One year into Prime Minister Shinzo Abe’s economic revival plan the message from Japan’s industrial heartland and economists is clear: he has yet to act on his pledge to stage the nation’s comeback as a global economic dynamo.
Abe’s recipe of massive money printing, fiscal stimulus twinned with longer-run consolidation and pro-growth policies has already made it into economic vernacular as “Abenomics” and won praise for its initial “print and spend” stage.
But the longer it takes for Abe and his team to follow through with powerful incentives for businesses to take chances, innovate and grow, the bigger the risk that Japan will slide back into stagnation that has dogged it for the past two decades. And with more debt than ever.
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