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NIRA Report
Policy Options for Japan's Revival

SUMMARY
Since the Great Earthquake last year, the policy discussion has been naturally centered on restoration and reconstruction measures, and the discussion on fiscal consolidation comes into focus recently. On the other hand, however, the discussion about growth strategy has been pushed on the back stage. It is needless to say that restoration and reconstruction from the disaster and fiscal consolidation are important, but, the lack of a sure growth strategy which is consistent with these efforts may lead Japanese economy to stagnation. Japan should implement comprehensive policies which aim at reviving Japanese economy as soon as possible.

The report by Professor Takeo Hoshi and Professor Anil K Kashyap, "Policy Options for Japan’s Revival", discusses desirable policy directions and options. They argue that the importance of Japan’s productivity growth has not been invalidated by the disaster, and suggest that Japan should consider the restoration and reconstruction from the Earthquake as a great opportunity to reposition its policies.

In this report, they identify concrete steps Japan can take to jump start growth in three broad themes; Regulatory reforms (reducing the costs of doing business, stopping protection for zombie firms, deregulation especially in non-manufacturing sectors and growth enhancing special zones); Opening-up of Japanese economy (trade liberalization, reduction of agricultural subsidies and new immigration policy); and Macroeconomic policy reforms (fiscal consolidation and monetary expansion to end deflation).

REPORT "Policy Options for Japan's Revival" (June 2012)
 <Contens>
  1. Introduction
  2. Regulatory Reform
  3. Opening up the Japanese Economy
  4. Macroeconomic Policy Reforms
  5. Conclusions

AUTHORS
   Professor Takeo Hoshi: NIRA Visiting Research Fellow /
    School of International Relations and Pacific Studies, University of California, San Diego

  Professor Anil K. Kashyap: NIRA Visiting Research Fellow /
    Booth School of Business, University of Chicago

RELATED REPORTS  "Why Did Japan Stop Growing?" (January 2011)
  Summary  Report  Appendix

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