OECD Economic Surveys.

Description

OECD's 2013 Economic Survey of Japan examines recent economic developments, policies and prospects. The special chapter is titled From tragedy to revitalisation. Table of contents Basic Statistics of Japan, 2011 Executive summary Main findings Key recommendations Assessment and recommendations Figure 1. Japan has faced two major shocks since 2008 A policy-driven expansion Figure 2. Recent macroeconomic developments in Japan Figure 3. The yen remains well above its average since 1990 in nominal, but not real, terms Figure 4. Deflation continues Growth is projected to resume during 2013-14, although there are large downside risks Table 1. Short-term economic projections Monetary policies to support growth and end deflation. Past measures by the Bank of JapanTable 2. A chronology of major monetary policy measures in Japan Directions for monetary policy Figure 5. Interest rates on bank loans have fallen Figure 6. A long-term comparison of central bank balance sheets1 Table 3. An international comparison of central bank balance sheets Table 4. The composition of the Bank of Japan's asset purchase programme The Bank of Japan's new monetary policy framework Figure 7. The monetary base target Figure 8. Japanese asset prices have been on a downward trend during the past two decades. Box 1. Summary of monetary policy recommendationsThe Great East Japan Earthquake: From tragedy to economic revitalisation Reforming agriculture and promoting Japan's integration in the world economy Figure 9. The Producer Support Estimate for Japan is one of the highest in the OECD Figure 10. Japan's farm work force is elderly Figure 11. The degree of decoupling in Japan is one of the lowest in the OECD Promoting green growth and restructuring the electricity sector Figure 12. Japan's targets for food self-sufficiency in 2020. Promoting green growth by increasing the size of the renewables marketFigure 13. Japan's electricity price in the industrial sector was one of the highest in the OECD in 2011 A more market-oriented electricity sector Box 2. Summary of recommendations to use reconstruction to revitalise Japan Other policies to promote growth: Raising labour force participation and improving education Increasing the labour force participation rate Figure 14. Japan's population, already the oldest in the OECD, is ageing rapidly Upgrading the education system to increase human capital. Figure 15. Spending per student on pre-primary education was low in Japan in 2009Table 5. Flows of R & D funds in 2010 Box 3. Summary of recommendations to boost labour participation and improve the education system Restoring Japan's fiscal sustainability Figure 16. The gap between central government expenditure and tax revenue is widening Figure 17. Public debt in selected OECD countries The Fiscal Management Strategy Figure 18. The primary budget balance is projected to remain in deficit through 2023 Table 6. An illustration of debt dynamics.