The International Monetary Fund on Monday said the Japanese government's quest to revitalise its economy faces a long slog in the absence of "bold" structural reforms, and urged Tokyo to move income policies and labour market reform to the forefront.
The global lender called for a more flexible monetary policy framework with the Bank of Japan abandoning a specific calendar date for achieving its 2% inflation target.
"Under current policies, the high nominal growth goal, the inflation target, and the primary budget surplus objective all remain out of reach within the timeframe set by the authorities," the IMF said in a statement after "Article 4" annual consultations on economic policy with Japan.
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The global lender called for a more flexible monetary policy framework with the Bank of Japan abandoning a specific calendar date for achieving its 2% inflation target.
"Under current policies, the high nominal growth goal, the inflation target, and the primary budget surplus objective all remain out of reach within the timeframe set by the authorities," the IMF said in a statement after "Article 4" annual consultations on economic policy with Japan.
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