Japan Economy May Have Matched Longest Postwar Boom

Economy Politics

Tokyo, Dec. 20 (Jiji Press)--The Japanese government at a meeting of economic ministers on Thursday confirmed that the country's economy is highly likely to have expanded for 73 months running to match the longest boom in the postwar period.

"The employment and income situations have improved dramatically," Economic and Fiscal Policy Minister Toshimitsu Motegi said at a press conference after the meeting, citing factors behind the economic expansion.

How long the economy has expanded or contracted is officially determined by an experts' panel under the Cabinet Office.

The current economic growth began in December 2012, when Prime Minister Shinzo Abe started his second tenure, and has apparently continued into this month, equaling the "Izanami" boom that lasted for six years and one month from February 2002 to February 2008.

The Abe administration has taken a series of economic stimulus measures in pace with the Bank of Japan's superloose monetary policy. Supported by robust exports stemming from overseas economic growth and a weaker yen, the Japanese economy has achieved a long-term expansion, bringing about higher stock prices and an increase in jobs.

[Copyright The Jiji Press, Ltd.]

Jiji Press