OECD to Tokyo: Get on with structural reforms

Tokyo

JAPAN received jolting criticism on Wednesday on the overall progress of Abenomics from the Organisation for Economic Cooperation and Development (OECD), which urged Prime Minister Shinzo Abe's government to speed up implementation of the "third arrow" of its policy package - structural reforms in the world's third largest economy.

In its latest Economic Survey of Japan, the Paris-based OECD also urged the Abe administration to tackle the growing mountain of government debt more vigorously in order to avoid possible "destabilisation of the financial sector and of the real economy" as and when interest rates rise.

"Japan's economy is expected to return to growth, but fundamental structural reforms are needed to promote a more robust recovery, help ensure long-term fiscal sustainabi…