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Full Description
Japan has many unique strengths, but it also faces numerous challenges, many of which are related to population ageing. Rapid demographic change is projected to reduce Japan's population by one-quarter by 2060 while increasing the share of elderly people from 29% of the total population to 38%, which would be the highest share among advanced countries. This book analyses the Japanese economy and the challenges it faces, and suggests policies to promote wellbeing, high living standards, fiscal sustainability, social inclusion and environmental sustainability. The book's 24 chapters focus on key aspects of Japan's economy, including the labour market, innovation, education, women in the workforce, corporate governance, small and medium-sized enterprises, the service sector, agriculture, fiscal and monetary policy, income distribution and policies to address climate change.
The volume aims to increase understanding of Japan, the world's third-largest economy and a key player in the global economy. It will assist policymakers and serve as a resource for academics and students of economics and public policy. As Japan is a front-runner in population ageing, the book's analysis and policy recommendations are highly relevant to other countries that are, or soon will be, facing similar challenges.
Contents
The Author
Preface and Acknowledgements
Acronyms and Abbreviations
From the collapse of the bubble economy to the COVID-19 pandemic: an overview of the Japanese economy from 1990 to 2020
Key challenges facing Japan
Part I Labor market reform to sustain economic growth and promote social inclusion
Expanding the use of foreign workers and raising the fertility rate to cope with demographic challenges
Extending the careers of older persons
Promoting employment and leadership opportunities for women
Part II Raising productivity to sustain living standards in the face of a shrinking and aging population
Improving the innovation framework to boost productivity
Advancing the digitalization of Japan to raise productivity and well-being
Reforming the education system and increasing human capital
Strengthening the integration of Japan in the world economy to benefit more fully from globalization
Accelerating regulatory reform to strengthen competition and boost productivity
Upgrading corporate governance to revitalize the Japanese economy
Improving the insolvency regime to improve resource allocation
Making small and medium-sized enterprises a driver of growth and innovation
Part III Improving performance in key sectors
Enhancing productivity in the service sector
Upgrading productivity in the agricultural sector
Financial sector reforms to promote growth and financial stability
Part IV Macroeconomic policies to promote economic growth and fiscal sustainability
Improving the fiscal framework to ensure long-run fiscal sustainability
Providing universal high-quality healthcare while controlling spending
Consolidation of local government finances in tandem with the central government
Reforming Japan's tax system
Monetary policy: unconventional measures to achieve the inflation target
Part V Enhancing well-being
Reducing income inequality and poverty to promote social inclusion
Reforming the energy sector to achieve green growth and stop climate change
Part VI Summary
Summary: addressing Japan's economic and demographic challenges
