DANIEL ALAN CITRIN is Deputy Director of the IMF's Asia and Pacific Department. Since 2004 he has had primary responsibility for IMF work on Japan. He holds an undergraduate degree from the University of California at Berkeley and graduate degrees from the University of Michigan. ALESSANDRO ZANELLO is Assistant Director at the IMF, where he led the team of economists working on Japan from 2005 to 2007. He holds a Masters degree from the University of Oxford and a doctorate from the Massachusetts Institute of Technology.

• Foreword; J.Lipsky Acknowledgements Overview;  D.A.Citrin  and  A.Zanello PART I: GROWTH AND DEMOGRAPHICS Japan's Potential Output and Productivity Growth;  P.N'Diaye Household Savings in Japan;  H.Edison PART II: FISCAL POLICY CHALLENGES Strategies for Fiscal Consolidation;  D.Botman, H.Edison  and  P.N'Diaye Tax Policy Challenges from Globalization and Aging: Issues and Options;  M.Keen Pension Reform Issues;  D.Iakova PART III: MONETARY POLICY AFTER DEFLATION A Post-Deflation Monetary Framework;  C.Kramer  and  M.Stone Practical Issues Surrounding the New Understanding of Price Stability;  C.Faulkner-MacDonagh PART IV: THE RISE IN CROSS-BORDER CAPITAL FLOWS Home Bias in Japan;  W.C.Walker Recent Developments and Outlook for Japan's Capital Flows;  S.Nakagawa  and  C.Faulkner-MacDonagh PART V: CHALLENGES FOR THE BANKING SECTOR Why is Japanese Banking Sector Profitability so Low?;  A.Wolfson The Reemergence of Japanese Banks in Asia;  S.Nakagawa PART VI: STRUCTURAL REFORMS Priorities for Structural Reform;  Y.Khatri Agricultural Policies in Japan: Domestic and International Repercussions;  B.McDonald PART VII: INTERNATIONAL SPILLOVERS The Domestic and Global Impact of Japan's Policies for Growth;  N.Batini, P.N'Diaye  and A.Rebucci Capital Flows and the Yen-U.S. Dollar Exchange Rate;  P.N'Diaye