Japan's ruling party race puts legacy of Abenomics in focus
3 years, 3 months ago

Japan's ruling party race puts legacy of Abenomics in focus

The Hindu  

Japan's widening wealth gap has emerged as a key issue in a ruling party leadership contest that will decide who becomes the next Prime Minister, with candidates forced to reassess the legacy of former Premier Shinzo Abe's "Abenomics" policies. Mindful of the flaws of Abenomics, frontrunners in the Liberal Democratic Party's leadership race — Vaccination Minister Taro Kono and former Foreign Minister Fumio Kishida — have pledged to focus more on boosting household wealth. Shigeto Nagai, head of Japan economics at Oxford Economics, said the survey revealed "the stark failure of Abenomics to boost household wealth through asset price growth." "We think the new Premier will need to consider the failures of Abenomics and recognise the myth that reflation policies relying on aggressive monetary easing will not solve all Japan's problems without tackling endemic structural issues," Mr. Nagai said.

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