Japan's 'Abenomics' stimulus program appears to be reaching a tur...
TOKYO - Japan’s “Abenomics” stimulus program appears to be reaching a turning point as growth is sputtering and the hit to exports from slowing global demand is spreading to various sectors of the economy.
But the signs that the economy is cooling after a year of expansion threaten Prime Minister Shinzo Abe’s goal of achieving both economic revival and fiscal consolidation through a policy mix of monetary easing, flexible spending and structural reform. To be sure, Abe’s reflationary policy has helped boost gross domestic product to 540 trillion yen , up 8.6% from 2012 levels, thanks to a windfall yen weakness boosting exporters’ profits and share prices.
Declines in car production due to weaker demand both abroad and at home and a powerful typhoon pushed down factory output too, which shrank at its fastest pace in nearly two years in October. That would mark a setback for his strategy of counting on higher tax income as well as the BOJ’s low-rate policy to rein in a growing debt that’s over twice the size of Japan’s $5 trillion economy.
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