I went to two areas around Sendai—the first was the Arahama Elementary School, site of a successful evacuation during the disaster. The school is still in its wrecked state—just as it was straight after the tsunami struck. Debris is strewn all over the grounds–a mangled mass of vehicles resembling more a scrap yard than a school. The corridors and classrooms inside are also in ruins.
In a display of its resilience, Japan is getting up once again after the devastating earthquake and tsunami of a year ago. But the world’s third largest economy still faces multiple challenges, and in our latest assessment of the country’s economy, the Japanese mission team at the International Monetary Fund has proposed a range of mutually reinforcing policies to strengthen confidence, raise growth and help restore Japan’s economic vitality.