Japan: Staff Report for the 2005 Article IV Consultation

Author: International Monetary Fund

Volume/Issue: Volume 2005 Issue 273

Publication date: August 2005

ISBN: 9781451820652

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Topics covered in this book

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Banks and Banking , Exports and Imports , Investments and Securities-General , Economics- Macroeconomics , Public Finance , Taxation - General , ISCR , CR , staff appraisal , monetary policy , growth projection , report , lower house , quantitative easing , exchange rate , fiscal policy , banking system , financial system , economic activity , Fiscal consolidation , Securities , Fiscal stance , Global

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Summary

This 2005 Article IV Consultation highlights that the GDP growth in Japan slowed unexpectedly in the second quarter of 2004, after several quarters of above-trend growth. For the full year, GDP rose by 2.6 percent, well below expectations. A significant part of the shortfall reflected a shift to a chain-weighted methodology—growth on the old methodology was 3.6 percent. Pressure on labor markets from job shedding is slowly abating. Progress in corporate restructuring continues. Cash flow and profits remain buoyant; bankruptcies have fallen to a 10-year low and leverage continues to decline.