IMF paper examines Japan’s emergence from lost decade

IMF headquarters in Washington DC

A working paper, published by the International Monetary Fund in July, considers the causes behind an increase in Japanese exports to the rest of Asia that began in 2001, ending the "lost decade" of stagnant growth.

The authors, Kazuo Ogawa, Mika Saito, and Ichiro Tokutsu, consider two competing theories; that the exports were driven by external demand from Asia, and that the exports were driven by internal improvements in productivity. The paper finds that productivity accounts for some 50% of

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