Abe Led Japan Economy with Abenomics Policy Mix
Tokyo, July 9 (Jiji Press)--Former Japanese Prime Minister Shinzo Abe, who was gunned down Friday, is remembered for leading the country's economy with his signature reflationary policy mix, Abenomics, during seven years and eight months in office in his second tenure.
Abenomics, comprising "three arrows"--monetary easing, active fiscal spending and growth strategy--led domestic stock prices to rise and the yen to fall, helping boost earnings at corporate Japan. But Abe stepped down as prime minister in September 2020, in the face of the fallout of the COVID-19 crisis, while failing to complete the task of fully resuscitating the economy.
But he continued to exert influence on the country's economic policies, leading the biggest faction of the ruling Liberal Democratic Party. Still, he was unable to bring the Japanese economy out of the long stagnation called "lost 30 years."
Abe was shot to death by a 41-year-old-man while delivering a stump speech for an LDP candidate in Sunday's election for the House of Councillors, the upper chamber of Japan's parliament, in the western Japan city of Nara on Friday.
Abe previously served as prime minister between September 2006 and September 2007.
[Copyright The Jiji Press, Ltd.]