Emerging market economies, particularly in Asia, have performed better, but both they and the global economy more generally would benefit by further rebalancing of their growth toward domestic demand. Japan initially bounced back more quickly than other advanced economies from the global financial crisis, but its growth has slowed recently, and it also faces serious fiscal and structural challenges.
By addressing these challenges, Japan can enhance its long-term prospects and continue to play a leading role in Asia and the global economy. BIS central bankers’ speeches  3