JAPAN / ECONOMIC POLICY

An International Monetary Fund (IMF) team, led by Jerry Schiff, Deputy Director for the Asia and Pacific Department, visited Tokyo from 19 to 30 May to conduct the annual Article IV discussions with Japan. IMF

• Categories: News & Features / News Stories / Unifeed
• Video Length: 00:02:19
• Production Date: 30 May 2014
• Asset Language: Original
• Corporate Name: INTERNATIONAL MONETARY FUND - IMF
• Subject Topical: ECONOMIC DEVELOPMENT; FINANCING; ECONOMICS; ECONOMIC CONDITIONS; ECONOMY; ECONOMIC DEVELOPMENT
• Geographic Subject: JAPAN
• MAMS Id: 1025365

Description

STORY: JAPAN / ECONOMIC POLICY
TRT: 2.19
SOURCE: IMF
RESTRICTIONS: NONE
LANGUAGE: ENGLISH / NATS

DATELINE: 30 MAY 2014, TOKYO, JAPAN

Shotlist

1. Wide shot, speakers sitting down
2. Wide shot, speakers
3. SOUNDBITE (English) David Lipton, First Deputy Managing Director, IMF:
“Over the next year, Japan’s economy looks set to weather the effects of the consumption tax hike and continue growing above potential. Although there will some inevitable contraction in the current quarter as payback for the elevated rush demand that was seen before the consumption tax increase, we believe the underlying growth momentum remains strong – you can see that in tight labor markets condition, high capacity utilization, and strong investment in the first quarter. We project growth will be 1.4 percent this year in 2014 and 1 percent in 2015.”
4. Wide shot, press conference
5. SOUNDBITE (English) David Lipton, First Deputy Managing Director, IMF:
“Abenomics has been showing important signs of progress. We’ve seen the economy move from deflation to some inflation; although the inflation rate remains low, and we’ve seen the economy grow, grow despite the consumption tax increase. The risk of course is that the progress seen to date might not continue, might stall, or might reverse. Our view is that there are still conditions that could undermine success on inflation front.”
6. Various shots, press conference

Storyline

An International Monetary Fund (IMF) team, led by Jerry Schiff, Deputy Director for the Asia and Pacific Department, visited Tokyo from 19 to 30 May to conduct the annual Article IV discussions with Japan.

David Lipton, the IMF's First Deputy Managing Director, addressed a meeting at Tokyo’s Imperial Hotel.

SOUNDBITE: (English) David Lipton, First Deputy Managing Director, IMF:
“Over the next year, Japan’s economy looks set to weather the effects of the consumption tax hike and continue growing above potential. Although there will some inevitable contraction in the current quarter as payback for the elevated rush demand that was seen before the consumption tax increase, we believe the underlying growth momentum remains strong – you can see that in tight labor markets condition, high capacity utilization, and strong investment in the first quarter. We project growth will be 1.4 percent this year in 2014 and 1 percent in 2015.”

SOUNDBITE: (English) David Lipton, First Deputy Managing Director, IMF:
“Abenomics has been showing important signs of progress. We’ve seen the economy move from deflation to some inflation; although the inflation rate remains low, and we’ve seen the economy grow, grow despite the consumption tax increase. The risk of course is that the progress seen to date might not continue, might stall, or might reverse. Our view is that there are still conditions that could undermine success on inflation front.”

The team met with senior officials from the Ministry of Finance, the Bank of Japan (BoJ), and private sector representatives and academics, to discuss recent economic developments and the policy agenda going forward.

Lipton and Changyong Rhee, Director for the Asia and Pacific Department, joined the final policy discussions.