BOJ should consider adjusting YCC framework, shift 0% target to shorter maturity from current 10-year bond yield.

BOJ could abandon quantity guidance on bond buying, should consider an inflation range target to increase policy flexibility.

Monetary, financial sector policies should be better coordinated to enhance monetary policy sustainability, mitigate financial stability risks.

Near-term fiscal policy should complement BOJ’s efforts to spur growth.

Japan's economic growth expected to moderate, inflation to edge up but remain below BOJ’s target.

Rising economic policy uncertainty, increase in financial stability risks suggest rising risk profile for Japan.

Japan's financial regulator should encourage regional banks to diversify businesses.

A more accommodative monetary stance by other major central banks could lead to yen rise, undermine BOJ’s reflation efforts.

Yen's 2019 real exchange rate is preliminary assessed as consistent with fundamentals.

Staff scenario suggests sales tax rate needs to rise to 15% by 2030, 20% by 2050 to finance ageing costs.