Japanese banks largely avoided the direct impact from the global financial crisis thanks to their limited exposure to foreign toxic assets, the regulatory framework in Japan and the small role of securitisation.
Japan is one of the countries hardest-hit by the crisis. We now see signs of a recovery in Japan, thanks to large-scale fiscal stimulus and accommodative measures by the Bank of Japan. But the great challenge today is to move from a policy-based recovery to self-sustained growth.
To achieve its targets to reduce greenhouse gas emissions in a cost-effective manner, Japan should create a mandatory and comprehensive emission trading system, supplemented if necessary, by carbon taxes.
Japan needs a credible fiscal consolidation plan, including spending cuts and tax increases, to maintain confidence in its fiscal sustainability as gross public debt nears 200% of GDP in 2010.
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External links to: recent economic data; current interest rates and exchange rates; latest macroeconomic reports; current outlook and projections; government budget information; speeches; relevant sites.
Country Notes from OECD Economic Policy Reforms: Going for growth 2011 presenting OECD recommendations for structural reform priorities for individual countries.
This working paper uses a variety of empirical methods to examine the apparent differences in monetary policy stances as between the United States and other G7 economies.
This paper constructs a broad measure of financial conditions for the United States, Japan, the Euro Area and the United Kingdom, by extending monetary condition indices which are traditionally used to gauge the impact of monetary policy on the economy.
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This note, taken from Chapter 3 of Economic Policy Reforms: Going for Growth 2009, contains information about the progress in implementing reforms in line with the 2008 priorities for Japan.
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This note, taken from Chapter 2 of Economic Policy Reforms: Going for Growth 2007, contains information about the progress in implementing reforms in line with the 2006 priorities for Japan.