IMF Staff Country Reports

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Format: Chicago

International Monetary Fund. "Japan: Selected Issues", IMF Staff Country Reports 2011, 182 (2011), accessed November 7, 2025, https://doi.org/10.5089/9781462329458.002

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Summary

The Japanese Government Bond (JGB) market has been stable in Japan since the earthquake, but the factors holding down JGB yields could diminish over time. To limit these risks, fiscal policy should aim to reduce public debt quickly and lengthen maturity of JGBs. The Bank of Japan’s (BoJ) easing measures have had a significant and broad-based impact on financial markets. Policies to support employment and protect incomes have been effective, but have to be phased out and complemented with training and job search assistance programs to facilitate a smooth reallocation of labor.

Subject: Employment, Financial institutions, Government securities, Labor, Labor force, Labor markets, Monetary aggregates, Monetary policy, Money, Unconventional monetary policies

Keywords: Asset purchase program, BoJ's balance sheet, CR, Easing measure, Employment, Global, Government securities, ISCR, JGB market, JGB yield, Labor force, Monetary aggregates, Quantitative easing, Unconventional monetary policies, Yield

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