Taxation Measures Law
of Japan.
You should rely only on the information contained or incorporated by reference in this prospectus
supplement and the accompanying prospectus. We have not authorized anyone to provide you with
different information. We are not making an offer of these securities in any jurisdiction where the offer is
not permitted. You should not assume that the information contained in or incorporated by reference in
this prospectus supplement or the accompanying prospectus is accurate as of any date other than the date
on the front page of this prospectus supplement or, with respect to information incorporated by reference,
as of the date of such information.
In this prospectus supplement, "we", "our", "us" and "the Bank" refer to Development Bank of
Japan.
The spot buying rate quoted on the Tokyo Foreign Exchange Market on June 24, 2003, as reported by The
Bank of Japan at 5:00 p.m., Tokyo time, was „117.74 = $1.00, and the noon buying rate on June 23, 2003 for
cable transfers in New York City payable in yen, as reported by the Federal Reserve Bank of New York, was
$1.00 = „117.55.
References in this prospectus supplement to Japanese fiscal years ("JFYs") are to 12-month periods
commencing in each case on April 1 of the year indicated and ending on March 31 of the following year.
References to years not specified as being JFYs are to calendar years. References to " „" or "yen" are to Japanese
yen and references to "$" or "US$" are to U.S. dollars.
IN CONNECTION WITH THIS ISSUE, NOMURA INTERNATIONAL PLC OR ANY
PERSON ACTING FOR IT MAY OVER-ALLOT OR EFFECT TRANSACTIONS WITH A VIEW TO
SUPPORTING THE MARKET PRICE OF THE BONDS AT A LEVEL HIGHER THAN THAT WHICH
MIGHT OTHERWISE PREVAIL FOR A LIMITED PERIOD AFTER THE ISSUE DATE. HOWEVER,
THERE MAY BE NO OBLIGATION ON NOMURA INTERNATIONAL PLC OR ANY OF ITS
AGENTS TO DO THIS. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY
TIME, AND MUST BE BROUGHT TO AN END AFTER A LIMITED PERIOD. NOMURA
INTERNATIONAL PLC, OR ANY OF ITS AGENTS, MAY EFFECT THESE TRANSACTIONS ON
THE LUXEMBOURG STOCK EXCHANGE, IN THE OVER-THE-COUNTER MARKET OR
OTHERWISE. SUCH STABILIZING SHALL BE IN COMPLIANCE WITH ALL RELEVANT LAWS
AND REGULATIONS.
We accept responsibility for the information contained or incorporated by reference in this
prospectus supplement and in the accompanying prospectus. To the best of our knowledge and belief, the
information contained or incorporated by reference in this prospectus supplement and in the
accompanying prospectus is in accordance with the facts and does not omit anything likely to affect the
import of such information. You should read this prospectus supplement together with the accompanying
prospectus dated April 19, 2000.
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FOREIGN EXCHANGE CONSIDERATIONS
An investment in the bonds, which are denominated in, and all payments in respect of which are to be made
in, a currency other than the currency of the country in which the purchaser is resident or the currency in which
the purchaser conducts its business or activities, which we refer to as the "home currency", entails significant
risks not associated with a similar investment in a security denominated in the home currency. These include the
possibility of:
--significant changes in rates of exchange between the home currency and the Japanese yen, and
--the imposition or modification of foreign exchange controls with respect to the Japanese yen.
We have no control over a number of factors affecting this type of bond, including economic, financial and
political events that are important in determining the existence, magnitude and longevity of these risks and their
results. In recent years, rates of exchange for certain currencies, including the Japanese yen, have been highly
volatile and this volatility may be expected to continue in the future. Fluctuations in any particular exchange rate
that have occurred in the past are not necessarily indicative of fluctuations in the rate that may occur during the
term of the bonds. Depreciation of the Japanese yen against the home currency could result in a decrease in the
effective yield of the bonds below the coupon rate, and in certain circumstances, could result in a loss to you on a
home currency basis.
This description of foreign currency risks does not describe all the risks of an investment in securities
