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Japan Infrastructure Report Q3 2009
Market |
Construction |
Report Type |
Market Research |
Country |
Japan |
Published |
2 July 2009 |
Number of Pages |
75 |
Download |
|
Immediate |
|
Publisher |
Business Monitor International |
Japan's construction industry is forecast to contract by 11.2% in 2009
The global downturn continued to negatively affect Japan over the quarter with infrastructure projects in decline. The report forecasts negative growth for the construction industry in Japan over 2009 with a substantial -11.2% drop in real growth y-o-y. The industry is expected to show decline throughout 2010, with growth reaching only 1.9% by 2013.
Construction on the Daidogawa Dam in Otsu, a small village in Japan, was halted by the country’s transport ministry in April. The ministry said the freeze was necessary in order to consider propositions by the governors of Shiga, Kyoto, Osaka and Mie prefectures, who in February and March submitted requests to stop the construction. There was increased collaboration between Japan and Russia in the energy sector with both a hydropower plant and a wind farm in eastern Russia announced in May. The projects will see collaboration between Japan’s Mitsui and J-Power and Russia’s state-owned RusHydro Japan maintains the top spot in the Infrastructure Business Environment, with an overall score of 71.6.
This is largely thanks to top scores for its investment climate and regulatory environment, as well as the great expertise of the domestic infrastructure majors, which are among the global leaders in the industry.
Japan scored rather worse for its Project Finance, ranking just seventh in its region. This was due to a low rating in inputs for Japan, which dragged its overall score down. This was exacerbated by deflationary pressures that resulted in an increase in the cost of debt, Japan's government launched a record fiscal stimulus of JPY15.4trn (US$154bn) in Q2. The package was the third initiated by Prime Minister Taro Aso since he took office last September, and took the cumulative total to JPY25trn (US$250bn), representing 5.5% of the country's GDP. The fiscal stimulus plan does not contain any specific provisions for infrastructure projects, or at least none have been announced as such. For this reason, Japan's industry value forecasts remain under pressure and the country’s infrastructure market score has declined from the previous 72.5 to 57.5.
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