{
  "title": "Rebalancing in Japan: The Role of Private Consumption",
  "publication": "IMF Working Papers, December 1, 2010",
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  "summary": "Boosting growth through rebalancing is critical for addressing pressures from Japan’s aging population. This paper focuses on one important untapped source of growth - private consumption, and argues that the key to reviving consumption is boosting household disposable income through higher wages, e",
  "sections": [
    {
      "heading": "Summary",
      "content": "- Boosting growth through rebalancing is critical for addressing pressures from Japan’s aging population.\n- The paper focuses on private consumption as an important untapped source of growth.\n- The key to reviving consumption is boosting household disposable income through higher wages, especially in services, and higher property income.\n- The paper suggests that the impact of higher property income on consumption could be potentially large."
    },
    {
      "heading": "Major findings",
      "content": "- Private consumption is identified as an untapped source of growth for Japan.\n- Reviving consumption depends on raising household disposable income via:\n  - Higher wages, with emphasis on services.\n  - Higher property income (dividend income/property income).\n- Higher property income may have a potentially large impact on consumption."
    },
    {
      "heading": "Policy recommendations / Implications",
      "content": "- Policies that increase wages, particularly in the services sector, to boost household disposable income.\n- Policies that enhance property income for households, given its potentially large effect on consumption.\n- Rebalancing growth toward consumption is important to mitigate pressures from an aging population."
    },
    {
      "heading": "Publication and metadata",
      "content": "- Author: Kiichi Tokuoka\n- Date: December 1, 2010\n- Pages: 21\n- Volume: 2010\n- Issue: 293\n- Series: Working Paper No. 2010/293\n- DOI: https://doi.org/10.5089/9781455211746.001\n- Stock No: WPIEA2010293\n- ISBN: 9781455211746\n- ISSN: 1018-5941\n- Preview citation format: Kiichi Tokuoka. \"Rebalancing in Japan: The Role of Private Consumption\", IMF Working Papers 2010, 293 (2010), accessed 9/18/2026, https://doi.org/10.5089/9781455211746.001\n\nIMF Working Paper — Rebalancing in Japan: The Role of Private Consumption (Kiichi Tokuoka, December 1, 2010).\n\n---\n\n Content in this bundle\n\n- wp10293\n  - wp10293 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp10293 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/rebalancing-in-japan-the-role-of-private-consumption-24513"
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    "Authors: Kiichi Tokuoka",
    "Published: December 1, 2010",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781455211746.001",
    "Boosting growth through rebalancing is critical for addressing pressures from Japan’s aging population.",
    "The paper focuses on private consumption as an important untapped source of growth.",
    "The key to reviving consumption is boosting household disposable income through higher wages, especially in services, and higher property income.",
    "The paper suggests that the impact of higher property income on consumption could be potentially large.",
    "Private consumption is identified as an untapped source of growth for Japan.",
    "Reviving consumption depends on raising household disposable income via:",
    "Higher property income may have a potentially large impact on consumption.",
    "Policies that increase wages, particularly in the services sector, to boost household disposable income.",
    "Policies that enhance property income for households, given its potentially large effect on consumption.",
    "Rebalancing growth toward consumption is important to mitigate pressures from an aging population.",
    "Author: Kiichi Tokuoka",
    "Date: December 1, 2010",
    "Pages: 21",
    "Volume: 2010",
    "Issue: 293",
    "Series: Working Paper No. 2010/293",
    "DOI: https://doi.org/10.5089/9781455211746.001",
    "Stock No: WPIEA2010293",
    "ISBN: 9781455211746",
    "ISSN: 1018-5941",
    "Preview citation format: Kiichi Tokuoka. \"Rebalancing in Japan: The Role of Private Consumption\", IMF Working Papers 2010, 293 (2010), accessed 9/18/2026, https://doi.org/10.5089/9781455211746.001",
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