denominated in a currency other than the home currency. You should consult your own financial and legal
advisors as to the risks involved in an investment in the bonds.
INCORPORATION BY REFERENCE
The Annual Report on Form 18-K, as amended, of the Development Bank of Japan (File No. 333-11678)
containing the audited financial statements of the Development Bank of Japan for the year ended March 31,
2002, as filed with the United States Securities and Exchange Commission, is hereby incorporated by reference.
Copies thereof are available free of charge at the office of the Luxembourg Paying Agent (as defined below) in
Luxembourg.
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SUMMARY OF THE OFFERING
The following is a summary of certain information contained elsewhere in this prospectus supplement or the
accompanying prospectus or incorporated by reference in the accompanying prospectus. More detailed
information is contained elsewhere in this prospectus supplement or the accompanying prospectus or
incorporated by reference in the accompanying prospectus. You should read carefully this entire prospectus
supplement, the accompanying prospectus and the other documents we refer to for a complete understanding of
this offering.
Issuer . . . . . . . . . . . . . . . . . . Development Bank of Japan.
Securities Offered . . . . . . . . „75,000,000,000 principal amount of 1.05% Japanese Yen Guaranteed Bonds
Due June 20, 2023.
Guarantee . . . . . . . . . . . . . . Payments of principal of and interest on the bonds are unconditionally and
irrevocably guaranteed by Japan.
Maturity Date . . . . . . . . . . . June 20, 2023
Interest Payment Dates . . . June 20 and December 20, commencing December 20, 2003.
Interest Rate . . . . . . . . . . . . 1.05% per year. We will pay interest on the bonds semi-annually in arrears in
equal payments, except that the first payment of interest to be made on
December 20, 2003 shall be in respect of the period from and including June 27,
2003 to, but excluding, December 20, 2003, and shall amount to „5,063 per
„1,000,000 principal amount of the bonds. Whenever it is necessary to compute
any amount of interest in respect of the bonds other than with respect to regular
semi-annual payments, that interest will be calculated on the basis of the actual
number of days in the period and a year of 365 days.
Ranking . . . . . . . . . . . . . . . . The bonds will be direct unsecured obligations of the Bank and as among
themselves will rank pari passu and be payable without any preference or
priority.
Additional Amounts . . . . . . In the event that certain taxes, as described under "Description of the Bonds and
Guarantee", are payable on the bonds, we will, subject to certain exceptions, pay
such additional amounts on the bonds as will result, after deduction or
withholding of such taxes, in the payment of the amounts that would have been
payable on the bonds if no such deduction or withholding had been required. For
further detail on the payment of these additional amounts, see "Description of the
Bonds and Guarantee--Additional Amounts".
Redemption . . . . . . . . . . . . . We may redeem all, but not less than all, of the bonds in the event of certain
changes relating to Japanese taxation at 100% of the principal amount thereof
plus accrued interest thereon and any additional amounts we are required to pay,
as described under "Description of the Bonds and Guarantee--Redemption".
Markets . . . . . . . . . . . . . . . . We are offering the bonds for sale only in those jurisdictions in the United States,
Europe and Asia other than Japan (subject to certain exceptions) where it is legal
to make such offers. See "Underwriting" for a description of applicable selling
restrictions.
Listing . . . . . . . . . . . . . . . . . We have applied to list the bonds on the Luxembourg Stock Exchange.
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Form and Settlement . . . . . All bonds will be in registered form, without interest coupons attached. Bonds
offered and sold outside the United States, referred to as the international bonds,
will be represented by beneficial interests in the international global bond, which
will be registered in the name of the nominee of the common depositary for, and
in respect of interests held through, Euroclear and Clearstream, Luxembourg.
Bonds offered and sold within the United States, referred to as the DTC bonds,
will be represented by beneficial interests in one or more DTC global bonds,
