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Japan; Selected Issues


  • International Monetary Fund


This Selected Issues paper examines implications for long-term bond yields in case of Japan. The analysis finds that so far, upward pressure on interest rates from high public debt has been offset by domestic factors, including a stable investor base with a preference for safe assets. As these effects could decline with population aging, yields could rise unless reforms are implemented to stimulate growth and reduce the public debt-to-GDP ratio. In such a scenario, long-term Japanese government bond rates would remain relatively low and stable. The paper also analyzes to what extent rising health care spending poses a fiscal risk to Japan’s economy.

Suggested Citation

  • International Monetary Fund, 2013. "Japan; Selected Issues," IMF Staff Country Reports 13/254, International Monetary Fund.
  • Handle: RePEc:imf:imfscr:13/254

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    References listed on IDEAS

    1. Gaston, Noel & Kishi, Tomoko, 2007. "Part-time workers doing full-time work in Japan," Journal of the Japanese and International Economies, Elsevier, vol. 21(4), pages 435-454, December.
    2. Kawaguchi, Daiji & Kwon, HyeogUg & Shimizutani, Satoshi & Fukao, Kyoji & Makino, Tatsuji & Yokoyama, Izumi & Kambayashi, Ryo & Kim, YoungGak, 2007. "Are Wage‐tenure Profiles Steeper than Productivity‐tenure Profiles?―Evidence from Japanese Establishment Data from the Census of Manufacturers and the Basic Survey Wage Structure―," Economic Review, Hitotsubashi University, vol. 58(1), pages 61-90, January.
    3. MACHIKITA Tomohiro & SATO Hitoshi, 2011. "Temporary Jobs and Globalization: Evidence from Japan," Discussion papers 11029, Research Institute of Economy, Trade and Industry (RIETI).
    4. Kyoji Fukao & Ryo Kambayashi & Daiji Kawaguchi & Hyeog Ug Kwon & Young Gak Kim & Izumi Yokoyama, 2006. "Deferred Compensation: Evidence from Employer-Employee Matched Data from Japan," Hi-Stat Discussion Paper Series d06-187, Institute of Economic Research, Hitotsubashi University.
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