Magazine article Business Credit

Structural Reform of the Japanese Economy: Basic Policies for Macroeconomic Management

Magazine article Business Credit

Structural Reform of the Japanese Economy: Basic Policies for Macroeconomic Management

Article excerpt

Distributed by PR Newswire Europe on behalf of the Government of Japan

In January 2001, the Japanese Government chartered a new body--the Council on Economic and Fiscal Policy (CEFP)--chaired by the Prime Minister, to deliberate basic policy directions. On June 26, CEFP compiled a report which outlines a basic framework for macroeconomic management and structural reform of the Japanese economy.

The report declares and manifests the basic outline of "the Koizumi cabinet reform," which was formally decided. The new policy package is designed to achieve the following goals, all of which are crucial for the resurrection of the Japanese economy. First, they aim to resolve the non-performing loans problem within two or three years and to carry through, forcefully, with forward-looking structural reforms that are long overdue. These necessary reforms are listed as "seven programs of structural reform." The next two to three years are regarded as a period of intense adjustment for the Japanese economy. Though they may have to accept low economic growth in the short run. After this adjustment period, they expect that the Japanese economy will overcome the current economic weaknesses and that it will achieve growth driven by private-sector demand and spontaneous economic incentives. …

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