Works - NOMURA Koji

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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JMGDP is a monthly GDP estimate for Japan developed and published by the Nomura Lab at the Keio Economic Observatory (KEO), Keio University. It features a production-side approach across 36 industries with double-deflation-based value-added estimation, offering a perspective on economic conditions distinct from the expenditure-based official statistics. Estimates are released around the end of each month with an approximate one-month lag behind the reference period, and have been published continuously since October 2022. A quarterly counterpart, JQGDP, is also available, enabling direct comparison with the Cabinet Office's JSNA quarterly estimates.
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).

Monthly GDP Growth (JMGDP_202503)

Koji Nomura and Sho Inaba

Nomura Lab at Keio Economic Observatory, 

2025.03

, 

Database science, Joint

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JMGDP is a monthly GDP estimate for Japan developed and published by the Nomura Lab at the Keio Economic Observatory (KEO), Keio University. It features a production-side approach across 36 industries with double-deflation-based value-added estimation, offering a perspective on economic conditions distinct from the expenditure-based official statistics. Estimates are released around the end of each month with an approximate one-month lag behind the reference period, and have been published continuously since October 2022. A quarterly counterpart, JQGDP, is also available, enabling direct comparison with the Cabinet Office's JSNA quarterly estimates.
Update the estimates until February 2025.


Energy Cost Monitoring for Japan (ECM_JPN_202502)

Koji Nomura, Sho Inaba, and Mansaku Yoshida

Nomura Lab at Keio Economic Observatory, 

2025.03

, 

Database science, Joint

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ECM_JPN_202502は、①2025年1月（EITE指標は2014年12月）までの更新、②ECM最終エネルギー消費額と内閣府経済社会総合研究所「国民経済計算年次推計」（2024年12月公表）の2023年エネルギー消費額との整合性を保持する年次ベンチマーキング、③EITE指数では上記資料の2023年生産・輸入指数との整合性を保持する年次ベンチマーキング、多国間ECMではReal PLI指標の再検討に伴い、④主要国の基礎レベルでのエネルギー消費価格水準と消費量の大幅改訂（詳細は3月中にDiscussion Paperを公表予定）、⑤1か月の早期化（前回ECM（除くEITE指標）は2024年10月までの公表だが本推計は一部簡易推計を含み2024年12月まで）を実施している。

Multilateral Energy Cost Monitoring (ECM_202502)

Koji Nomura, Sho Inaba, and Mansaku Yoshida

Keio Economic Observatory, Keio University, 

2025.03

, 

Database science, Joint

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The PLI (price level index) is estimated through December 2024, RUEC (real unit energy cost) through Q4 2024 (forecast is through Q2 2025), and the EITE (energy-intensive trade-exposed) output index through December 2024.

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_202502)

Koji Nomura and Sho Inaba

Nomura Lab at Keio Economic Observatory, 

2025.02

, 

Database science, Joint

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JMGDP is a monthly GDP estimate for Japan developed and published by the Nomura Lab at the Keio Economic Observatory (KEO), Keio University. It features a production-side approach across 36 industries with double-deflation-based value-added estimation, offering a perspective on economic conditions distinct from the expenditure-based official statistics. Estimates are released around the end of each month with an approximate one-month lag behind the reference period, and have been published continuously since October 2022. A quarterly counterpart, JQGDP, is also available, enabling direct comparison with the Cabinet Office's JSNA quarterly estimates.
Update the estimates until January 2025.


Energy Cost Monitoring for Japan (ECM_JPN_202501)

Koji Nomura, Sho Inaba, and Mansaku Yoshida

Nomura Lab at Keio Economic Observatory, 

2025.02

, 

Database science, Joint

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ECM_JPN_202501は、ECM推計値の2024年12月までの更新。中国では、国家統計局「居民消费价格指数（Consumer Price Indices）」の公開データの費目分類の細分化にともない、家計のエネルギー価格指数の対応関係を見直した。

Multilateral Energy Cost Monitoring (ECM_202501)

Koji Nomura, Sho Inaba, and Mansaku Yoshida

Keio Economic Observatory, Keio University, 

2025.02

, 

Database science, Joint

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The PLI (price level index) is estimated through October 2024, RUEC (real unit energy cost) through Q3 2024 (forecast is through Q2 2025), and the EITE (energy-intensive trade-exposed) output index through November 2024.

