## Japan: 2023 Article IV consultation-Press Release; Staff Report; and Statement by the Executive Director for Japan

_IMF Staff Country Reports, March 30, 2023_

## Source details

**Canonical URL:** [Japan: 2023 Article IV consultation-Press Release; Staff Report; and Statement by the Executive Director for Japan](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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## Bibliographic details
- Published: March 30, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400237362.002

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### Macro outlook and near-term projections
- 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.
- Inflation is expected to rise further in early 2023, reflecting the delayed effect of yen depreciation and border reopening before declining again.
- While domestic risks are balanced, there are significant external downside risks to growth.

### Key policy findings and recommendations
- Structural policies should help:
  - boost income growth,
  - support start-ups,
  - deepen digitalization, and
  - achieve climate targets.
- Labor market policies should:
  - encourage more women and older persons to join the work force, and
  - reduce labor market duality.
- Higher carbon pricing could help Japan achieve its climate targets in a growth-friendly way.

### Subjects and keywords (as listed)
- 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

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_Source: 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_