For the first time in about 11 years, real GDP registered positive growth for five consecutive quarters, through the January-March quarter of 2017; by component, demand both at home and abroad has increased and the economy has been growing at a pace slightly above its potential, which is estimated to be in the range of 0.5-1.0 percent.1  With regard to the outlook, Japan's economy is likely to continue its moderate expansion.
This debate has come a full circle today, when the consensus has once again veered in favour of “outsiders” having a prominent, if not dominant, say in the setting of accounting standards in the quest for accounting quality. The recent events - high profile misstated earnings and frauds - have in no small measure helped catalyse this development.