{
  "title": "Japan: 2023 Article IV consultation-Press Release; Staff Report; and Statement by the Executive Director for Japan",
  "publication": "IMF Staff Country Reports, March 30, 2023",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2023/03/30/japan-2023-article-iv-consultation-press-release-staff-report-and-statement-by-the-531587",
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  "summary": "This 2023 Article IV Consultation highlights that the Japanese economy continues to recover driven by domestic demand while a weaker global economy has been weighing on external demand.",
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    {
      "heading": "Macro outlook and near-term projections",
      "content": "- The Japanese economy continues to recover driven by domestic demand while a weaker global economy has been weighing on external demand.\n- The economic recovery is projected to continue in the near term amid pent-up demand, supply chain improvements, border reopening and policy support.\n- Inflation is expected to rise further in early 2023, reflecting the delayed effect of yen depreciation and border reopening before declining again.\n- While domestic risks are balanced, there are significant external downside risks to growth."
    },
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      "heading": "Key policy findings and recommendations",
      "content": "- Structural policies should help:\n  - boost income growth,\n  - support start-ups,\n  - deepen digitalization, and\n  - achieve climate targets.\n- Labor market policies should:\n  - encourage more women and older persons to join the work force, and\n  - reduce labor market duality.\n- Higher carbon pricing could help Japan achieve its climate targets in a growth-friendly way."
    },
    {
      "heading": "Subjects and keywords (as listed)",
      "content": "- Subjects: Climate change, Environment, Income, Inflation, Inflation targeting, International organization, Labor, Monetary policy, National accounts, Prices, Wages\n- Keywords: Asia and Pacific, base wage growth, Climate change, Global, Income, Inflation, Inflation targeting, JGB yield, money market rate, staff appraisal, ultra-loose policy, Wages\n\n---\n\n Content in this bundle\n\n- 1jpnea2023001\n  - 1jpnea2023001 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1jpnea2023001 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: March 30, 2023",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400237362.002",
    "The Japanese economy continues to recover driven by domestic demand while a weaker global economy has been weighing on external demand.",
    "The economic recovery is projected to continue in the near term amid pent-up demand, supply chain improvements, border reopening and policy support.",
    "While domestic risks are balanced, there are significant external downside risks to growth.",
    "Structural policies should help:",
    "Higher carbon pricing could help Japan achieve its climate targets in a growth-friendly way.",
    "Subjects: Climate change, Environment, Income, Inflation, Inflation targeting, International organization, Labor, Monetary policy, National accounts, Prices, Wages",
    "Keywords: Asia and Pacific, base wage growth, Climate change, Global, Income, Inflation, Inflation targeting, JGB yield, money market rate, staff appraisal, ultra-loose policy, Wages",
    "**1jpnea2023001**"
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