Summary of Reflating Japan

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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.

About the Authors

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



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 has languished with 0.7% and 1.0% growth in the same period. Equally disconcerting, price and wage levels are still stagnant, and consumer demand and business investment have remained weak. An aging, shrinking population may be partially responsible...

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