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The aim is to assess the effects of Japan's 2020 benchmark revision on intangible investment and capital quality indicators.

June 4, 2026Open Access

Intangible Expansion and Capital Quality: Implications of the 2020 Benchmark Revision in Japan

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Randomized trial reveals the influence of intangible assets on GDP growth in Japan, suggesting a shift towards capital-driven growth.

The aim is to assess the effects of Japan's 2020 benchmark revision on intangible investment and capital quality indicators.
Analysis of 2020 benchmark revision data in national accounts
Focus on software investment contributions to nominal GDP
Application of Jorgensonian growth-accounting framework
Software investment contributed approximately 1.5 percentage points to a 2.7% upward revision in GDP
Software net stock increased by about 75% by the end of 2023
Revision leads to a greater growth of capital services compared to capital stock, indicating a shift towards more capital-driven output growth.

Nomura et al. (2026) studied this question.

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