1、AMRO Country Report ACR/26-02 ASEAN+3 Macroeconomic Research Office(AMRO)February 2026 AMRO Annual Consultation Report Japan-2025 ANNUAL CONSULTATION REPORT JAPAN 2025 ASEAN+3 Macroeconomic Research Office(AMRO)Page 2 of 75 Acknowledgments 1.This Annual Consultation Report on Japan has been prepared
2、 in accordance with the functions of AMRO to monitor and assess the macroeconomic status and financial soundness of its members;identify relevant risks and vulnerabilities;report these to member authorities;and if requested,assist them in mitigating these risks through the timely formulation of poli
3、cy recommendations.This is being done in accordance with Article 3(a)and(b)of the AMRO Agreement.2.This Report is drafted on the basis of the Annual Consultation Visit of AMRO to Japan from October 27 November 7,2025(Article 5(b)of the AMRO Agreement).The AMRO Mission team was led by Dr.Runchana Pon
4、gsaparn,Group Head and Lead Economist.Members included Mr.Paolo Hernando,Senior Economist(Country Desk economist);Mr.Shunsuke Endo,Senior Economist(Country co-desk economist);Mr.Koon Hui Tee,Senior Economist;Mr.Prashant Pande,Senior Financial Specialist;Ms.Pim-orn Wacharaprapapong,Economist;and Dr.(
5、Aruhan)Rui Shi,Associate Economist.AMRO Director/CEO Mr.Yasuto Watanabe and Chief Economist Dr.Dong He participated in key policy meetings and courtesy calls with the authorities.This AMRO Annual Consultation Report on Japan for 2025 was peer reviewed by a group of economists from AMROs Country Surv
6、eillance,Financial Surveillance,and Fiscal Surveillance teams;endorsed by the Policy and Review Group;and approved by Dr.Dong He,AMRO Chief Economist.3.The analysis in this Report is based on information available up to January 15,2026.4.By making any designation of or reference to a particular terr
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