The Lasting Legacy of Abenomics
Unfavorable views of former Prime Minister Abe Shinzō are on the rise in Japan. But, rather than dwelling on his critics' errors, it is more useful to draw attention to two important aspects of Abe’s policy agenda that will have a lasting and positive impact on the country.
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TOKYO – After the 1985 Plaza Accord pushed the yen’s exchange rate sharply upward, Japan’s economy suffered a severe slowdown that proved mightily difficult to reverse. In fact, the only Japanese prime minister to oversee a period of consistent growth and high employment in the past three decades was Abe Shinzō, during his second term, which began in 2012.