White Paper on International Economy and Trade 2025

NOTE： Only Part I (Chapters 1, 2, 3, and 4) and Part II of the white paper are translated into English. Some of the figures and other parts are available only in Japanese.

• Table of Contents (PDF:84KB)
• Explanatory Notes (PDF:102KB)

Part I　Escalating Uncertainty at a Critical Juncture of the International Economic Order (IEO)

Chapter 1　A vulnerable global economy and the tariff shock

• Section 1 Global economy in 2024 reliant on U.S. growth(PDF:168KB)
• Section 2 China’s economic downturn and underconsumption structure(PDF:222KB)
• Section 3 Worsening global economic outlook due to the tariff shock(PDF:133KB)

Chapter 2　Heightening uncertainty

• Section 1 Protectionism and trade conflicts(PDF:210KB)
• Section 2 Risks of overcapacity and overdependence(PDF:128KB)
• Section 3 Geopolitical risks and economic security perceptions(PDF:148KB)
• Section 4 Shifting power balances involving Global South countries(PDF:121KB)
• Section 5 Diverse responses to digitalization and green transitions(PDF:154KB)
• Column 1 GPR Index for major countries and regions(PDF:143KB)

Chapter 3　 Economic impacts of uncertainty

• Section 1 Structural increase of uncertainty(PDF:234KB)
• Section 2 Economic effects of uncertainty(PDF:181KB)

Chapter 4　 Impact of geopolitical distance on world trade

• Section 1 Geopolitical distance(PDF:218KB)
• Section 2 Impact on world trade(PDF:195KB)

PartⅡ　Inclusiveness, Economies of Scale and Asymmetric Dependence, and Service Value Added

Chapter 1　Structural changes facing the international economic order

• Section 1 Widening inequality and social divisions(PDF:282KB)
• Section 2 Digitalization transforming cross-border transactions of services(PDF:725KB)
• Section 3 Green transition and trade(PDF:388KB)
• Section 4 Supply chain resilience and critical minerals(PDF:302KB)
• Section 5 Industrial policy and the international economic order(PDF:281KB)

Chapter 2　The impact of China’s industrial development on trade and investment

• Section 1 China’s industrial fundamentals(PDF:640KB)
• Section 2 China’s industrial development mechanisms(PDF:236KB)
• Section 3 Case studies of specific industries(PDF:345KB)
• Section 4 The impact of industrial development on trade and investment(PDF:470KB)
• Section 5 Trade and investment relations of the ROK, ASEAN and India(PDF:748KB)

Chapter 3　The transformation of Japan’s trade and investment structure

• Section 1 International balance of payments structure(PDF:548KB)
• Section 2 Trade in Goods(PDF:0KB)
• Section 3 Cross-border transactions of goods and services(PDF:439KB)
• Section 4 Global strategies of manufacturing and content industries(PDF:935KB)
• Section 5 Co-creation with Global South countries(PDF:827KB)
• References(PDF:411KB)
• List of Figures and Tables(PDF:381KB)