Japan
Cover -- CONTENTS -- BACKGROUND AND CONTEXT -- MODEST RECOVERY UNDERWAY -- A. Recent Developments -- B. Outlook and Risks -- GROWTH REFORMS VITAL TO ABENOMICS' SUCCESS -- BALANCED FISCAL ADJUSTMENT -- CONTINUING SUPPORTIVE MONETARY POLICY -- SAFEGUARDING FINANCIAL STABILITY -- POLICIES UNDER DOWNSIDE SCENARIOS -- EXTERNAL POSITION AND SPILLOVERS -- A. External Sector Assessment -- B. Spillovers -- STAFF APPRAISAL -- BOXES -- 1. What Explains Japan's Export Sluggishness? -- 2. Drivers of Inflation in Japan -- 3. Volatility in the JGB Market -- FIGURES -- 1. Economic Developments and Outlook -- 2. Inflation and Inflation Expectations -- 3. Monetary Policy Transmission -- 4. Financial Markets Developments -- 5. Fiscal Developments and Sustainability -- 6. Volatility in the JGB Market -- 7. Japan and Other OECD Countries: Selected FSIs -- TABLES -- 1. Selected Economic Indicators, 2010-16 -- 2. Monetary Authorities' Accounts and Monetary Survey, 2010-16 -- 3. External Sector Summary, 2010-16 -- 4. General Government Operations, 2010-16 -- 5. Medium-Term Projections, 2013-20 -- 6. Financial Soundness Indicators (FSI) -- ANNEXES -- I. Status of Structural Reforms -- II. Risk Assessment Matrix -- III. Debt Sustainability Analysis -- IV. Assessment of Japan's External Sector -- V. Main Recommendations of the 2014 Article IV Consultation -- CONTENTS -- FUND RELATIONS -- STATISTICAL ISSUES.