Japan: Spillover Report for the 2011 Article IV Consultation and Selected Issues

International Monetary Fund

No 2011/183, IMF Staff Country Reports from International Monetary Fund

Abstract: Japan’s position is one of the largest and richest economies in the world. Tokyo as a financial marketplace is not a major intermediator of global capital flows. The current macroeconomic environment is conducive to spillovers being larger than captured by the empirical analysis. Apart from heading off tail risks, fiscal consolidation in Japan would have medium to long-term benefits for its partner countries. Exchange rate-related spillovers on foreign financial markets are found to be small and depend partly on policy developments abroad.

Keywords: ISCR; CR; Japan; interest rate; carry trade; exchange rate; financial market; trade surplus; banking system; real GDP; spillover issue; Exports; Fiscal consolidation; Spillovers; Stocks; Yield curve; Global; Asia and Pacific; Europe (search for similar items in EconPapers)
Pages: 69
Date: 2011-07-19
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