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The Slowdown in Growth
Macroeconomic Balances and Policy Responses
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adjustment administrative reform agricultural average balance Bank of Japan bilateral budget capital outflow certificates of deposit changes city banks commercial banks continued controls corporate countries current-account surplus decline demand deposits deregulation developments dollar domestic dropped economic growth Economic Planning Agency Economic Statistics Annual Euroyen exchange rate expenditures exports financial assets financial institutions financial markets financial sector fiscal policy foreign banks gensaki government bonds government deficits impact important income increase industrial inflation interest rates Japan Statistical Yearbook Japanese Economy Keizai labor levels liberalization loans long-term lower macroeconomic ment Ministry of Finance monetary policy Nihon Keizai Shimbun officials oil shock percent of GNP portfolios postal savings system postwar pressure private-sector problems productivity profits rapid reduce revenues rise securities companies Shimbun shinkin banks short-term slower growth social sogo banks tions Tokyo trade transactions trillion trust banks United