Japan
Concluding Remarks by the Chairperson of the Trade Policy Review Body, Ms. Irene Young of Hong Kong, China at the Trade Policy Review of Japan, 8 and 10 March 2017
The thirteenth Trade Policy Review of Japan has been a good opportunity for Members to discuss recent developments in the country’s economic trade and investment policies and their implications for international trade. Such a fruitful dialogue would not have been possible without the constructive engagement of the Japanese delegation led by Mr. Tomochika Uyama; their team in Geneva headed by Ambassador Junichi Ihara; our discussant H.E. Ambassador Julian Braithwaite from the United Kingdom; and all those Members who had participated in this exercise.
Report by the WTO Secretariat
During the review period Japan’s economic performance remained sluggish in light of among others persistently low inflation and an aging and declining population. The series of natural disasters that hit the country in recent years further hampered the economy and put increased pressure on public finances. The authorities have responded with extensive policy measures with a view to boosting business and consumer confidence and consolidating public finances. The Government’s three-pillar strategy of monetary easing fiscal stimulus and structural reforms (in areas such as agriculture energy and healthcare) continues to be the main strategy framework for exiting deflation and revitalizing the country’s economy.
Report by Japan
The Japanese economy has continued to recover moderately since November 2012 on the back of improvements in the employment and income environments. Nominal GDP real GDP and the GDP deflator in FY2015 grew simultaneously from the previous year for the first time in 18 years. The current administration’s economic policies "Abenomics" are still at about the halfway point but progress has been made in reviving economic activities and overcoming deflation as a whole. However the domestic economy lacks momentum in private consumption and business fixed investment in spite of improving corporate profits employment and income. Major risks are still attached to the uncertainty over the global economy including emerging economies.
Concluding remarks by the Chairperson of the Trade Policy Review Body, H.E. Eduardo Munõz Gómez at the Trade Policy Review of Japan 19 and 21 February 2013
This eleventh Trade Policy Review of Japan has provided an excellent opportunity for all of us to improve our understanding of Japan’s trade and related policies. Our discussions have benefited from the active participation of the Japanese delegation led by Ambassador H.E. Mr Jun Yokota from Tokyo and Ambassador H.E. Mr Yoichi Otabe from Geneva the informative and thought-provoking presentation and interventions by the discussant Ambassador H.E. Mr Jonathan Fried of Canada and the many interventions by Members. Japan’s answers to the large number of questions made available before the beginning of this meeting are well appreciated.