## Japan: 2008 Article IV Consultation: Staff Report; Staff Statement; and Public Information Notice on the Executive Board Discussion

_IMF Staff Country Reports, July 29, 2008_

## Source details

**Canonical URL:** [Japan: 2008 Article IV Consultation: Staff Report; Staff Statement; and Public Information Notice on the Executive Board Discussion](https://www.imf.org/en/publications/cr/issues/2016/12/31/japan-2008-article-iv-consultation-staff-report-staff-statement-and-public-information-22209)

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## Bibliographic details
- Published: July 29, 2008
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451948530.002

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### External position and current account
- The report highlights that Japan’s external position remains strong.
- The current account surplus rose to 4.8 percent of GDP in 2007 on the back of strong external demand and a further surge in investment income.

### Financial markets and banking system
- Money markets remain relatively stable owing to:
  - the banking system’s lower exposure to subprime and other securitized products, and
  - the increased amounts and frequency of the Bank of Japan’s (BoJ) liquidity operations.

### Economic outlook and risks
- Near-term economic outlook: soft landing.
- Key risk: downside risks from the global economy.

### Subject coverage and keywords (as provided)
- Subjects: Banking, Expenditure, Financial institutions, Fiscal policy, Fiscal stance, Income, Inflation, National accounts, Pension spending, Prices, Securities.
- Keywords: CR, Fiscal stance, GDP, Global, headline CPI inflation, headline inflation, Income, Inflation, inflation risk, ISCR, liquidity operations, Pension spending, price, regime, Securities, upside risk.

### Publication and key statistics
- Pages: 48
- Volume: 2008
- Issue: 253
- Series: Country Report No. 2008/253
- DOI: https://doi.org/10.5089/9781451948530.002
- Stock No: 1JPNEA2008001
- ISBN: 9781451948530
- ISSN: 1934-7685
- Publication date on landing page: July 29, 2008

*International Monetary Fund. Japan: 2008 Article IV Consultation: Staff Report; Staff Statement; and Public Information Notice on the Executive Board Discussion*

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/japan-2008-article-iv-consultation-staff-report-staff-statement-and-public-information-22209_