Japan: 2009 Article IV Consultation: Staff Report; Staff Statement; and Public Information Notice on the Executive Board Discussion
IMF Staff Country Reports, July 15, 2009
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- Japan: 2009 Article IV Consultation: Staff Report; Staff Statement; and Public Information Notice on the Executive Board Discussion
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Bibliographic details
- Published: July 15, 2009
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451820737.002
Summary findings
- Although Japan was not at the center of the initial crisis, the collapse in external demand and financial spillovers have plunged the economy into a severe recession.
- Financial policies are focusing on strengthening the resilience of the financial system.
- Executive Directors have welcomed the support being provided by fiscal stimulus packages.
- On the monetary front, Directors have commended the authorities for their wide-ranging actions, which have helped to stabilize financial markets and facilitate corporate financing.
Policy actions and assessments
- Fiscal policy: Support provided by fiscal stimulus packages has been welcomed by Executive Directors.
- Monetary policy: The Bank of Japan's wide-ranging actions have been commended for stabilizing financial markets and facilitating corporate financing.
- Financial sector policy: Emphasis on strengthening the resilience of the financial system.
Subjects and keywords (as listed)
- Subject: Bank credit, Banking, Credit, Fiscal policy, Fiscal stance, Inflation, Money, Prices, Public debt
- Keywords: Bank of Japan's understanding, core inflation, CR, Credit, data module, deficit, deficit adjustment, economic policy, Fiscal stance, Global, Inflation, ISCR, Japan, policy rate, regime, target, understanding of price stability