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_202501)

Koji Nomura and Sho Inaba

Nomura Lab at Keio Economic Observatory, 

2025.01

, 

Database science, Joint

　View Details

JMGDP is a monthly GDP estimate for Japan developed and published by the Nomura Lab at the Keio Economic Observatory (KEO), Keio University. It features a production-side approach across 36 industries with double-deflation-based value-added estimation, offering a perspective on economic conditions distinct from the expenditure-based official statistics. Estimates are released around the end of each month with an approximate one-month lag behind the reference period, and have been published continuously since October 2022. A quarterly counterpart, JQGDP, is also available, enabling direct comparison with the Cabinet Office's JSNA quarterly estimates.
Update the estimates until December 2024.


Quarterly GDP Growth (JQGDP_2024Q4) First Estimate

Koji Nomura and Sho Inaba

Nomura Lab at Keio Economic Observatory, 

2025.01

, 

Database science, Joint

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JQGDP_2024Q4 is the first estimate (released on January 31, 2005) and the second estimate (released February 28, 2025) of the Q4 2024 GDP estimate.

Energy Cost Monitoring for Japan (ECM_JPN_202412a)

Koji Nomura and Sho Inaba

Nomura Lab at Keio Economic Observatory, 

2025.01

, 

Database science, Joint

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ECM_JPN_202412aは、EITE推計値の11月値までの更新、およびECM_JPN_202412公表後における公表された統計を部分的に反映したECM推計値の更新。

Preliminary Estimates of 2022 Benchmark Augmented Input-Output Table for Bhutan (2022 AIOT)

Koji Nomura and Sho Inaba

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

2024.12

, 

Database science, Joint

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The 2022 AIOT is the benchmark estimates used for BhutanSectoral Integration and Transformation Economic Model (ITEM).

Multilateral Energy Cost Monitoring (ECM_202412)

Koji Nomura, Sho Inaba, and Mansaku Yoshida

Keio Economic Observatory, Keio University, 

2024.12

, 

Database science, Joint

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The PLI (price level index) is estimated through September 2024, RUEC (real unit energy cost) through Q3 2024 (forecast is through Q2 2025), and the EITE (energy-intensive trade-exposed) output index through October 2024.

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_202412)

Koji Nomura, Sho Inaba, and Mansaku Yoshida

Nomura Lab at Keio Economic Observatory, 

2024.12

, 

Database science, Joint

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ECM_JPN_202412は、①ECM推計値の2024年11月までの更新、②各国の2025年6月までの予測値を追加、③ドイツのエネルギー価格の予測では2025年1月より引き上げられる炭素税分（CO2排出量1トン当たり45ユーロから55ユーロへ上昇）を反映。

Monthly GDP Growth (JMGDP_202412)

Koji Nomura and Sho Inaba

Nomura Lab at Keio Economic Observatory, 

2024.12

, 

Database science, Joint

　View Details

JMGDP is a monthly GDP estimate for Japan developed and published by the Nomura Lab at the Keio Economic Observatory (KEO), Keio University. It features a production-side approach across 36 industries with double-deflation-based value-added estimation, offering a perspective on economic conditions distinct from the expenditure-based official statistics. Estimates are released around the end of each month with an approximate one-month lag behind the reference period, and have been published continuously since October 2022. A quarterly counterpart, JQGDP, is also available, enabling direct comparison with the Cabinet Office's JSNA quarterly estimates.
Update the estimates until November 2024.


Energy Cost Monitoring for Japan (ECM_JPN_202411a)

Koji Nomura and Sho Inaba

Nomura Lab at Keio Economic Observatory, 

2024.12

, 

Database science, Joint

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ECM_JPN_202411aは、EITE推計値の10月値までの更新、およびECM_JPN_202411公表後における公表された統計を部分的に反映したECM推計値の更新。