The Organization for Economic Cooperation and Development on Wednesday urged Japan to expedite regulatory reform efforts to avoid a depression and lay the groundwork for sustainable long-term growth.
The Paris-based club of developed nations made the recommendation as part of its ongoing review of regulatory reform in member countries, which it began in 1997.
The OECD Review of Regulatory Reform in Japan criticizes the slow pace of Japan's regulatory reform, warning that Japan is falling further behind standard OECD regulatory practices and that its failures in that regard have contributed to its poor economic performance in the 1990s.