Salient to Investors:

A panel of academics and executives said if Japan fails to show concrete success in fiscal reform, the large bond purchases by the BoJ over the next 2 years could be seen as debt monetization, causing a sharp spike in yields and weakening the effect of monetary easing. The panel said policy makers need eventually to be alert to the risks associated with exiting from monetary easing, including a spike in long-term yields.

The IMF projects Japanese public debt to reach 245 percent of GDP in 2013.

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