which will be registered in the name of Cede & Co., as nominee for The
Depositary Trust Company, which we refer to as DTC. Except as described in this
prospectus supplement, beneficial interests in the global bonds will be represented
through book-entry accounts of financial institutions acting on behalf of
beneficial owners as direct and indirect participants in DTC, Euroclear and
Clearstream, Luxembourg, and owners of beneficial interests in the global bonds
will not be entitled to have bonds registered in their names, will not receive or be
entitled to receive bonds in definitive form and will not be considered holders of
bonds under the fiscal agency agreement relating to the bonds. The bonds will be
sold only in denominations of „1,000,000 and integral multiples thereof. For
further information on book-entry procedures, see "Description of the Bonds and
Guarantee--Form, Denominations and Registration".
Investors electing to hold their bonds through DTC will follow the settlement
practices applicable to U.S. corporate debt obligations. The securities custody
accounts of investors will be credited with their holdings against payment in the
same-day funds on the settlement date.
Investors electing to hold their bonds through Euroclear or Clearstream,
Luxembourg accounts will follow the settlement procedures applicable to
conventional eurobonds in registered form. Bonds will be credited to the
securities custody accounts of Euroclear holders and of Clearstream, Luxembourg
holders on the settlement date against payment in same-day funds. For
information on secondary market trading, see "Global Clearance and
Settlement--Secondary Market Trading".
Luxembourg Paying
Agent . . . . . . . . . . . . . . . . . . Bank of Tokyo-Mitsubishi (Luxembourg) S.A.
CUSIP . . . . . . . . . . . . . . . . . 25159MAD9
ISIN . . . . . . . . . . . . . . . . . . . XS0171578502
Common Code . . . . . . . . . . 017157850
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RECENT DEVELOPMENTS
DEVELOPMENT BANK OF JAPAN
RECENT DEVELOPMENTS REGARDING SPECIAL PUBLIC INSTITUTIONS
Recently the Japanese government has discussed reforming governmental financial institutions and other
government-affiliated institutions which are collectively referred to as special public institutions, including the
Bank. The Outline of Administrative Reforms adopted by a cabinet meeting on December 1, 2000 requires that
the businesses and organizational forms of all special public institutions undergo a thorough review in light of the
recent changes in Japan's social and economic conditions. Based upon that review, a reorganization and
rationalization plan was to be formulated by the end of JFY 2001. Furthermore, the outline calls for the adoption
of any necessary measures, including enactment of new laws, by the end of JFY 2005 in order to implement the
reorganization and rationalization plan. To promote reform of special public institutions, the Basic Law
Concerning Reform of Special Public Institutions, which provides for, among other matters, formulation of a
reorganization and rationalization plan for special public institutions and establishment of a Special Public
Institutions Reform Promotion Headquarters, was promulgated in June 2001.
In order to implement the Outline of Administrative Reforms, in April 2001 the Cabinet Headquarters for
Administrative Reform, which was established in January 2001 to handle the administrative reform special
project, listed the types of businesses conducted by the special public institutions and the matters to be reviewed
for the respective types of businesses. In June 2001, the Cabinet Headquarters for Administrative Reform
completed and released an Interim Report Regarding the Review of the Special Public Institutions' Businesses.
On December 18, 2001, the Special Public Institutions Reform Promotion Headquarters adopted the
Reorganization and Rationalization Plan for Special Public Institutions.
In the Reorganization and Rationalization Plan for Special Public Institutions, which was approved by a
cabinet meeting on December 19, 2001, the details of reform concerning the businesses and organizational forms
of special public institutions (including their abolition, integration or privatization) are indicated. With respect to
the businesses of the Bank, the following plans were suggested to the Bank in the Reorganization and
Rationalization plan for Special Public Institutions:

