Japan · Cycle layer · Indicator

Unemployment rate

Fetched 2 Nov 2026, 06:01 UTC
2.5 %
Normal 0.4 pp below the 2.9 % trigger · flat
As of Aug 2026 · Threshold > 12-month low + 0.5 pp
Recession, Jun 1957 to Jun 1958Recession, Dec 1961 to Oct 1962Recession, Oct 1964 to Oct 1965Recession, Jul 1970 to Dec 1971Recession, Nov 1973 to Mar 1975Recession, Jan 1977 to Oct 1977Recession, Feb 1980 to Feb 1983Recession, Jun 1985 to Nov 1986Recession, Feb 1991 to Oct 1993Recession, May 1997 to Jan 1999Recession, Nov 2000 to Jan 2002Recession, Feb 2008 to Mar 2009Recession, Mar 2012 to Nov 2012Recession, Oct 2018 to May 202012345Threshold > 12-month low + 0.5 ppTrigger > 12-month low + 0.5 pp1960197019801990200020102020
1955 to 2026 · percent. Shaded bands are recessions.* *Japan's bands are the Cabinet Office reference dates from the peak month.
What it is

The seasonally adjusted unemployment rate from the Labour Force Survey. The threshold follows the Sahm rule loosely: the monthly rate, not a three-month average, half a point above its low of the past twelve months.

Threshold source: worldstat.us construction after the Sahm rule: the monthly rate against its twelve-month low. How thresholds are chosen

Known weaknesses

Japanese unemployment barely moves across the cycle because firms hoard labour; the series crosses its threshold only in severe downturns.