OECD Economic Surveys.

Table of contents
 Basic Statistics of Japan, 2011
 Executive summary
 Main findings
 Key recommendations
 Assessment and recommendations
 Figure 1. Japan has faced two major shocks since 2008
 A policy-driven expansion
 Figure 2. Recent macroeconomic developments in Japan
 Figure 3. The yen remains well above its average since 1990 in nominal, but not real, terms
 Figure 4. Deflation continues
 Growth is projected to resume during 2013-14, although there are large downside risks
 Table 1. Short-term economic projections
 Monetary policies to support growth and end deflation. Past measures by the Bank of JapanTable 2. A chronology of major monetary policy measures in Japan
 Directions for monetary policy
 Figure 5. Interest rates on bank loans have fallen
 Figure 6. A long-term comparison of central bank balance sheets1
 Table 3. An international comparison of central bank balance sheets
 Table 4. The composition of the Bank of Japan\'s asset purchase programme
 The Bank of Japan\'s new monetary policy framework
 Figure 7. The monetary base target
 Figure 8. Japanese asset prices have been on a downward trend during the past two decades. Box 1. Summary of monetary policy recommendationsThe Great East Japan Earthquake: From tragedy to economic revitalisation
 Reforming agriculture and promoting Japan\'s integration in the world economy
 Figure 9. The Producer Support Estimate for Japan is one of the highest in the OECD
 Figure 10. Japan\'s farm work force is elderly
 Figure 11. The degree of decoupling in Japan is one of the lowest in the OECD
 Promoting green growth and restructuring the electricity sector
 Figure 12. Japan\'s targets for food self-sufficiency in 2020. Promoting green growth by increasing the size of the renewables marketFigure 13. Japan\'s electricity price in the industrial sector was one of the highest in the OECD in 2011
 A more market-oriented electricity sector
 Box 2. Summary of recommendations to use reconstruction to revitalise Japan
 Other policies to promote growth: Raising labour force participation and improving education
 Increasing the labour force participation rate
 Figure 14. Japan\'s population, already the oldest in the OECD, is ageing rapidly
 Upgrading the education system to increase human capital. Figure 15. Spending per student on pre-primary education was low in Japan in 2009Table 5. Flows of R & D funds in 2010
 Box 3. Summary of recommendations to boost labour participation and improve the education system
 Restoring Japan\'s fiscal sustainability
 Figure 16. The gap between central government expenditure and tax revenue is widening
 Figure 17. Public debt in selected OECD countries
 The Fiscal Management Strategy
 Figure 18. The primary budget balance is projected to remain in deficit through 2023
 Table 6. An illustration of debt dynamics.