Japan
Cover -- CONTENTS -- RECENT DEVELOPMENTS -- OUTLOOK AND RISKS -- POLICIES: NAVIGATING DEMOGRAPHIC HEADWINDS -- A. Fiscal Policy-Near-Term Support and Long-Term Sustainability -- B. Macro-Structural Agenda-Reinvigorated Reforms -- C. Monetary Policy-In for the Long Haul -- D. Financial Sector Policies-Containing Risks -- E. External Position and Spillovers -- F. Efforts in Tackling the Supply-Side of Corruption -- STAFF APPRAISAL -- BOXES -- 1. What Explains Low Inflation Expectations in Japan? -- 2. Challenges for Regional Banks in Japan -- 3. Demographics and Structural Reforms -- 4. Demographics and the Natural Rate of Interest in Japan -- 5. Crypto-Asset Regulation in Japan -- 6. Yen Appreciations, Safe Havens, and the Carry Trade -- FIGURES -- 1. Recent Economic Developments -- 2. Inflation Developments -- 3. Monetary Policy Transmission -- 4. Financial Market Developments -- 5. Japanese Government Bond (JGB) Market Liquidity -- 6. Labor Market and Wage Developments -- 7. Fiscal Developments and Sustainability -- 8. Demographic Headwinds, Gender and Inequality -- TABLES -- 1. Selected Economic Indicators, 2012-19 -- 2. Monetary Authority Accounts and Monetary Survey, 2012-19 -- 3. External Sector Summary, 2012-19 -- 4. General Government Operations, 2012-19 -- 5. Medium-Term Projections, 2014-23 -- 6. Financial Soundness Indicators, 2010-18 -- 7. Sustainable Development Goals Monitoring -- 8. Monthly Economic Indicators -- ANNEXES -- I. Estimating Japan's Potential Output -- II. Financial Conditions and the Credit Cycle in Japan -- III. Model-Based Growth and Inflation Projections for Japan -- IV. Risk Assessment Matrix -- V. Debt Sustainability Analysis -- VI. Progress on 2017 FSAP Key Recommendations -- VII. Assessment of Japan's External Sector -- CONTENTS -- FUND RELATIONS -- STATISTICAL ISSUES.