Works - NOMURA Koji

Multilateral Energy Cost Monitoring (ECM_202508)

Koji Nomura, Sho Inaba, and Mansaku Yoshida

Keio Economic Observatory, Keio University, 

2025.09

, 

Database science, Joint

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The PLI (price level index) is estimated through June 2025, RUEC (real unit energy cost) through Q2 2025, and the EITE (energy-intensive trade-exposed) output index through June 2025.

PLI/RUEC covers seven countries (Japan, China, South Korea, the U.S., the UK, Germany, and France) and EITE covers four countries (Japan, China, the U.S., and Germany).

Energy Cost Monitoring for Japan (ECM_JPN_202508)

Koji Nomura, Sho Inaba, and Mansaku Yoshida

Nomura Lab at Keio Economic Observatory, 

2025.09

, 

Database science, Joint

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ECM_JPN_202508 is updated through July 2025 (with EITE indicators updated through June 2025).


Monthly GDP Growth (JMGDP_202508)

Koji Nomura and Sho Inaba

Nomura Lab at Keio Economic Observatory, 

2025.08

, 

Database science, Joint

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JMGDP_202508 is updated through July 2025.

Energy Cost Monitoring for Japan (ECM_JPN_202507)

Koji Nomura, Sho Inaba, and Mansaku Yoshida

Nomura Lab at Keio Economic Observatory, 

2025.08

, 

Database science, Joint

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ECM_JPN_202507 is updated through June 2025 (with EITE indicators updated through May 2025).
Projections of real and nominal GDP beyond June 2025 are based on the OECD Economic Outlook released on June 3, 2025. Forecasts for crude oil, natural gas, and coal prices reflect the U.S. EIA Short-Term Energy Outlook released on July 8, 2025.
In the latter, crude oil price projections were revised upward in response to the deterioration of the Middle East situation following the escalation of tensions between Iran and Israel in June 2025.

Multilateral Energy Cost Monitoring (ECM_202507)

Koji Nomura, Sho Inaba, and Mansaku Yoshida

Keio Economic Observatory, Keio University, 

2025.08

, 

Database science, Joint

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The PLI (price level index) is estimated through June 2025, RUEC (real unit energy cost) through Q1 2025 (forecast is through Q4 2025), and the EITE (energy-intensive trade-exposed) output index through May 2025.

PLI/RUEC covers seven countries (Japan, China, South Korea, the U.S., the UK, Germany, and France) and EITE covers four countries (Japan, China, the U.S., and Germany).

Monthly GDP Growth (JMGDP_202507)

Koji Nomura and Sho Inaba

Nomura Lab at Keio Economic Observatory, 

2025.07

, 

Database science, Joint

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JMGDP_202507 is updated through June 2025.

Quarterly GDP Growth (JQGDP_2025Q2) First Estimate

Koji Nomura and Sho Inaba

Nomura Lab at Keio Economic Observatory, 

2025.07

, 

Database science, Joint

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JQGDP_2025Q2 is the first estimate (released on July 31) and the second estimate (released on August 29) of the Q2 2025 GDP estimate.

Multilateral Energy Cost Monitoring (ECM_202506)

Koji Nomura, Sho Inaba, and Mansaku Yoshida

Keio Economic Observatory, Keio University, 

2025.07

, 

Database science, Joint

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The PLI (price level index) is estimated through May 2025, RUEC (real unit energy cost) through Q1 2025 (forecast is through Q4 2025), and the EITE (energy-intensive trade-exposed) output index through April 2025.

PLI/RUEC covers seven countries (Japan, China, South Korea, the U.S., the UK, Germany, and France) and EITE covers four countries (Japan, China, the U.S., and Germany).

Energy Cost Monitoring for Japan (ECM_JPN_202506)

Koji Nomura, Sho Inaba, and Mansaku Yoshida

Nomura Lab at Keio Economic Observatory, 

2025.07

, 

Database science, Joint

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ECM_JPN_202506は、2025年5月（EITE指標は2025年4月）までの更新。2025年5月以降の実質・名目GDPの予測値は、OECD Economic Outlook（2025年6月3日公表）を反映。

Bhutanese Productivity Accounts 1990–2023 (BTPA 2025)

Koji Nomura and Sho Inaba

United Nations Economic and Social Commission for Asia and the Pacific, 

2025.07

, 

Database science, Joint

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This account is an update of the Bhutanese Productivity Accounts (BTPA 2024) presented in Nomura (2025) Hydropower-Led Economic Growth in Bhutan: Development of Industry-Level Productivity Account, 1990–2022.

