{
  "title": "Japan: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Japan",
  "publication": "IMF Staff Country Reports, July 31, 2017",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2017/07/31/japan-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-executive-45149",
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  "summary": "This 2017 Article IV Consultation highlights that Japan’s economy is growing above potential, narrowing the negative output gap.",
  "publishDate": "2017-07-31",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Summary and key findings",
      "content": "- Japan’s economy is growing above potential, narrowing the negative output gap.\n- The expansion is broader and more balanced than in 2015:\n  - Private consumption growth turning positive.\n  - Private investment strengthening on the back of residential investment.\n- Labor shortages are evident.\n- Wage growth remains weak.\n- Inflation is stubbornly low.\n- Growth momentum will carry through 2017 but would weaken in 2018 if fiscal support fades as currently scheduled.\n- The fiscal stimulus package supports 2017 growth through higher consumption and investment.\n- Monetary policy is expected to remain accommodative and facilitate a virtuous cycle between credit and economic growth."
    },
    {
      "heading": "Economic outlook and scenarios",
      "content": "- Short-term (2017): Growth momentum continues, supported by fiscal stimulus and accommodative monetary policy.\n- Medium term (2018): Growth would weaken if fiscal support fades as currently scheduled."
    },
    {
      "heading": "Policy implications and emphasis",
      "content": "- Fiscal policy:\n  - Fiscal stimulus package supports 2017 growth via higher consumption and investment.\n  - Continued fiscal support appears critical to sustain momentum into 2018.\n- Monetary policy:\n  - Expected to remain accommodative.\n  - Role in facilitating a virtuous cycle between credit and economic growth is highlighted.\n- Labor market and wages:\n  - Labor shortages pose constraints.\n  - Weak wage growth limits domestic demand and inflationary pressures.\n- Inflation:\n  - Remains stubbornly low despite growth above potential."
    },
    {
      "heading": "Publication metadata and classification",
      "content": "- Publication title: Japan: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Japan\n- Publication date: July 31, 2017\n- Pages: 84\n- Volume: 2017\n- Issue: 242\n- Series: Country Report No. 2017/242\n- DOI: https://doi.org/10.5089/9781484313411.002\n- Stock No: 1JPNEA2017001\n- ISBN: 9781484313411\n- ISSN: 1934-7685\n- Subject: Income, Inflation, Labor, Labor markets, National accounts, Prices, Wages\n- Keywords: Asia and Pacific, consultation, CR, current account norm, exchange arrangement, fiscal policy, Global, Income, Inflation, ISCR, Japan, Japan-EU EPA, Labor markets, market, money market rate, net export, SDR million, social security system, Wages\n\nInternational Monetary Fund. Japan: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Japan (July 31, 2017).\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2017/07/31/japan-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-executive-45149"
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    "Published: July 31, 2017",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484313411.002",
    "Japan’s economy is growing above potential, narrowing the negative output gap.",
    "The expansion is broader and more balanced than in 2015:",
    "Labor shortages are evident.",
    "Wage growth remains weak.",
    "Inflation is stubbornly low.",
    "Growth momentum will carry through 2017 but would weaken in 2018 if fiscal support fades as currently scheduled.",
    "The fiscal stimulus package supports 2017 growth through higher consumption and investment.",
    "Monetary policy is expected to remain accommodative and facilitate a virtuous cycle between credit and economic growth.",
    "Short-term (2017): Growth momentum continues, supported by fiscal stimulus and accommodative monetary policy.",
    "Medium term (2018): Growth would weaken if fiscal support fades as currently scheduled.",
    "Fiscal policy:",
    "Monetary policy:",
    "Labor market and wages:",
    "Inflation:",
    "Publication title: Japan: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Japan",
    "Publication date: July 31, 2017",
    "Pages: 84",
    "Volume: 2017",
    "Issue: 242",
    "Series: Country Report No. 2017/242",
    "DOI: https://doi.org/10.5089/9781484313411.002",
    "Stock No: 1JPNEA2017001",
    "ISBN: 9781484313411",
    "ISSN: 1934-7685",
    "Subject: Income, Inflation, Labor, Labor markets, National accounts, Prices, Wages",
    "Keywords: Asia and Pacific, consultation, CR, current account norm, exchange arrangement, fiscal policy, Global, Income, Inflation, ISCR, Japan, Japan-EU EPA, Labor markets, market, money market rate, net export, SDR million, social security system, Wages",
    "**Country Report**"
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