According to Bloomberg on the 24th, the International Monetary Fund (IMF) estimates that Germany is expected to replace Japan as the world's third largest economy by 2023, driven by the depreciation of the yen against the US dollar and the euro. The latest IMF forecast estimates that Germany's nominal gross domestic product this year is $4.43 trillion, while Japan's is $4.23 trillion. At the time of the release of this forecast, the Japanese yen hovered near the 160:1 level against the euro and remained at a 33 year low against the US dollar. The weakness of the Japanese yen is largely caused by fundamental differences in monetary policy. The Federal Reserve and the European Central Bank have raised interest rates multiple times to combat inflation, while the Bank of Japan has maintained a stimulus model, hoping to promote price growth after years of deflation. When asked about the IMF's forecast, Japanese Minister of Economy and Industry, Nishimura Yasumi, stated that "Japan's growth potential is indeed lagging behind and still sluggish. Nishimura stated that Japan hopes to regain the economic status it has lost in the past 20 or 30 years, and hopes to achieve this goal through measures such as a package plan. (New News Agency)