Seasonal integration and Japanese aggregate data

Abstract

The presence of seasonal integration in Japanese macro data is tested. The targeted variables are real values and deflators for GDP, consumption, investment, government expenditure, exports, and imports. First, with respect to seasonality, an entirely different conclusion is obtained for the real values and the deflators of the data series examined. Second, it is clear that there is a difference between the analytical results obtained when a structural break is considered and those obtained when a structural break is not considered.