IMF paper warns against delays in Japanese fiscal consolidation

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A working paper, published by the International Monetary Fund (IMF) in August, weighs the effects of fiscal consolidation in Japan on intergenerational inequality, arguing that efforts need to be made to reduce the deficit to prevent the burden of adjustment falling disproportionately on the young.

The author, Kiichi Tokuoka, says intergenerational inequality is already "significant" in Japan due to the ageing population and high government debt, which stood at 220% of GDP at the end of 2011.

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