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Japan: Staff Report for the 2012 Article IV Consultation—Informational Annex

Author(s):
International Monetary Fund
Published Date:
August 2012
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Annex I. Statistical Issues

1. Statistical Issues: Economic and financial data provided to the Fund are considered adequate for surveillance purposes. Japan subscribes to the Special Data Dissemination Standard (SDDS) and meets the SDDS specifications for the coverage, periodicity, and timeliness of data. The Japanese authorities hosted a data module mission for a Report on the Observance of Standards and Codes (data ROSC) in September 12–28, 2005. The Report on Observance of Standards and Codes – Data Module, Response by the Authorities, and Detailed Assessments Using the Data Quality Assessment Framework (DQAF) were published March 17, 2006 and are available at http://www.imf.org/external/pubs/ft/scr/2006/cr06115.pdf

Japan: Table of Common Indicators Required for Surveillance (as of June 20, 2012)
Date of Latest ObservationDate ReceivedFrequency of Data6Frequency of Reporting6Frequency of Publication6Memo Items:
Data Quality – Methodological7Data Quality – Accuracy and8
Exchange RatesJune 2012June 2012DDD
International Reserve Assets and Reserve Liabilities of the Monetary Authorities16/10/20126/12/2012Every 10 daysEvery 10 daysEvery 10 days
Reserve/Base MoneyMay 2012June 2012MMMLO, LO, LO, LOO, O, O, O, O
Broad MoneyMay 2012June 2012MMM
International Investment Position2012 Q1June 2012QQQ
Central Bank Balance Sheet6/10/20126/12/2012Every 10 daysEvery 10 daysEvery 10 days
Consolidated Balance Sheet of the Banking SystemApr 2012June 2012MMM
Interest Rates2June 2012June 2012DDD
Consumer Price IndexApril 2012May 2012MMMO, LO, O, OO, O, LO, O, O
Revenue, Expenditure, Balance and Composition of Financing3 – General Government42010Jan 2012AAAO, LNO, O, OLO, O, O, O, LO
Revenue, Expenditure, Balance and Composition of Financing3 – Central Government2010Jan 2012AAA
Stocks of Central Government and Central Government-Guaranteed Debt5Mar 2012May 2012QQQ
External Current Account BalanceApr 2012June 2012MMMO, O, LO, OLO, O, O, O
Exports and Imports of Goods and ServicesApr 2012June 2012MMM
GDP/GNP2012 Q1Jun 2012QQQO, O, O, O,LO, LO, O, O, LNO
Gross External DebtMar 2012June 2012QQQ

II. Fund Relations

(As of May 31, 2012)

I. Membership Status: Joined 8/13/1952; Article VIII

II. General Resources Account:

SDR Million% Quota
Quota15,628.50100.00
Fund holdings of currency12,920.7482.67
Reserve Tranche Position2,708.1517.33
Lending to the Fund
New Arrangements to Borrow7,454.01

III. SDR Department:

SDR Million%Allocation
Net cumulative allocation12,284.97100.00
Holdings12,903.57105.04

IV. Outstanding Purchases and Loans:

None

V. Latest Financial Arrangements:

None

VI. Projected Obligations to Fund:1

(SDR Million; Based on Existing Use of Resources and Present Holdings of SDRs):
Forthcoming
20122013201420152016
Principal
Charges/Interest0.140.140.140.14
Total0.140.140.140.14

VII. Exchange Rate Arrangement:

Japan maintains a free floating exchange rate regime. Since the 2011 Article IV consultation, Japan has intervened on two occasions: first on August 4, 2011, by purchasing 4.5 trillion yen worth of U.S. dollars, and second between October 31 and November 4, 2011 by purchasing 9.1 trillion yen worth of U.S. dollars. The Ministry of Finance publishes foreign exchange intervention information on its website. The exchange system is free of restrictions on the making of payments and transfers for current international transactions, with the exceptions of restrictions imposed solely for the preservation of national or international security that have been notified to the Fund pursuant to Executive Board Decision No. 144-(52/51).

VIII. Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Framework. Japan underwent an assessment of its AML/CFT framework against the AML/CFT standard by the Financial Action Task Force (FATF) and the Asia/Pacific Group (APG) in 2008. The mutual evaluation report highlights significant deficiencies, notably with respect to customer due diligence requirements, the criminalization of terrorist financing and the freezing of terrorist assets. Japan reported to the FATF in 2010, 2011 and 2012 that measures are being taken to address some of the deficiencies identified in its 2008 mutual evaluation report.

IX. Article IV Consultation:

The 2011 Article IV consultation discussions were held during May 30–June 8, 2011; the Executive Board discussed the Staff Report (IMF Country Report No. 11/181 and concluded the consultation on July 13, 2011. The concluding statement, staff report, staff supplement, selected issues paper, and PIN were all published.

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