Japan: Staff Report for the 2002 Article IV Consultation

IMF Staff Country Reports, August 8, 2002

Source details

The economy of Japan rebounded strongly in the first quarter of 2002.
Global recovery underpinned a large net export contribution.
Special transitory factors—including unseasonably warm weather and anomalies in the small single-family spending survey—boosted household spending.
Earlier fiscal stimulus measures boosted public demand.
Business and residential investment continued to slump.
Even with the strong growth in the first quarter of 2002, real GDP is nevertheless expected to decline by about ½ percent on an annual-average basis for 2002 as a whole.

External demand: Global recovery produced a large net export contribution in Q1 2002.
Household spending: Boosted by transitory factors such as unseasonably warm weather and anomalies in the small single-family spending survey.
Public demand: Elevated due to earlier fiscal stimulus measures.
Investment: Business and residential investment remained in a slump despite other positive developments.

Annual-average real GDP for 2002 is projected to decline by about ½ percent for the year as a whole, despite strong Q1 2002 growth.

Subjects: Bank credit, Banking, Deflation, Distressed assets, Financial institutions, Financial sector policy and analysis, Loans, Money, Nonperforming loans, Prices
Keywords: a number of director, Bank credit, business improvement plan, CR, Deflation, diffusion index, Distressed assets, firm, firm date, first quarter, Global, growth outlook, ISCR, Loans, monetary policy, Nonperforming loans, policy development, U.S. dollar, yen

International Monetary Fund. Japan: Staff Report for the 2002 Article IV Consultation. August 8, 2002.