Japan: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Japan

July 31, 2017

Preview Citation

Format: Chicago

Japan: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Japan, (USA: International Monetary Fund, 2017) accessed December 22, 2024

Summary

This 2017 Article IV Consultation highlights that Japan’s economy is growing above potential, narrowing the negative output gap. The expansion is now broader and more balanced than in 2015, with private consumption growth turning positive and private investment strengthening on the back of residential investment. However, labor shortages are evident, wage growth remains weak, and inflation is stubbornly low. Growth momentum will carry through 2017 but would weaken in 2018 if fiscal support fades as currently scheduled. The fiscal stimulus package supports 2017 growth through higher consumption and investment. Monetary policy is expected to remain accommodative and facilitate a virtuous cycle between credit and economic growth.

Subject: Income, Inflation, Labor, Labor markets, National accounts, Prices, Wages

Keywords: Asia and Pacific, Consultation, CR, Current account norm, Exchange arrangement, Fiscal policy, Global, Income, Inflation, ISCR, Japan, Japan-EU EPA, Labor markets, Market, Money market rate, Net export, SDR million, Social security system, Wages

Publication Details

Pages:

84
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2017/242
Stock No:

1JPNEA2017001
ISBN:

9781484313411
ISSN:

1934-7685

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