Japan: 2024 Article IV Consultation — Press Release; Staff Report; and Statement by the Executive Director for Japan
IMF Staff Country Reports, May 13, 2024
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- Japan: 2024 Article IV Consultation — Press Release; Staff Report; and Statement by the Executive Director for Japan
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Bibliographic details
- Published: May 13, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400276644.002
Macro outlook and growth projections
- The Japanese economy "continues to grow after the pandemic, with broad-based price increases following three decades of low inflation."
- Growth is expected to continue, with "a pick-up in consumption later this year."
- Growth is projected to decelerate to 0.9 percent in 2024, owing to fading of one-off factors supporting growth in 2023, including "a surge in tourism."
- Risks to growth are described as "broadly balanced."
Risks to growth and inflation
- External downside risks:
- "A slowdown in the global economy."
- "Deepening geo-economics fragmentation."
- "More volatile food and energy prices."
- Domestic downside risks:
- "Weak consumption related to negative real wage growth."
- "More acute labor shortages that could constrain activity."
- "A return to a zero-inflation environment."
Financial system assessment and macrofinancial vulnerabilities
- The Japanese financial system "has withstood a series of shocks but confronts several challenges."
- Key risks to macrofinancial stability at the current juncture stem from three main sources of vulnerability:
- "The sizable security holdings of financial institutions under mark-to-market accounting."
- "Some banks’ notable foreign currency exposures."
- "Signs of overheating in parts of the real-estate markets."
Metadata and publication identifiers
- Publication date: May 13, 2024
- Pages: 81
- Volume: 2024
- Issue: 118
- Series: Country Report No. 2024/118
- DOI: https://doi.org/10.5089/9798400276644.002
- ISBN: 9798400276644
- ISSN: 1934-7685
- Subject keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Financial services, Income inequality, Inflation, International organization, Labor, Labor markets, Monetary policy, National accounts, Prices, Yield curve
Source: Japan: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Japan
Content in this bundle
- 1jpnea2024010