Abenomics: A Midterm Evaluation

This December marks the second anniversary of Abe Shinzō’s return to power. Will Abenomics succeed in getting Japan’s economy back on track? We are now at the make-or-break point for the prime minister’s policy package.

How Can Trend Growth Be Revived?Kōno Ryūtarō

Raising Japan’s trend growth rate will require the steady implementation of growth strategies, the third arrow in the Abenomics quiver. But policies touted as growth strategies often serve only to protect established businesses, obstructing the entrance of innovative rivals and actually impairing trend growth. The main shortcoming of Abenomics is the shelving of social welfare reform. If welfare costs continue to accelerate, capital formation will stagnate and trend growth could turn negative.

Getting Serious About International TourismNagai Tomomi

With the 2020 Olympics approaching, the Abe government has laid out ambitious plans to turn Japan into one of the world’s top tourist destinations. What will it take for this island country to triple tourist arrivals over the next 15 years?

Bolder Reforms Needed to Drive Abenomics ForwardFukuda Shin’ichi

Financial markets have responded favorably to Prime Minister Abe Shinzō’s policies, and asset prices are up, but real wages are still declining. To achieve a solid recovery, higher productivity and bold structural reform will be essential.

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