Monthly GDP Growth (JMGDP_202506)

Koji Nomura and Sho Inaba

Nomura Lab at Keio Economic Observatory, 

2025.06

, 

Database science, Joint

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Update the estimates until May 2025.

Energy Cost Monitoring for Japan (ECM_JPN_202505)

Koji Nomura, Sho Inaba, and Mansaku Yoshida

Nomura Lab at Keio Economic Observatory, 

2025.05

, 

Database science, Joint

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ECM_JPN_202505は、2025年4月（EITE指標は2025年3月）までの更新。

Multilateral Energy Cost Monitoring (ECM_202505)

Koji Nomura, Sho Inaba, and Mansaku Yoshida

Keio Economic Observatory, Keio University, 

2025.05

, 

Database science, Joint

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The PLI (price level index) is estimated through April 2025, RUEC (real unit energy cost) through Q1 2025 (forecast is through Q4 2025), and the EITE (energy-intensive trade-exposed) output index through March 2025.

PLI/RUEC covers seven countries (Japan, China, South Korea, the U.S., the UK, Germany, and France) and EITE covers four countries (Japan, China, the U.S., and Germany).

Monthly GDP Growth (JMGDP_202505)

Koji Nomura and Sho Inaba

Nomura Lab at Keio Economic Observatory, 

2025.05

, 

Database science, Joint

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Update the estimates until April 2025.

Energy Cost Monitoring for Japan (ECM_JPN_202504)

Koji Nomura, Sho Inaba, and Mansaku Yoshida

Nomura Lab at Keio Economic Observatory, 

2025.05

, 

Database science, Joint

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ECM_JPN_202504は、①2025年3月（EITE指標は2025年2月）までの更新、②電力価格の予測について、2024年度3.49円/kWhから2025年度3.98円/kWhの再エネ賦課金上昇分（0.49円/kWh）を2025年5月分から上乗せするよう調整をおこなった。

Multilateral Energy Cost Monitoring (ECM_202504)

Koji Nomura, Sho Inaba, and Mansaku Yoshida

Keio Economic Observatory, Keio University, 

2025.05

, 

Database science, Joint

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The PLI (price level index) is estimated through February 2025, RUEC (real unit energy cost) through Q4 2024 (forecast is through Q4 2025), and the EITE (energy-intensive trade-exposed) output index through February 2025.

PLI/RUEC covers seven countries (Japan, China, South Korea, the U.S., the UK, Germany, and France) and EITE covers four countries (Japan, China, the U.S., and Germany).

Quarterly GDP Growth (JQGDP_2025Q1) First Estimate

Koji Nomura and Sho Inaba

Nomura Lab at Keio Economic Observatory, 

2025.04

, 

Database science, Joint

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JQGDP_2025Q1 is the first estimate (released on April 30) and the second estimate (released on May 30) of the Q1 2025 GDP estimate.

Monthly GDP Growth (JMGDP_202504)

Koji Nomura and Sho Inaba

Nomura Lab at Keio Economic Observatory, 

2025.04

, 

Database science, Joint

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Update the estimates until March 2025.

Energy Cost Monitoring for Japan (ECM_JPN_202503)

Koji Nomura, Sho Inaba, and Mansaku Yoshida

Nomura Lab at Keio Economic Observatory, 

2025.04

, 

Database science, Joint

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ECM_JPN_202503は、①2025年2月（EITE指標は2025年1月）までの更新、②2025年12月までの予測値を公表。
エネルギーに対する補助金は、「燃料油価格激変緩和対策事業」（2022年1月以降の消費分に対する補助）、「電気・ガス価格激変緩和対策事業」（2023年2月–2024年6月検針分に対する補助）、「酷暑乗り切り緊急支援」（2024年9月–11月検針分に対する補助）に加え、2025年1月（2025年2月検針分）より再開される電気・ガス料金の負担軽減策（2025年2月–4月検針分に対する補助）を考慮。政府は2025年6月以降、「燃料油価格激変緩和対策事業」による補助額を拡充するとしており、2025年4月–5月は3月分の補助と同等、2025年6月–12月は（4月6日の共同通信の記事等に基づき）1リットルあたり10円を仮定。

Multilateral Energy Cost Monitoring (ECM_202503)

Koji Nomura, Sho Inaba, and Mansaku Yoshida

Keio Economic Observatory, Keio University, 

2025.04

, 

Database science, Joint

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The PLI (price level index) is estimated through January 2025, RUEC (real unit energy cost) through Q4 2024 (forecast is through Q4 2025), and the EITE (energy-intensive trade-exposed) output index through January 2025.

PLI/RUEC covers seven countries (Japan, China, South Korea, the U.S., the UK, Germany, and France) and EITE covers four countries (Japan, China, the U.S., and Germany).