One of the reform principles is to "let private entities handle as much as they are capable of doing". In
line with this policy, the Bank should streamline its loan programs, adjust its lending terms and
conditions, and specialize in taking credit risks in such fields as project finance, regional development,
etc.

The Bank should seek to liquidify and/or securitize loan assets and to compress its outstanding loans.
Also, the Bank should make optimal use of its guarantor function.

The Bank should take appropriate measures regarding risk management of its loan assets. It should
disclose appropriate information on its reserves.

The Bank should clearly identify who is responsible for setting interest rates, taking into account policy
priorities and other factors.

The Bank should work to develop policy evaluation methods and introduce a system by which the
evaluation results can be reflected in its operations. Policy costs should be clearly stated.
With respect to the Bank, no specific organizational reform was prescribed in the Reorganization and
Rationalization Plan for Special Public Institutions. Since the beginning of 2002, an overall review of the area,
scope and organizational structure of public finance has been and is being discussed by the Council on Economic
and
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Fiscal Policy (CEFP), an advisory body for the Prime Minister. The CEFP announced "Reform of Policy
Finance" on December 13, 2002. In the announcement, it was indicated that the reform should be implemented in
a three-step process by:
·
utilizing policy finance to support acceleration of disposal of non-performing loans till the end of
March, 2005;
·
reviewing and shaping the function, scale and organization of these institutions to the desired standards
during a three-year preparatory period from March, 2005 to March, 2008; and
·
streamlining and reorganizing Japan's governmental financial institutions into new entities after March,
2008.
The Cabinet will consider the CEFP's reform proposals and expects to move forward with reforms of the
public finance system as soon as possible taking into consideration the economic environment.
BUSINESS REHABILITATION SUPPORT PROGRAM
In the fiscal year ended March 31, 2002, the Bank began a new program for financially troubled companies:
the "Loan and Investment Program for Business Rehabilitation", to contribute to the government's measures for
resolving the non-performing loans of financial institutions and excessive-debt-burden issues for enterprises. The
Bank provides debtor-in-possession ("DIP") finance and investment in corporate restructuring funds under the
program.
Since Japan's new Civil Rehabilitation Law, modeled after Chapter 11 of the United States Bankruptcy
Code, became effective in April 2000, there have been a large number of filings under the law. Because the
rehabilitation of over-leveraged companies is important to the recovery of the Japanese economy, the Bank has
participated in DIP financing under the new law, as well as Japan's existing Corporate Reorganization Law, since
April 2001. As of September 30, 2002, the Bank has extended lines of credit amounting to a total of around „24
billion for 13 companies under court protection. The Bank's DIP loans are secured by security such as accounts
receivable or other liquid collateral, and authorized as administrative claims by courts.
The Bank is also proceeding with its new mission of promoting corporate restructuring, with the goal of de-
leveraging and rehabilitating financially troubled companies in Japan, through investments in corporate
restructuring funds. The main objective of such funds is promoting business restructuring and facilitating
disposal of non-performing loans of banks. To be considered for such investments, target companies must have
positive cash flow, good industry prospects, good management and viable exit alternatives such as public
offerings, mergers, acquisitions or sales to strategic investors. To mobilize private risk capital, the investment
share of the Bank in such funds is less than 50%. The Bank has budgeted a maximum of „~200 billion for
investment in these funds, utilizing „~100 billion injected from the government for this purpose.
COMPREHENSIVE MEASURES TO ACCELERATE REFORMS BY THE GOVERNMENT
In response to the recent growing uncertainty concerning the nation's financial and economic conditions, the
Government of Japan decided on October 30, 2002 to reinforce its policy measures to bring greater stability to
the financial system by working for the rapid recovery of financial intermediary functions via accelerating the
disposal of non-performing loans, facilitating the smooth reallocation of resources to new growth fields, and
striving to realize a rapid recovery of Japan's finance and industry.
To these ends, the Government announced its intention to rapidly prepare concrete proposals for the
implementation of various new policy measures including the following new policy measures involving the
Bank:

Enhancing the support function for business revitalization and industrial reorganization
-
Expand the system of investments in corporate restructuring funds, and improve the financing
system for third party businesses acquiring or succeeding to the assets of enterprises undergoing
rehabilitation.
S-7


-
To revitalize the finance markets and provide appropriate funding, provided support for the
improvement of finance structures, including the utilization of credit derivatives such as the
collaterized loan obligations (CLOs).

Promote the structural reform of securities markets
-
To strive for the revitalization of the financial markets, the Bank will utilize securitization
methods in coordination with private financial institutions.

Designate priority urban redevelopment areas and provide project support
-
Expand urban renaissance-related loans by the Bank.
OTHER DEVELOPMENTS
As a result of an increasing number of bankruptcies and continuing deflation in Japan, financial institutions
have in some occasions experienced nonperforming loans and asset devaluation. This may have adverse effects
on the financial conditions and results of operations of the Bank.
JAPAN
INTRODUCTORY NOTE
The following tables and information update the tables and information relating to Japan found in its Annual
Report on Form 18-K for JFY 2001. The data relating to the Gross Domestic Product and National Income of
Japan in the sections entitled "--The Economy" and "--Industry" have been revised and restated in their entirety
because of a change in the method of calculation of the GDP, as discussed in further detail below. The remaining
sections have been updated to reflect current information.
BANK OF JAPAN INTEREST RATE
On March 1, 2001, The Bank of Japan lowered its official discount rate from 0.35% to 0.25%. On
September 19, 2001, The Bank of Japan further lowered its official discount rate to 0.10%.
THE ECONOMY
Gross Domestic Product and National Income
The following table sets forth information pertaining to Japan's gross domestic product for JFY 1998
through JFY 2002.
S-8


