Abenomics - Knowledge

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to 5 percent from 3 percent to tackle its debt of 50 percent of its GDP at that time, promising that the tax hike would be offset by income-tax reforms. But the tax hike ended up making the domestic consumption stumble, pushing the economy into recession. The country fell into a deflationary trap. Due to the country's long-running malaise, the government gross debt reached 200 percent of its GDP despite the increase of the sales tax. The IMF forecast that the tax hike in 2014 would cut Japan's economic growth from 2.5 percent in 2013 to 1.4 percent in 2014, but Kaletsky argues that this economic downturn is underestimated.

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disaster hit Japan in the first quarter of 2011 when the GDP shrank by an annualised 6.9 percent. In the third quarter of 2014, the GDP shrank by an additional 1.6 percent, largely thanks to the consumption tax hike. The tax hike to 8 percent has had a significantly negative impact on the Japanese economy. In 2014, the revised real GDP growth of the second quarter was minus 7.1 percent on an annualised basis, contrary to economists' expectation that the economy would shrink at an annual rate of 3.5 percent in the second quarter.

25: 1557:, with operating profit rising 88 percent in the second quarter of 2013, as evidence that the economic program of Japan is working. He has stated that "the fact that one of Japan's biggest and most important companies is again finding ways to make money on the homefront is a good sign that the nation's economic torpor may not last too much longer." He has also argued that Abenomics could "change the economic psychology of Japan domestically" by providing export hikes through currency devaluation. 612: 1729:

slipped into recession. Revised figures said that Japan's GDP shrank at an annual rate of 1.9 percent in the third quarter of 2014, which is 0.5 percent contraction on a quarterly basis. The consumption tax hike in April continued to have a negative impact on its economy. Business spending decreased by 0.4 percent from the previous quarter. Abe determined to call for a snap election to win a mandate to delay the second tax hike which was scheduled to be done in 2015.

1977: 1395:, said that Japan's tenacious deflation was caused by this decline. He argues that the monetary easing by BoJ becomes powerless because the interest rate is already close to zero. The solution he offers to beating the deflation is to push companies to pay their workers more. Kikuo Iwata, Etsuro Honda and Koichi Hamada disagreed with Yoshikawa. Hamada said if the wages just increased, companies would become incapable of maintaining current level of employment. 5393: 1750: 1486: 848: 1428:, said that raising Japan's consumption tax is a confidence-building measure and the measure could stabilize the social security which would strengthen Japan's economic growth. He stated that the stagnation due to the tax hike would be temporary, while he mentioned the possible scenario in which BoJ would additionally conduct quantitative easing. He warned that the cut of its corporation tax could worsen its fiscal position. 1949: 1461:

of 3 percent in 1996, the economy sank into recession in 1998. On top of that, the revenue of the government decreased by 4.5 trillion yen in 1998 mainly because Japan's domestic consumption stumbled. Graph A shows the revenue of the Japanese government during 1994–2006. The tax revenue reached a peak of 53 trillion yen in FY 1997, and declined in subsequent years, being still 42 trillion yen (US$ 537 billion) in 2012.

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refuse to buy bonds unless they get a more or less equal 2 percent rise in interest rates. His critical assumption is that the Bank of Japan has no way to counter the investor's desire. and therefore no way to lower "real" (inflation-adjusted) rates...The major danger would come if inflation ware not accompanied by a return to real wage growth. In that case, consumer demand would take a big hit.

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regions such as communities close to Sendai city, where nuclear power plants create jobs and relating subsidies are granted, restarting the reactors is widely supported. Unless nuclear reactors are restarted, the Marshall–Lerner condition will not be met due to a heavier dependence on fossil fuels and an increased reliance on imports.

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industries. There is a high risk of a fiscal crisis before 2020, and LDP's eventual replacement by new political forces… Abe's… 'three arrows' of 'Abenomics'… represents the boldest efforts in many years to rewire Japan's economy. Nonetheless, 'Abenomics' risks pushing the country towards a financial crisis over the coming years.

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tremendous. Although in 2013 he pledged to meet the target, the actual core CPI was 0.7 per cent in January 2015. Oil prices were about US$ 100 in April 2014, and then they decreased about 50 per cent by the end of 2014. He maintained that the decline in oil prices made it difficult for BoJ to meet the target.

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the first quarter of 1996 is set 100. For the 2013-2015 period, that of Q1 of 2013 is 100. The interval of the horizontal axis is one quarter, and the quarters when the consumption tax were raised are set zero. And therefore, the GDPs of Q1 1996 and of Q1 2013 correspond to values evaluated at quarter -5.

1933:, one of the creators of Abenomics, said that he was shocked by the latest growth figure, and said that the Japanese government should transfer money to those who do not benefit from Abenomics. He argued that it was necessary for the government to adopt an expansionary fiscal policy to lift the economy. 1181:. But Kikuo Iwata, the deputy governor of Bank of Japan, suggested that BoJ does not strictly aim for the 2 percent price target in two years. Iwata implied that BoJ would not loosen again its monetary policy, aimed at halting economic stagnation, soon after the increase in the sales tax in April 2014. 3430:(総評政第5号(令和３年１月２１日)). And by the article 10 - 2 of the law, all of estimation must be open. By the bill, Abenomics contained policies by four ministry at least, but to ask an illegality of government is difficult, because of that Bank of Japan is not ministry or agency in sense of article 2 of the law. 1565:

In addition, there is rising skepticism regarding Abenomics, pointing out that the policy is too focused on demand rather than on supply, such as the case of the Japanese government's push for generic medicines within its Universal Healthcare System without actually addressing the root causes. One of

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BoJ governor Kuroda argued that if the second hike was delayed, the markets would perceive that Japan is unlikely to tackle its government debt, and then the yields of the government bonds would soar. BoJ's former deputy governor Kazumasa Iwata said that if the second hike was put off, the hike could

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in 2008 followed by a severe 5.2% decline in 2009. In contrast, the data for world real GDP growth was a 3.1% increase in 2008 followed by a 0.7% decline in 2009. Exports from Japan shrank from 746.5 billion in U.S. dollars to 545.3 billion in U.S. dollars from 2008 to 2009, a 27% reduction. By 2013,

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Japan's real GDP shrank at an annualised rate of 1.4 per cent in the October–December quarter of 2015. Consumption, housing investment and exports decreased in the final quarter. Although a revised figure might be significantly different from this figure, it is possible that, in the first quarter of

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Abenomics aimed at ending the deflation which continued for more than 15 years, focusing on massive monetary stimulus to build up self-sustaining expectations of moderate inflation. But the expectations were dulled by the consumption tax hike, and the country eventually fell back into deflation: the

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IMF affirmed that Japan's nominal GDP contracted by $ 1.8 trillion during 2012–2015 while real GDP contracted at an annual rate of 6.8 percent in the second quarter of 2014, after the Consumption Tax hike came into effect in April. This fall is the worst since the devastating earthquake and tsunami

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When Summers was the US Deputy Secretary of the Treasury, he told the Japanese government not to raise the consumption tax rate from 3% to 5%. But the government ignored his warnings, and raised the tax in 1997 for the purpose of balancing its budget. Although the country recorded a GDP growth rate

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was an early supporter of Abenomics, but since the Japanese government decided to raise the country's consumption tax rate to 10 percent, he expressed his concern that the tax hike could deal a more devastating blow to Japanese economy than expected. In 1997, the Japanese government raised the rate

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Under a weaker Yen, Abenomics increased the cost of imports, including food, oil and other natural resources upon which Japan is highly reliant. However, the Abe government viewed this as a temporary setback, as the weaker yen would eventually increase export volumes. Japan also managed to maintain

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in East and South East Asia, following the collapse of the Thai Baht peg on July 2, 1997, which had widespread consequences in the entire region. Government revenues subsequently decreased by 4.5 trillion yen as consumption faltered. Nominal GDP growth remained below zero for most of the five years

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As external demand on Japan's goods declines, Japan's export fell 2.7 percent in May 2014 from a year ago. But its imports fell by 3.6 percent from a year ago as well, which narrowed Japan's trade deficit by 8.3 percent. The Japan trade deficit with other countries was over 1 trillion yen in April

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In the third quarter of 2015 the Japanese economy contracted 0.8 percent in annual terms and went into a technical recession as the real GDP shrank for two quarters consecutively. The GDP figure was worse than economists' forecast that it would contract by around 0.2 per cent in the third quarter.

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In the first quarter of 2015, Japan's economy grew by 0.6 per cent on a quarterly basis. Increase of inventories helped the economy to expand, and the momentum can be lost in the second quarter. This suggests that the consumption tax hike from 5 to 8 per cent continues to have a negative effect on

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The following figure compares the 1996-1999 period with the 2013-2015 period, in terms of Japan's real GDP. During the 1996-1999 period, the consumption tax was raised from 3 to 5 per cent, and during the 2013-2015 period, the same tax was raised from 5% to 8%. For the 1996-1999 period, the GDP of

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said that the Japanese government would take necessary measures, depending on its economic condition, although he at the moment did not feel that those measures needed to be done. Amari expressed confidence that the effect of the consumption tax hike began to wear off and the economy would recover

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characterized the program as "a unique opportunity to end decades-long deflation and sluggish growth and reverse the rise of public debt," but argued that "all three arrows need to be launched for the policies to succeed. Uncertainty about the ambition of fiscal and structural reforms is adding to

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supported the view that the Japanese government should postpone the planned tax hike, suggesting that a steady economic growth should be more important for the country than fiscal discipline. He says that if its economic growth accelerates, the world-third-largest economy can tame its government

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Martin Feldsein...warned that Abe's emphasis on restoring inflation could actually make things worse...His concerns are shared by some within the Bank of Japan and the investment community...What Feldstein is claiming is that, if bond investors expect a 2 percent rise in inflation, then they will

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The consumption tax hike from 5 to 8 per cent brought about the self-induced recession in 2014, which discouraged Japanese consumers from spending and gave them a signal of further austerity. The tax hike seemed to start permanently damaging the Japanese economy. Japan's GDP contracted by 0.8 per

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Economists' forecast said that the Japanese economy would grow by annualised 2 percent in the third quarter of 2014, but in reality the country's GDP contracted at an annual rate of 1.6 percent in the quarter. Japan's second consecutive contraction meant that technically the third largest economy

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expressed his concern about the negative effects of the tax hike, saying that the tax hike could damage the Japanese economy more seriously than early estimates. Although the Japanese government expects the Japanese economy to recover after the economy goes into short recession, Summers suggested

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The impact on wages and consumer sentiment was more muted. A Kyodo News poll in January 2014 found that 73% of Japanese respondents had not personally noticed the effects of Abenomics, only 28 percent expected to see a pay raise, and nearly 70% were considering cutting back spending following the

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in Fukushima in 2011, many nuclear power stations in Japan have been shut down. Making up for lost electricity generation, Japan has imported extra fossil fuels, which worsened the country's trade deficit partly because of weaker yen. The increasing cost of electricity may hurt businesses in the

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In the early October 2014, the IMF revised its 2014 global growth forecast downwards from 3.4 percent to 3.3 percent, although many central banks continued to provide liquidity to the world financial market. Weaker expansions in Japan, Latin America and Europe worsened the outlook for the world

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admitted that the central bank would not achieve the 2 per cent inflation target by April 2015, adding that he expected the price level to get to the target level in another 12 months. In February 2015, he said that the escape velocity to lift the economy out of tenacious deflation needed to be

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said that people were noticing that electricity could be supplied without nuclear power generation. Thus, restarting the reactors is still controversial: a nationwide poll showed that 76 percent either opposed nuclear power or wanted Japan to reduce the reliance on nuclear energy, while in some

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and decreasing labour force caused Japan to suffer from chronic deflation. Population aging leads to a situation where the number of people (including retired people) who spend money becomes larger than that of people who work. In other words, demand should tend to exceed supply, and therefore

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Prime Minister Sinzo Abe and his Liberal Democratic Party (LDP) are unlikely to deliver a sustainable recovery of the Japanese economy and address the country's structural woes. These include a colossal national debt burden, demographic decline, and the loss of competitiveness of Japan's key

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The Eurozone has been brought to the verge of recession. Italy has suffered from recession for a long time, and France is forced to balance its budget by Germany despite the fact that its economy is depressed. Germany's economy is likely to contract for the second consecutive quarter in 2014.

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In 2021,the authenticity of Japan's GDP as a result of Abenomics was questioned after it was revealed that the Japanese government overstated construction orders data for years under the Abe government, a move that would effectively have inflated the Japanese GDP. There was evidence of double

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gave Abe complete control over the Diet, but the government showed some internal division over specific structural reforms. Certain cabinet members favored lower corporate taxes, while others were wary of the potential political backlash for cutting taxes on large firms while raising taxes on

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This recession was its fifth recession since the Lehman shock occurred in 2008. But Amari seemed to be optimistic about the future of Abenomics, indicating that this technical recession would be temporary and the economy was showing signs of continuous and gentle recovery.

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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. However, the "third arrow" of structural reforms was not as effective as observers had hoped.

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Paul Krugman said that the consumption tax hike from 5 percent to 8 percent raised serious doubt about Japan's economic recovery, and that in order to lift the economy, the government should decrease the VAT to 5 percent and work to build up inflation expectations.

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He goes on to explain what actually has occurred in Japan. Japanese companies are unwilling to borrow money and pay interest that the elderly obtain, which may discourage the elderly to spend. Thus, Japan's tenacious deflation has been caused by the weak demand.

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an overall current account surplus due to investment income from overseas. In December 2018, however, it was confirmed that the Japanese economy started contracting in the third quarter of 2018 and declined the most in four years during this quarter as well.

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Regarding the impact upon the US economy, officials of the Federal Reserve Bank, including its second-in-command, said that global stagnation could cause the Federal Reserve Bank to be forced to postpone the planned interest rate hike. US Treasury Secretary

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Japan, the world's third largest economy, can be likely to sink into recession due to the consumption tax hike. Although the IMF's previous forecast assumed that Japan would grow 1.6 percent in 2014, the forecast was revised downwards to 0.9 percent.

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said that Japan needed to change the structure of its taxation in order to help the Japanese young generation, suggesting that the world's third largest economy should increase taxes on the wealthy and big firms from 10% to 20%. He took the view that

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have suggested the gradual increase of the rate of the tax by one percent annually. Although Hamada is concerned about the effects of the tax hike, he expects that monetary easing by BoJ can offset its negative effects, applying the

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said that the German people believed that central banks should not make up for bad political decisions, and she criticised Japan and US of their expansionary monetary policies to enhance their competitiveness. Bundesbank chief

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Akira Amari, however, said that there was a positive ongoing cycle in the economy and they could not sum it all up with the word recession, conceding that the consumption tax hike in April 2014 dented consumer spending.

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be permanently postponed, and it would become difficult to reach a new agreement on the schedule of the hike. He said that implementing stimulative measures was the only way to alleviate the tax hike's negative impact.

942:(enrich the country, strengthen the army). In addition to providing a stronger counterweight to China in the Asia-Pacific region, strengthening the Japanese economy is also intended to make Japan less reliant on the 3708: 1706:

Household spending fell 5.9 percent in July 2014 from the same month a year earlier, more than the median forecast of economists polled by Reuters of a 3 percent drop, because of the higher consumption tax.

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Kyohei Morita and Yuichiro Nagai said that they believed that Japan's real GDP would return to growth exceeding potential, mentioning economic indicators such as public works and housing construction orders.

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held that it was difficult to cope with risks stemming from sidestepping the planned consumption tax hike to 10 percent, suggesting that the Japanese government should increase the tax rate as scheduled.

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suggested that the Bank of Japan should implement quantitative easing in order to put an end to the deflation spiral. 5 years after his speech, Bernanke started quantitative easing as chair of the

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Goldman Sachs chief economist Naohiko Baba has criticized the infrastructure spending component of Abenomics, arguing that the Japanese construction industry is inefficient and short of workers.

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Deflation causes consumers to expect goods and services to be cheaper in the future, discouraging present spending. In turn, this causes the economy to shrink, as consumer spending is vital.

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will drastically change so that more young people will have to support for the older population, which implies that this change in demography is the main culprit for the last two decades of

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following the tax hike. Japan's average annual wages grew between 1992 and 1997, but began declining after the 1997 tax hike. Since 1997, wages have decreased faster than nominal GDP.

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passed a bill to increase the consumption tax to 8% in 2014 and 10% in 2015 in order to balance the national budget; this tax hike was expected to further discourage consumption.

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suggests that even if tax cuts for the rich are done in US or UK, big firms just try to use them for their personal gains, not for raising wages of their employees.

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in the country. The top rate of income tax in Japan is 52% (not 10%) and the rate of corporation tax in Japan is about 23%, plus about 4% local corporation tax.

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Structural reforms have taken more time to implement, although Abe made some early moves on this front such as pushing for Japanese participation in the

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Two of the "three arrows" were implemented in the first weeks of Abe's government. Abe quickly announced a ¥10.3 trillion stimulus bill, and appointed

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The Abe administration was supposed to increase the government expenditure, but the Ministry of Finance ordered Abe to use fiscal austerity measures.

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debt. He says that fiscal policy is much more effective than monetary policy, because the former can inject income directly into the spending stream.

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of the Japanese government leading to an erosion of international confidence in Japanese economy. The lack of confidence can raise the risk premium (

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2014, and it went down to 909bn yen ($ 8.9bn, £5.2bn) in May 2014. But the country is still running a trade deficit for the 23rd straight month.

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Abenomics had immediate effects on various financial markets in Japan. By February 2013, the Abenomics policy led to a dramatic weakening of the

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argued that consumption would be damaged by monetary ease policy by national bank, when the rise in prices higher than the rise in wage.

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on rest of the economy. He said that Japan needed to lower corporate taxes from about 35% (current level) to 24% to attract investment.

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expressed the view that the Japanese economy would fall into fiscal crisis before 2020 due to basic structural issues including high

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reports that Japan's real GDP is expected to expand by 0.7 per cent in 2015. This growth rate is lower than US's 2.0 and UK's 2.4.

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said that Japan's economy was still fragile, and the planned consumption tax hike from 5% to 8% would plunge it into recession.

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For individuals it is rational to hoard and balance their budgets, but if everyone engages in hoarding, its economy contracts.

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had pushed first quarter economic growth up 3.5 percent annually, and Shinzo Abe's approval rating ticked up to 70 percent. A

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On 4 April 2013, the BoJ announced its quantitative easing program, whereby it would buy ¥60 to ¥70 trillion of bonds a year.

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becomes inverted, the labor pool shrinks from year to year. This brings about a number of problems for the Japanese economy.

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said that the world economy was taking the risk of stagnation, adding that Eurozone and Japan were the main slowdown areas.

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accused the Japanese government of politicising exchange rates and threatening the independence of the central bank. The

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said that in human history Japan was the only country suffering such a loss during peacetime. In a 2003 speech in Tokyo,

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On 31 October 2014, the BoJ announced the expansion of its bond buying program, to now buy ¥80 trillion of bonds a year.

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Koichi Hamada countered the criticism that only big firms and the rich benefitted from Abenomics, saying that it had a

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is one of the strong supporters of the consumption tax hike to 10 per cent; he maintains that there is no alternative.

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in Japan fell from 4.0% in the final quarter of 2012 to 3.7% in the first quarter of 2013, continuing a past trend.

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Japan's nominal output has decreased by more than $ 1 trillion due to falling land prices and equity since 1990.

