Skip to Content

PRI Topics

Public Policy Review

With increased need for crisis responses and prolonged low interest rates, Japan has continued to finance its deficit by issuing government bonds, despite the size of its government debt. Against this background, it is imperative to identify and address current and future issues related to Japanese government debt and its management. This special issue examines selected topics in public debt management, providing interdisciplinary perspectives from economics, law, and finance.

Sovereign Debt Restructurings: A Survey on Concepts, Trends, Empirics, and Theory(PDF:381KB)


JOO Hyungseok


Legal Framework for Government Debt Management Policy in Japan(PDF:673KB)



Reports and Papers

PRI Discussion Papers



Creation Date

Tax Avoidance or Compliance Costs Avoidance? Evidence from VAT Reforms in Japan(PDF:753KB)

Keywords: compliance costs, value-added tax, sole proprietor, firm behavior
JEL Classification: D22, H25, H32, L11
Takafumi Kawakubo: London School of Economics and Visiting Scholar, Policy Research Institute, Ministry of Finance, Japan

Takafumi Suzuki: Lecturer, Aichi Shukutoku University

Kohei Asao: Visiting Scholar, Policy Research Institute, Ministry of Finance, Japan
June 2022



  • June 9, 2022 : Co-organized Seminar by the PRI and the IMF-OAP

The Policy Research Institute (PRI) and the IMF Regional Office for Asia and the Pacific (IMF-OAP) jointly held the virtual seminar “Asia-Pacific Regional Seminar: Japan - Economic Outlook and Policy Priorities” on June 9, 2022. 110 people from 15 countries from Asia and beyond participated in the virtual seminar.



10:00-10:10 Introduction
Chikahisa Sumi, Director, IMF Regional Office for Asia and the Pacific
Hironori Kawauchi, Executive Vice President, Policy Research Institute (PRI), Ministry of Finance Japan
10:10-10:50 Presentation on Japan’s economic outlook and policy priorities
Ranil Salgado, Assistant Director, Asia and Pacific Department, IMF
10:50-11:00 Discussion
Tokuo Iwaisako, Professor, Institute of Economic Research, Hitotsubashi University
11:00-11:25 Q&A session
11:25-11:30 Closing & post-event survey



Pre-COVID-19 economic policies under “Abenomics” helped ease financial conditions, exit deflation, and raise labor market participation, but fell short on the deep reforms needed to raise productivity and achieve inclusive and sustainable growth. The Japanese economy is now recovering from the pandemic amid strong policy support that has helped to mitigate the downturn. Ranil Salgado, the IMF’s mission chief for Japan, discussed current economic developments, the outlook, and policy priorities for Japan, drawing on the recent IMF-Japan Article IV consultations and analytical work.

Asia-Pacific Regional Seminar(IMF Website)新しいウィンドウで開きます

*You can find the video of the whole and the materials used in the seminar.

The Policy Research Institute (PRI) held its "Seminar on Economic Policies 2022" from May 23 to June 1, 2022. This seminar was aimed at young executive candidates from the Finance Ministries of the Asian developing countries. This year as well as last year, PRI organized the seminar via an online system given the situation of COVID-19, and 6 officials from 6 countries participated in the seminar.

Lectures on the Japanese economy and financial situation were delivered by Japanese scholars, experts in various fields, and staff of the Ministry of Finance, Japan. Then, the participants gave short presentations on their own country's economic situations.



Research Exchange

The Policy Research Institute (PRI) held a joint online forum, "Japan-China Think Tank Forum on Finance Policy", on June 2 with the Chinese Academy of Fiscal Sciences (CAFS), an institute under the Ministry of Finance, China.

Under the theme of "A Comparative Study on Government Debt Management between China and Japan," the presenters from the Japanese side gave presentations on Japanese local government debt management and the local government fiscal situation. The presenters from the Chinese side gave presentations on China's central and local government fiscal relations and the overall debt management.


The Policy Research Institute (PRI) has been conducting research exchanges with the National Institute for Finance (NIF), a think-tank of the Ministry of Finance of Vietnam.

On June 10, 2022, PRI renewed the Memorandum of Intent (MOI) signed initially with NIF in 2010. Before the renewal, PRI held an online meeting with NIF to exchange views to facilitate research exchanges for further cooperation.



International exchange and other events

Policy Research Institute (PRI), IMF (Fiscal Affairs Department), and Asian Development Bank Institute (ADBI) held The Seventh Tokyo Fiscal Forum “Fiscal Policy after the COVID-19 crisis: Toward a Resilient, Inclusive, and Digital Future in Asia” on June 22 and 23, 2022.

Government officials and experts in fiscal policy from 21 countries in Asia and officials from international organizations such as the IMF and the World Bank intensively discussed ways to strengthen the credibility of public finances, Asia’s fiscal framework, fiscal needs for achieving the Sustainable Development Goals, and the digitalization of government operations.



Historical Studies

Fiscal and Monetary Policies of Japan in Reconstruction and High-Growth - 1945 to 1971 -

This book details Japan’s fiscal and monetary policies from the end of the war in 1945 to the Smithsonian Agreement in 1971, while providing statistics and related chronological tables of the relevant Ministry of Finance (Okura-sho at that time).

Fiscal and Monetary Policies of Japan in Stable Growth Period - 1972 to 1990 -

This book details Japan’s fiscal and monetary policies during the stable growth period (from 1972 to 1990) which lasted about 20 years after the Nixon Shock and the Oil Crisis by using abundant figures, tables and statistics prepared mainly from the statistics data of the Ministry of Finance.


Top of Page


Ministry of Finance, Policy Research Institute.