In December, 2002, Japan released revised GDP data for JFY 1990 through to JFY 2001. The revisions were
due to the implementation by Japan of a new valuation method on calculating national accounts. As a result of
this new method for calculating GDP, the GDP information which follows revises and replaces the GDP
information, National Income information and certain other financial information from the financial information
provided in Japan's Annual Report on Form 18-K for JFY 2001.
Percentage of
JFY
JFY
JFY 2002
JFY 1998
JFY 1999
JFY 2000
2001(b)
2002(b)
GDP
(yen amounts in billions)
Total Consumption
Private . . . . . . . . . . . . . . . . . . . . . . . .
„287,933
„287,365
„286,121
„285,728
„286,073
57.3%
Government . . . . . . . . . . . . . . . . . . . .
81,418
83,366
86,946
88,645
88,896
17.8
369,351
370,730
373,067
374,373
374,969
75.1
Total Gross Capital Formation
Private
Producers' Durable
Equipment . . . . . . . . . . . . . . .
76,866
75,198
79,793
74,935
72,296
14.5
Residential Construction . . . . . .
19,815
20,427
20,338
18,485
17,716
3.5
Public . . . . . . . . . . . . . . . . . . . . . . .
39,532
38,285
35,135
32,840
30,091
6.0
136,233
133,910
135,266
126,260
120,103
24.0
Additions to Business Inventories
Private . . . . . . . . . . . . . . . . . . . . . . . .
(711)
(1,847)
777
(1,696)
(1,764)
(0.4)
Public . . . . . . . . . . . . . . . . . . . . . . . . .
(25)
66
117
(39)
(2)
0.0
(737)
(1,781)
894
(1,735)
(1,766)
(0.4)
Net Exports of Goods and Services . . . .
9,570
7,829
6,196
3,869
6,138
1.2
Gross Domestic Product (=GDE)
Current Prices . . . . . . . . . . . . . . . . . .
„514,418
„510,687
„515,424
„502,768
„499,444
100.0%
Gross Domestic Product (=GDE)
Constant Prices(a) . . . . . . . . . . . . . . .
„518,706
„523,982
„539,161
„532,618
„541,254
Surplus of the Nation on Current
Account
Exports of Goods and Services and
Other Receipts from Abroad . . . . .
13,563
11,142
12,198
13,716
12,386
Less: Imports of Goods and Services
and Other Payments Abroad . . . . .
(6,709)
(4,802)
(5,248)
(5,174)
(4,456)
6,854
6,340
6,950
8,542
7,931
Gross National Income . . . . . . . . . . . . .
„521,272
„517,027
„522,374
„511,310
„507,375
Percentage Increases of GDP from
Previous Year
At Current Prices . . . . . . . . . . . . . . . .
(1.3)%
(0.7)%
0.9%
(2.5)%
(0.7)%
At Constant Prices(a) . . . . . . . . . . . . .
(0.7)
1.0
2.9
(1.2)
(1.6)
Deflator . . . . . . . . . . . . . . . . . . . . . . .
(0.6)
(1.7)
(2.0)
(1.3)
(2.2)
(a)
Constant prices are based on calendar year 1995.
(b)
JFY 2001 and 2002 numbers are provisional.
Source: Economic and Social Research Institute, Cabinet Office.
S-9


The following table sets forth information pertaining to Japan's gross domestic product, as seasonally
adjusted, for the quarters indicated below in JFY 2002.
Gross Domestic Product (JFY 2002)(a)
First
Second
Third
Fourth
Quarter
Quarter
Quarter
Quarter
(yen amounts in billions)
Gross Domestic Product at Current Prices . . . . . . . . . . . . . . . . . . .
„500,227
„501,373
„499,230
„496,140
Gross Domestic Product at Constant Prices . . . . . . . . . . . . . . . . . .
„536,957
„541,045
„543,534
„543,568
Percentage Changes of GDP from Corresponding Quarter of
Previous Year(b)
At Current Prices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1.8)%
(0.3)%
0.1%
(0.9)%
At Constant Prices(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(0.3)
1.6
2.5
2.5
Deflator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(1.4)
(1.9)
(2.3)
(3.5)
(a)
JFY 2002 quarterly numbers are provisional.
(b)
Figures from the previous year were recalculated using the new valuation method.
(c)
Constant prices are based on calendar year 1995.
Source: Economic and Social Research Institute, Cabinet Office.
The following table sets forth national income for JFY 1997 through JFY 2001.
National Income
JFY 1997
JFY 1998
JFY 1999
JFY 2000
JFY 2001
(yen amounts in billions)
Domestic Factor Income . . . . . . . . . . . . . . . . . . . . . . .
„392,433
„380,534
„374,602
„380,450
„370,047
Net Income from Abroad . . . . . . . . . . . . . . . . . . . . . . .
6,764
6,854
6,340
6,950
8,542
National Income at Current Prices . . . . . . . . . . . . . . . .
„399,197
„387,388
„380,942
„387,400
„378,589
Percentage Changes of Income at Current
Prices from Previous Fiscal Year . . . . . . . . . . . . . . .
0.9%
­3.0%
­1.7%
1.7%
­2.3%
Source: Economic and Social Research Institute, Cabinet Office.
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