{
  "title": "Japan and the IMF: Working Together to Promote Inclusive and Sustainable Growth",
  "publication": "IMF News, November 7, 2017",
  "sourceUrl": "https://www.imf.org/en/news/articles/2017/11/07/sp110817-md-oapanniversary",
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  "summary": "b) The Global Economy and the IMF - Shared global priorities with Japan: - Joint efforts on the Sustainable Development Goals and assistance to low-income countries. - Cooperation on international taxation, combating money laundering and terrorist financing, and addressing climate change. - Climate ",
  "publishDate": "2017-11-07",
  "sections": [
    {
      "heading": "I. Introduction & Theme",
      "content": "- Partnership between Japan and the IMF forged over the past 65 years.\n- Japan as a founding member has supported IMF analysis, policy advice, financial assistance, and efforts to strengthen economic governance and institutions.\n- Shared priorities: inclusiveness and economic stability.\n- Historical references:\n  - 1964 IMF Annual Meetings in Tokyo: Prime Minister Hayato Ikeda on promoting stable economic growth and reducing disparity.\n  - Recent reforms under Prime Minister Abe with increased focus on women’s economic empowerment.\n- Central aim: strengthen partnership to promote more inclusive and sustainable growth."
    },
    {
      "heading": "II. Shaping the Future of the Asia Pacific Region",
      "content": "- Regional transformation and growth:\n  - Over the past three decades, Asia has helped transform the world, creating the world’s largest middle-classes and driving the greatest poverty reduction in history.\n  - Over the past decade, Asia contributed two-thirds of global growth while other regions experienced weak recoveries.\n  - Global economy expected to grow 3.6 percent and 3.7 percent (this year and next).\n- Key long-term challenges for the region:\n  - Demographics (young/growing populations vs. rapidly aging populations).\n  - Productivity growth and reenergizing productivity to ensure higher living standards.\n- Country group opportunities:\n  - Countries with young populations (e.g., India and Indonesia) can reap a “demographic dividend.”\n  - Countries such as China, Japan, and Korea must mitigate effects of rapidly aging populations.\n- Japan’s policy experience and innovations:\n  - Scientific and technological innovation: public initiatives promoting a “fourth industrial revolution” (artificial intelligence, big data, robotics, biotech).\n  - Preparations for the 2020 Tokyo Olympics as a showcase of engineering excellence (examples cited: large, free-floating holograms; building a flying car to light the Olympic flame).\n  - Commitment to boost proportion of women in the workforce:\n    - Over the past five years, the number of female workers increased by 1.6 million.\n    - Policy priorities include expanding access to childcare, reducing long working hours, and promoting “equal pay for equal work.”\n    - Potential benefits: lift potential growth and improve inclusivity.\n- Distributional concerns and policy responses:\n  - Example statistic: combined wealth of 637 Asian billionaires increased by almost a third to US$2 trillion — compared to India’s GDP where the population is 1.3 billion.\n  - IMF research: when benefits of growth are shared more broadly, growth is stronger, more durable, and more resilient.\n  - Policy implications: retool tax systems and spending policies; emphasize conditional cash transfers for low-income families; expand access to health services and high-quality education.\n  - Importance of cross-country sharing of experiences and effective policies."
    },
    {
      "heading": "III. Fostering Stronger Cooperation",
      "content": "a) Asia, Japan, and the IMF\n- IMF capacity development and country engagement examples:\n  - Work with the National Bank of Cambodia to modernize its financial system.\n  - Helping countries raise public revenues more efficiently.\n  - Training nearly 30,000 individuals through free online economics courses.\n- Japan’s financial and institutional support:\n  - Over the past three decades, Japan contributed about $600 million to IMF capacity development efforts.\n  - These efforts benefited more than 130 countries and contributed to economic transformations, especially in Asia.\n  - Japan’s steadfast backing of the Regional Office for Asia and the Pacific in Tokyo; celebrating its 20th anniversary.\n  - IMF membership: 189 countries.\n- Personnel and knowledge exchange:\n  - Over the past 10 years, some 150 Japanese economists have worked at the Fund.\n  - Personal relationships and staff exchanges strengthen cooperation and mutual learning.\n  - Reference to “heart-to-heart communication” — I-shin-den-shin.\n\nb) The Global Economy and the IMF\n- Shared global priorities with Japan:\n  - Joint efforts on the Sustainable Development Goals and assistance to low-income countries.\n  - Cooperation on international taxation, combating money laundering and terrorist financing, and addressing climate change.\n- Climate impact estimate:\n  - A 1 degree Celsius increase in a country with an average annual temperature of 25 degrees (examples: Bangladesh, Haiti, Gabon) could reduce per capita GDP by nearly 1.5 percent.\n- Strengthening the multilateral system and global safety net:\n  - Trade: example of the planned agreement between Japan and the European Union with provisions on antitrust, corporate governance, and sustainable development.\n  - Financial safety net:\n    - 2009: Japan committed $100 billion for IMF lending programs during the financial crisis.\n    - Ongoing work with Japan to deepen engagement with regional financial arrangements to help ensure the global safety net’s layers work together seamlessly."
    },
    {
      "heading": "IV. Conclusion",
      "content": "- Closing principle: “Cherish the harmony among people.” (ancient Japanese moral principle)\n- This spirit captures the essence of the IMF–Japan partnership: fostering deeper understanding and trust among nations.\n- Core message: by working together and trusting each other, partners can help create a harmonious economy in which all people can benefit.\n- Closing remarks: “Thank you very much — domo arigato gozaimasu.”\n\nKeynote Address by Christine Lagarde, Managing Director, IMF — IMF Office for Asia and the Pacific 20th Anniversary: IMF-Japan Collaboration for the Asia-Pacific Region, November 7, 2017.\n\n---\n\n\n References\n\n- Digital Money and Payments in Transition\n- Christine Lagarde\n- Japan and the IMF\n- IMF-World Bank Debt Sustainability Framework for Low-Income Countries -- A Factsheet\n- Speeches\n- PRESS CENTER\n- http://www.imf.org/oap20\n- World Economic Outlook\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2017/11/07/sp110817-md-oapanniversary"
    }
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    "Published: November 7, 2017",
    "Partnership between Japan and the IMF forged over the past 65 years.",
    "Japan as a founding member has supported IMF analysis, policy advice, financial assistance, and efforts to strengthen economic governance and institutions.",
    "Shared priorities: inclusiveness and economic stability.",
    "Historical references:",
    "Central aim: strengthen partnership to promote more inclusive and sustainable growth.",
    "Regional transformation and growth:",
    "Key long-term challenges for the region:",
    "Country group opportunities:",
    "Japan’s policy experience and innovations:",
    "Distributional concerns and policy responses:",
    "IMF capacity development and country engagement examples:",
    "Japan’s financial and institutional support:",
    "Personnel and knowledge exchange:",
    "Shared global priorities with Japan:",
    "Climate impact estimate:",
    "Strengthening the multilateral system and global safety net:",
    "Closing principle: “Cherish the harmony among people.” (ancient Japanese moral principle)",
    "This spirit captures the essence of the IMF–Japan partnership: fostering deeper understanding and trust among nations.",
    "Core message: by working together and trusting each other, partners can help create a harmonious economy in which all people can benefit.",
    "Closing remarks: “Thank you very much — domo arigato gozaimasu.”",
    "[Digital Money and Payments in Transition](https://www.imf.org/en/videos/view/6385653284112)",
    "[Christine Lagarde](https://www.imf.org/en/About/senior-officials/Bios/christine-lagarde)",
    "[Japan and the IMF](http://www.imf.org/external/country/JPN/index.htm)",
    "[IMF-World Bank Debt Sustainability Framework for Low-Income Countries -- A Factsheet](https://www.imf.org/en/about/factsheets/sheets/2023/imf-world-bank-debt-sustainability-framework-for-low-income-countries)",
    "[Speeches](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[http://www.imf.org/oap20](http://www.imf.org/oap20)",
    "[World Economic Outlook](https://www.imf.org/en/Publications/WEO/Issues/2017/09/19/world-economic-outlook-october-2017%203)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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