Japan: GDP deflator, linked series (base year varies by country)

Key figures

What the numbers say

In 2025, Japan's GDP deflator, linked series (base year varies by country) rose 3.4% on 2024 (from 108.55 to 112.27).

Across the 30 yearly changes before that (1995 to 2024), the average change was −0.1% and a typical year strayed about 1.5% from that (the standard deviation). This year's change was 2.4 standard deviations above that average, so it was unusually large compared with the rest of the record.

On record, the biggest yearly rise was 4.6% in 2023 and the biggest yearly fall was 1.9% in 2010. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2016 to 2025 the straight-line trend is upward, about 1.46 a year. A straight line explains 79% of the movement over 10 observed years.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

In 2025, Japan had the 165th highest value of the 186 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.

Closest to Japan in the 2025 ranking

• Trinidad and Tobago — 162nd of 186: 113.92
• Fiji — 163rd of 186: 113.15
• France — 164th of 186: 113.08
• Maldives — 166th of 186: 111.74
• Ecuador — 167th of 186: 111.17
• Timor-Leste — 168th of 186: 110.47

What this measures

The GDP implicit deflator is the ratio of GDP in current local currency to GDP in constant local currency. The base year varies by country. This series has been linked to produce a consistent time series to counteract breaks in series over time due to changes in base years, source data and methodologies. Thus, it may not be comparable with other national accounts series in the database for historical years. This indicator is expressed as a ratio (a÷b).

All 36 values

GDP deflator, linked series (base year varies by country) in nearby economies

• American Samoa — 135.04 (2022)
• Australia — 102.31 (2025)
• Brunei Darussalam — 99.24 (2025)
• Cambodia — 128.49 (2025)
• China — 104.18 (2025)
• Fiji — 113.15 (2025)
• French Polynesia — 121.97 (2024)
• Guam — 127.49 (2022)
• Hong Kong SAR, China — 105.23 (2025)

More financial sector data for Japan

• Domestic credit to private sector by banks (% of GDP) — 114.38% (2025)
• Net domestic credit (current LCU) — 1,834.69 trillion (2025)
• Net foreign assets (current LCU) — 54.94 trillion (2025)
• Monetary sector credit to private sector (% of GDP) — 114.82% (2025)
• Broad money (current LCU) — 1,638.01 trillion (2025)
• Broad money (% of GDP) — 246.78% (2025)
• Broad money to total reserves ratio — 7.98 (2025)
• Consumer price index (2010 = 100) — 118.04 (2025)
• Inflation, consumer prices (annual % growth) — 3.17% (2025)
• Claims on central government, etc. (% of GDP)

Reading data like this

• Where to find free public data, and how to check it before you trust it — 2 min read
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• Real change or random noise? A plain guide to reading your numbers — 2 min read

Questions people ask

What is Japan's GDP deflator, linked series (base year varies by country)?

112.27 in 2025, according to the World Bank (World Development Indicators).

How has it changed since 1990?

It is up 5.57% from 106.35 in 1990 (0.15% a year on average, compounded). The highest value was 112.41 in 1994 and the lowest 93.93 in 2013.

How does Japan rank?

165th highest of 186 economies with data for 2025.

Is the latest change in GDP deflator, linked series (base year varies by country) unusual for Japan?

In 2025, Japan's GDP deflator, linked series (base year varies by country) rose 3.4% on 2024 (from 108.55 to 112.27). Across the 30 yearly changes before that (1995 to 2024), the average change was −0.1% and a typical year strayed about 1.5% from that (the standard deviation). This year's change was 2.4 standard deviations above that average, so it was unusually large compared with the rest of the record.

Source

World Bank, World Development Indicators, indicator NY.GDP.DEFL.ZS.AD, licensed CC BY 4.0. Original source: Staff estimates, World Bank (WB); National Accounts data files, Organisation for Economic Co-operation and Development (OECD); World Economic Outlook database, International Monetary Fund (IMF) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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