Japan: The Technologies of Tomorrow, Here Today According to Morgan Stanley, nominal growth – which gives a clearer picture of Japan's economy than real growth – reached 5% in 2023, its highest level since 1991. For comparison, Japan's nominal growth averaged just 0.2% between 1995 and 2020. Likewise, inflation has kept above the Bank of Japan's 2% target for the past 18 months, incentivizing businesses and households to switch from saving to investing. Recognising the opportunity, global investors are piling in.