Japan: Staff Report for the 2003 Article IV Consultation

IMF Staff Country Reports, September 5, 2003

Source details

Japan has made progress in addressing major economic challenges.
Executive Directors emphasized the need for a comprehensive program designed to:
- resolve financial and corporate sector weaknesses,
- end deflation,
- rein in fiscal imbalances.
They stressed maintaining strong fiscal and monetary policies and accelerating structural reforms.
They welcomed the program for financial revival and commended Japan's continued commitment to overseas development assistance.
They stressed the need to improve the legal framework for antimoney laundering and countering the financing of terrorism.

Progress noted on addressing major economic challenges.
Ongoing weaknesses identified in the financial sector and corporate sector that require a comprehensive program.
Persistent deflation remains a central concern.
Fiscal imbalances require reining in through strong fiscal policy.
Monetary policy must remain strong to support stabilization and anti-deflation efforts.

Implement a comprehensive program to:
- resolve financial sector weaknesses,
- resolve corporate sector weaknesses,
- end deflation,
- rein in fiscal imbalances.
Maintain strong fiscal policy.
Maintain strong monetary policy.
Accelerate structural reforms across the economy.
Strengthen the legal framework for antimoney laundering and countering the financing of terrorism.
Continue and support programs for financial revival.
Sustain overseas development assistance commitments.

Japan: Staff Report for the 2003 Article IV Consultation, September 5, 2003