Japan has Time to Restore Fiscal Health
According to Nada Choueiri, deputy director of the IMF's Asia and Pacific Department, Japan is unlikely to face an immediate crisis in terms of fiscal soundness.
The average maturity of outstanding Japanese government bonds is relatively long, giving Japan time to formulate a concrete plan for fiscal consolidation, Choueiri said.
Japan is "overcoming deflation, and this is a positive thing,"
Choueiri urged Japan to avoid a consumption tax cut and instead implement highly targeted fiscal measures, as Japanese long-term interest rates are rising as the country moves towards a more normalized economy.
Author's summary: Japan has time to restore fiscal health, says IMF executive.
- Average maturity of Japanese government bonds is relatively long.
- Japan should formulate a concrete plan for fiscal consolidation.
- Fiscal measures should be highly targeted.
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