Japan: 2007 Article IV Consultation: Staff Report; and Public Information Notice on the Executive Board Discussion.

Author: International Monetary Fund

Volume/Issue: Volume 2007 Issue 280

Publication date: August 2007

ISBN: 9781451820690

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Topics covered in this book

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Banks and Banking , Exports and Imports , Inflation , Economics- Macroeconomics , Public Finance , ISCR , CR , Japan , regime , debt ratio , consultation , exchange rate , data module , core CPI , yen-financed carry trades , GDP deflator , euro rate , Inflation , Capital outflows , Income , Personal income , Global , Asia and Pacific

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Summary

This 2007 Article IV Consultation highlights that Japan’s external position remains strong. Boosted by investment income, the current account surplus widened in 2006 to nearly 4 percent of Japan’s GDP, despite a shrinking trade balance. Financial outflows also picked up, reflecting mainly the secular decline in investor home bias and to a lesser extent, yen-financed carry trades. The near-term economic outlook is favorable. GDP growth is projected at 2.6 percent in 2007 and 2.0 percent in 2008. With activity close to full capacity, CPI inflation is expected to pick up, but very slowly.