The Missing Arrow of Abenomics
Debate about Prime Minister Shinzo Abe's public-policy reforms has largely crowded out discussion of the private sector’s role in economic revitalization. But Japan’s ability to achieve faster growth depends on whether companies take the steps needed to boost productivity.
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TOKYO – In his drive to kick-start the Japanese economy, Prime Minister Shinzo Abe, shortly after taking office in 2012, introduced a large fiscal stimulus and put in place a bold program of monetary easing. Since then, Japanese policymakers have been working to launch what Abe calls the third “arrow” of his agenda: arduous reforms of key industries and the demolition of structural barriers to growth.