Abenomics and Its Impact on the Asian Economy
When Prime Minister Shinzo Abe first announced his economic policy package that came to be known as Abenomics, observers felt it held the potential to lift Japan out of the economic slump it had been stuck in for the past two decades. In anticipation of the Abe administration’s imminent announcement of a revised growth strategy (the third arrow of Abenomics), there has been renewed interest in how Abenomics will address Japan’s future economic problems as well as those in the present, and how that will affect neighboring economies in Asia.
On June 30, the Center for East Asia Policy Studies hosted Dr. Naoyuki Yoshino, dean of the Asian Development Bank Institute and contributor to the revised growth strategy, for a presentation on the three arrows of Abenomics, the revised growth strategy and the current state of the Japanese economy. He also addressed Japan’s fiscal policy; structural reform in Japan, especially focusing on new financing methods of SMEs, the agricultural sector and venture businesses; Japan’s aging population; and the impact that Abenomics will have on the Asian economy.