OECD Economic Outlook, Volume 2005 Issue 2
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Japan
The Bank of Japan’s policy of quantitative easing should continue until inflation is high enough to make the risk of renewed deflation negligible. The government should accelerate the pace of fiscal consolidation given the faster than expected GDP growth. A broad structural reform programme is needed to boost potential growth in the context of rapid population ageing. While the enactment of the Japan Post privatisation bills is a welcome step, effective and rapid implementation of the bills is needed to realise the economic benefits of this reform.
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