Polityka abenomiki jako odpowiedź na problemy gospodarcze Japonii

Michał Przybysz

Abstrakt

The abenomics policy as an answer to Japan’s economic problems

The aim of the article is to present the so-called Abenomics policy and its results with regards to the economic stagnation and chronic deflation which persisted in Japan since early 1990s. Created by the new Prime Minister of Japan Shinzo Abe and based on the reflationism theory, its goal was first and foremost to stop the deflation, but also reinvigorate demand and boost economic growth via means of structural reforms. These three objectives became known as the “three arrows” of the plan.

The core of the program focused on the quantitative easing policy (QQE) led by the Bank of Japan, which consisted of massive purchase of bonds which would in turn raise their prices and inject money into the economy. Other measures included setting the goal of reaching 2% inflation in two years’ time, as well as enormous infrastructural investment and pension spending or numerous reforms regarding job market accessibility and deregulation. In the wake of the original plan’s middling results the Abenomics 2.0 plan was presented in 2014 and focused on Japan’s structural problems, which are rapidly aging population and shrinking workforce.

Critical examination showed that these new goals concerning projected GDP level or fertility rate were unrealistic from the onset and did not amount to much. Despite the country leaving the long-lasting deflation behind, it did not reach the set 2% inflation mark or GDP growth on the level of comparable economies.

Moreover, the debt level is still rising, partly because of the volume of the QQE policy. Adding to the situation is the recent economic crisis caused by the COVID-19 pandemic, which demanded a shift in government’s focus and caused all of the economic indicators to again worsen. Despite some successes along the way, the main goals of the Abenomics were unfulfilled during Shinzo Abe’s term of office, and Japan’s economic problems remain to be solved by the next governments.

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