Japan: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Japan

February 10, 2020

Preview Citation

Format: Chicago

Japan: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Japan, (USA: International Monetary Fund, 2020) accessed September 18, 2024

Summary

This 2019 Article IV Consultation with Japan highlights that the rapid aging and shrinking of Japan’s population has become central to macroeconomic policies and outcomes. The consultation centered on the macroeconomic effects of Japan’s demographics. Mutually reinforcing policies are needed to lift current and expected inflation, stabilize public debt, and raise potential growth. Underlying growth is expected to remain resilient but will be increasingly challenged by slowing external demand and intensifying demographic headwinds. Growth in domestic demand is being eroded by the weaker external environment. Frontloading of private consumption ahead of the October 2019 consumption tax rate increase appears to have been smaller than in 2014.

Subject: Aging, Consumption taxes, Fiscal policy, Inflation, Labor, Population and demographics, Prices, Taxes

Keywords: Aging, Asia and Pacific, BOJ's core-core inflation, Consumption taxes, Core inflation, Core inflation forecast, CPI headline inflation, CR, Global, Inflation, ISCR, Japan, Japan-EU trade agreements, Stimulus package

Publication Details

Pages:

119
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2020/039
Stock No:

1JPNEA2020001
ISBN:

9781513529394
ISSN:

1934-7685

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