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Published by:
Asia Case Research Centre, The University of Hong Kong (2013)
Revision date:
04-Dec-2013
Length:
22 pages
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Abstract

This is part of a case series. The economic policies advocated by Prime Minister Shinzo Abe of Japan, dubbed Abenomics, have weakened the yen and given new life to Japan’s stock market. There are three components of Abenomics: monetary easing, fiscal spending, and growth strategies. The economy-boosting effects of Abenomics and the Bank of Japan’s (BOJ’s) bold monetary easing policy are stirring up considerable global interest in Japan. Of the three components of Abenomics, monetary easing and fiscal spending are unlikely to inflict much pain on the public, apart from the fact that younger generations will be forced to pay back the debt the government is rapidly incurring. But the third component, growth strategies, can only be effective when addressing regulatory issues that have long been left untouched. What Japan needs most is regulatory and structural reform. These painful, drastic reforms will shuffle the deck for protected businesses. While structural reforms almost always inflict pain on vested interests protected by regulatory walls, creative initiatives by newcomers benefit consumers and help to revitalize the economy.

Topics

Abenomics; Bank of Japan; Three arrows; Extra ease money policy; Growth strategy
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