Japan - Economic and Policy Developments
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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Fiscal Policy Developments
Tax Receipts of the Central Government General Account FY19962001
Monetary Policy Stance 19952001
Financial System Issues
Simple Average Applied Tariffs 2000
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adjustment agencies allocation April assets bad loans Bank of Japan basis points billion BOJ's borrowers business investment capital CEFP central government consolidation contribution corporate debt service decline deficit deflation deposits Economic expenditure exports Figure FILP financial institutions fiscal policy fiscal stimulus GDP deflator government bonds government's growth impact income increase industrial interest rates Japanese JGB yields liquidity major banks measures medium-term Memorandum items Ministry monetary base Money Multipliers moving average Nagaoka national accounts Nikkei Telecom nmivi nmrvi output gap overnight call pension system percent of GDP percent y/y postal savings system private consumption production programs public debt public investment public works projects quarter of 2001 ratio real GDP recent reduced regional banks Residential investment restructuring revenue second half social security Source Special Account statistics substantial Table target three-month trillions of yen Twelve-month percent change U.S. dollar WEFA yield curve