National Conservatism: Difference between revisions

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==== Economics ====

Mr Abe's signature economic programme was the set of policies that he introduced from 2012.

His plan was to jumpstart Japan's economy out of two decades of stagnation using the so-called three "arrows" of Abenomics:

Monetary policy: Japan's hyper-easy monetary policy in the form of negative short term interest rates was put in place to make it cheaper for consumers and companies to borrow money and spend.

Fiscal stimulus: Pumping money into the economy, which means the government spending more money on things like infrastructure, or giving financial incentives to companies like tax breaks.

Structural reforms: Corporate reform, adding more women into the workforce, labour liberalisation, and allowing more migrants into the workforce to help ease labour pressures and add to economic growth.

===== Did Abenomics work? =====

As an exercise in political branding, Economists considered Abenomics a success, though it fell short of Mr Abe's own key economic target.

When his government took office it was faced with the task of revitalising Japan's once dynamic economy, which was still in the shadow of the major slowdown during the so-called "lost decade" from around 1991 to 2001.

Abenomics did help drive growth, though not at the pace that the country had seen during its post-war boom. Even now, the size of the economy remains lower than the 600 trillion yen (£3.7tn; $4.4tn) goal set by Mr Abe's administration for 2020.

But as he left office many economists credited Mr Abe for putting the country in a more robust position to withstand economic shocks like the pandemic than when he came to office almost eight years earlier.

===== Shinzo Abe's economic legacy =====

Mr Abe's economic approach was called into question when Japan slipped back into recession in early 2020.

He also faced criticism over how he dealt with Covid in the country. He mounted campaigns to encourage domestic tourism which opponents said contributed to a resurgence in infections.

Critics also say Abenomics failed deliver on pledges such as giving women in the workforce more of a voice, tackling nepotism and changing unhealthy work cultures.

However, on Friday, Bank of Japan governor Haruhiko Kuroda said Mr Abe had done much towards "pulling Japan out of prolonged deflation" and "achieving sustained economic growth".

He added he wanted to "express sincere respect for Abe's strong leadership", and "contribution to Japan's economic development".