The IMF issues three warnings to Japan.

The International Monetary Fund (IMF) released a report on the 17th, warning the Japanese government to maintain the independence of the Bank of Japan, control fiscal expansion, and avoid addressing welfare issues by cutting consumption taxes. This report was released just as the Japanese Prime Minister called for elections. Reuters reported that the market is closely watching whether Naoto Kan will oppose further interest rate hikes by the central bank, as well as Kan's previous promise of a two-year "zero consumption tax on food."