Japan struggled to revive growth. GDP increased significantly in the first half of 2013, following the announcement of an ambitious economic programme. This included open-ended Bank of Japan asset purchases (until inflation reaches 2%), short-run fiscal stimulus alongside the phasing-in of tax hikes, and the commitment to implement growth-enhancing structural reforms. However, growth slowed markedly in the second half of 2013. The current account also deteriorated amid a marked depreciation of the yen. Growth bounced back strongly in early 2014 in anticipation of the first consumption tax hike in April, but the rise was expected to be partly reversed.