Trade Policy Review Report By the Secretariat Japan

Since the previous Trade Policy Review in 2017, the Government continued to support growth by easing financial conditions, reducing the fiscal deficit, and raising employment and female labour force participation, thus ensuring Japan’s longest economic expansion of the post-war era. Annual GDP growth peaked at 1.9% in 2017, and its annual average rate stood at 1.1% (2016-18), a minor slowdown compared to previous performance (averaging 1.2% over 2013-15). Monetary and fiscal stimulus measures are being used to spur economic recovery. Japan has maintained its position as the world’s third largest and fifth most competitive economy (2018). According to latest available data, income inequality and a poverty gap remained virtually unchanged. Inflation dropped considerably below the Bank of Japan’s target before picking up (1% in 2018), whereas the relatively low unemployment rate continued to decline (2.4% in 2018).

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