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David Lipton (IMF's First Deputy Managing Director), statements during the press conference after the closing of the Article IV annual discussions with Japan 2013. Video, by courtesy of the IMF (International Monetary Fund). An International Monetary Fund (IMF) team, led by Jerald Schiff, Deputy Director for the Asia and Pacific Department, visited Tokyo during May 21st - 31st to conduct the annual Article IV discussions with Japan. The team met with senior officials from the government, the Bank of Japan (BoJ), and private sector representatives, to discuss recent economic developments and the policy agenda going forward. David Lipton, the IMF's First Deputy Managing Director, and Mr. Anoop Singh, Director for the Asia and Pacific Department, joined the final policy discussions. At the conclusion of the visit, the mission issued an official statement, on which they are underscored the long term benefits that the recovery of the Japanese economy would bring to the global economy and specially to the growth in other countries within the region. "The economic recovery is gaining traction, driven in large part by the adoption of the new Quantitative and Qualitative Monetary Easing (QQME) framework. The success of the authorities' new policies ("the three arrows") depends crucially on the implementation of ambitious fiscal and growth reforms, with initial plans in these areas to be unveiled this summer. The rewards of a complete package of reforms are potentially large. Successful implementation would not only benefit Japan, but also strengthen growth and stability of the global economy." "...Over time, a successful package of reforms would have positive economic spillovers. Although near-term effects in other countries could be more mixed, particularly for some direct competitors or countries receiving capital inflows, these would be likely temporary. Higher growth in Japan and easier global financial conditions would more than offset the effect of exchange rate appreciation and generate positive spillovers." Read more on eastwind magazine: