Abenomics

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Abenomics (アベノミクス, 安倍ノミクス, Abenomikusu) refers to the economic policies implemented by the Government of Japan led by the Liberal Democratic Party (LDP) since the December 2012 general election. They are named after Shinzō Abe (1954–2022), who had been appointed as Prime Minister of Japan on his second term from 2012 to 2020. Abe was the longest-serving prime minister in Japanese history.^[1] After Abe resigned in September 2020, his successor, Yoshihide Suga, stated that his premiership would focus on continuing the policies and goals of the Abe administration, including the Abenomics suite of economic policies.^[2]

Abenomics is based upon "three arrows:" monetary easing from the Bank of Japan, fiscal stimulus through government spending, and structural reforms.^[3] The Economist characterized the program as a "mix of reflation, government spending and a growth strategy designed to jolt the economy out of suspended animation that has gripped it for more than two decades".^[4]

During Abe's tenure, the rate of Japan's nominal GDP growth was higher, and the ratio of government debt relative to national income stabilized for the first time in decades.^[5] However, the "third arrow" of structural reforms was not as effective as observers had hoped.^[5]

The term Abenomics is a portmanteau of Abe and economics, and follows other political neologisms for economic policies linked to specific leaders such as Bidenomics, Clintonomics, Obamanomics, Orbanomics, Reaganomics, Rogernomics etc.