2005 OECD Economic Surveys: Japan 2005

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OECD's 2005 Economic Survey of Japan analyses whether Japan can sustain its economic expansion. It carefully looks at Japan's fiscal problems and related to that, the relationship between different levels of governments. It also reviews the problem of Japan's shrinking working-age population. The special report examines how Japan gets the most out of public sector decentralisation.

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Ending Deflation and Achieving a Self-sustained Expansion

This chapter discusses the factors driving the current expansion and the economic outlook. Despite risks, such as rising oil prices and slowing demand in China, the upturn is projected to continue at a more moderate pace through 2006, helping to bring an end to deflation. The Bank of Japan should continue its quantitative easing policy until inflation is sufficiently high to make the risk of renewed deflation...

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