Japan PM faces make or break test three years later
Date
12/23/2015 11:08:15 PM
(MENAFN- Asia Times) Shinzo Abe
Abe 60 swept to power in December 2012 with a novel recipe for success energizing a one-time global powerhouse that languished in a decades-long slump overshadowed by regional rival China. The take-charge politician trotted around the globe inking deals for Japanese firms and selling his eponymous “Abenomics” policy blitz. “I am back and so is Japan” the two-time nationalist leader declared to an American audience. Abe’s call to action — including big government spending and massive central bank monetary easing — had some early successes as the yen weakened sharply from record highs against the dollar. The drop was good news for exporters as corporate profits soared and the benchmark Nikkei 225 stock index doubled to the 20000 level. A fledgling economic recovery appeared to be taking hold. But as he marks three years in office on Saturday the scale of Abe’s self-appointed task may be coming back to haunt him. Growth has stumbled the war on years of deflation is not yet won and a promised overhaul of the highly regulated economy is far from complete. Read more
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