Japan: Economic and Policy Developments
International Monetary Fund, Nov 2, 2000 - Business & Economics - 101 pages
Fiscal policy has been strongly expansionary for most of the past decade in Japan. The resulting strain on public finances has made stimulus policies more difficult to maintain. The stance of monetary policy has remained unchanged over the past year. Further progress in resolving banking problems is essential given the plan to remove blanket deposit insurance in April 2002 and to lay the foundation for sustained growth. The paper discusses recent developments in the field of structural reform and deregulation in Japan.
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20 percent adjustment amount April bad loans Bank of Japan billion central government central government’s consolidation contribution to growth corporate restructuring costs debt decline deregulation Economic equity excluding social security expenditure external sector’s contribution Figure FILP FILP agencies financial institutions financial system fiscal policy Fitch IBCA forecast Fuji Bank government bonds implementation income increase inflation initial budget interest rates International Monetary Fund Japanese keiretsu labor liquidity major banks March measures mergers Ministry monetary base monetary policy national accounts Nikkei Telecom output volatility pension plans percent of GDP percentage point period portfolio postal savings deposits postal savings system private consumption projects public investment public works spending quarter of 1999 quarter of 2000 ratio reduced reflected regional banks Regulatory Reform Residential investment second-tier regionals sector sharply Shinsei Bank Source staff calculations stimulus packages supplementary budget Table Tier-1 capital Tokyo trillion WEFA