Summary of Reflating Japan

Time to Get Unconventional?


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Reflating Japan summary
An unconventional strategy may be the answer to revving Japan’s growth.


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After a long boom that catapulted Japan’s economy to new heights, a speculative real estate and stock market bubble imploded in the early 1990s, leaving the economy moribund ever since. Despite some initial short-run success with Abenomics – Prime Minister Shinzō Abe’s “three arrows” of monetary, fiscal and structural reforms – the Japanese economy is once again mired in low growth. Specialists at the International Monetary Fund propose a modified “three arrows plus” policy that adds another arrow – an incomes policy – to the Abenomics quiver. With much of the global economy experiencing low growth, government leaders will scrutinize Japan’s attempts to energize its economy. getAbstract recommends this erudite report to business executives, investment professionals and policy makers.

In this summary, you will learn

  • How Japan’s economy remains mired in a low-growth environment,
  • Why Abenomics – Prime Minister Shinzō Abe’s “three arrows” policy – has yet to succeed and
  • How an incomes policy could jump-start Abenomics.


Japan’s economic leaders have so far been unable to unlock the GDP growth necessary to escape a deflationary downturn that has lasted longer than two decades. Relative to its G-7 counterparts, which expanded at average nominal and real GDP rates of 3.8% and 1.7%, respectively, from 1990 to 2015, Japan...
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About the Authors

The International Monetary Fund advises member nations on policy issues and works to promote economic stability and well-being.

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