Business & Policy

Monetary Policy and Structural Reforms

As in other advanced economies, Japan has continued to struggle with lower trend growth. After explaining how severe the situation has become in the face of rapid demographic change, Bank of Japan’s Deputy Governor Hiroshi Nakaso discusses what this lower trend growth implies for the Bank of Japan. Observers argue as to whether or not Japan has been caught in secular stagnation, and if so, which side of the economy — demand or supply — needs to be addressed. In this broad context, Mr. Nakaso discusses what the relationship between monetary policy and structural reforms should be in order to raise growth potential. He also assesses how much progress has been made so far in this regard under Abenomics.

Hiroshi Nakaso, Deputy Governor, Bank of Japan

Willem Buiter, Global Chief Economist, Citi 

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March 2018

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