OECD Economic Surveys: Japan - Volume 2006 Issue 13 by OECD. Published by : OECD Publishing

By OECD. Published by : OECD Publishing

This 2006 version of OECD's periodic survey of Japan's financial system opens with an overview of recent economic functionality and the commercial outlook. It then strikes directly to examine key demanding situations confronted by means of Japan together with finishing deflation an maintaining soundness within the banking quarter, economic consolidation, source of revenue inquality and social spending, upgrading the innovation process, and enhancing the surroundings for influx of direct funding and staff.

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Consider the establishment of sectoral regulators independent of the government as part of active ex ante regulation to secure non-discriminatory third-party access, if the current approach through the government ministries does not work sufficiently well. No action taken. Openness to trade and investment Regulatory tools, particularly the No-Action Letter system and the Public Comment Procedure, should be improved to enhance transparency and encourage greater foreign participation in the Japanese economy.

6 However, the Bank of Japan stressed that the 0 to 2% range, which is for the overall consumer price index, is neither an inflation target nor an inflation objective, because it is not binding. In addition, although the range refers to the medium to long term, it will be re-considered each year and could be adjusted if necessary. Such an approach gives the Bank of Japan considerable flexibility in setting monetary policy but also increases uncertainty among market participants about future policy steps.

Boosting productivity growth by upgrading the innovation system Successfully addressing the fiscal situation and the widening income disparity would be facilitated by strong economic growth. Part of Japan’s lost decade was due to the fall in its potential growth rate from 4% in the late 1980s to around 1½ per cent since the mid1990s. 2). It should be noted that weak demand tends to bias estimates of trend labour productivity, and consequently potential output, in a downward 30 OECD ECONOMIC SURVEYS: JAPAN – ISBN 92-64-02695-9 – © OECD 2006 1.

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