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consumers. Labor laws and rice production controls have also become contentious issues within Abe's government.

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survey found that 74% of the respondents praised the policy in alleviating Japan from the prolonged recession.

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One BoJ board member expressed concern over the planned tax-hike set to take effect in 2014 and 2015.

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cent in annual terms in the third quarter of 2015, which made Japan go into a technical recession.

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Japan's recovery at risk of stalling on 'premature' tax rise fears Nobel economist Stiglitz

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Global Economy Could Stall Again on Eurozone and Japan Worries: World Bank Chief Economist

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Japan’s Wages Mask Rise of Hottest Job Market Since 70s: Economy, Bloomberg, March 7, 2014

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Please help update this article to reflect recent events or newly available information.

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in the second quarter of 2013 compared to the same period in 2012, with a highly loose

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2016, the Japanese economy will fall into the second recession in Abe administration.

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There is no formal estimation of the results of Abenomics by the Japanese government.

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will continually act as a substantial burden to the already indebted country with a

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In 1996 GDP increased by 3 percent, promising recovery from the bursting of a major

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Prime Minister Abe discussing his economic policies in a speech in London, June 2013

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National accounts of OECD countries detailed table volume 2a 1993-2004, OECD (2006)

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Japanese economic policy since the 2012 re-election of Shinzo Abe as Prime Minister

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Japan's Economy Shrinks In Q2 From Higher Sales Tax Effect, Stokes Deflation Fears

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growth rate of GDP deflator was minus 0.3 percent in the third quarter of 2014.

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Severe Contraction and Falling Prices in Japan Signal Tough Test for Abenomics

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the fundamental problems that Japan is facing is its aging population. As the

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Japan returns to recession but hopeful signs suggest recovery is on its way

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in Japanese history. After Abe resigned in September 2020, his successor,

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from 3% to 5% in April 1997, with the view to further increases in 1998.

786: 782: 774: 750: 530: 107: 4408: 1976: 5231: 4596: 4498: 4446: 4359: 1892: 1538: 1238:

being followed. By May 2013, the stock market had risen by 55 percent,

1127: 907: 778: 766: 442: 121: 2763: 1757:

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with a mandate to generate a 2 percent target inflation rate through

933: 932:. Abe's supporters drew explicit parallels between Abenomics and the 762: 735: 3345:

H. Torry and W. Boston, The Wall Street Journal, Europe, 25 Jan 2013

1639:

launched quantitative easing programmes of its own two years later.

1915:

rejected the idea that the US alone could boost the world economy.

5315: 797: 5327: 5254: 5249: 4135: 4085:

Upmarket cup noodles and chocolates keep Abenomics' pulse beating

3374:

Abenomics better than Reaganomics, says adviser to Japan's leader

2042:

The Political Economy of the Abe Government and Abenomics Reforms

1574: 1319:

is met. If it is not, the trade balance initially becomes worse.

545: 405: 3169:

Japan’s Tax Revenue Probably Exceeded MOF Estimate, Report Shows

3063:

Shirai says BoJ may be too optimistic on prices as stocks plunge

5337: 5259: 5236: 5221: 5176: 4510: 1948: 1554: 1327:

country, and hamper the country from boosting its economy. But

888: 550: 515: 3786:"Economic stats inflated for years on ministry's instructions" 2066:

Rich, Motoko; Inoue, Makiko; Dooley, Ben (14 September 2020).

1672:

could be the fourth arrow of Abenomics. He added that raising

5311: 5161: 5157: 4166: 2199: 2197: 2068:"Japan's Next Prime Minister Emerges From Behind the Curtain" 1804: 1542: 1315:

Depreciating a domestic currency can boost its export if the

1220: 2840:"Japan puts two reactors on shortlist for restart screening" 1865:

Labour force participation rate (15-64 age) in Japan, by sex

1783: Real GDP during 2013Q1-2015Q2 (index YR2013Q1 is 100) 1777: Real GDP during 1996Q1-1999Q3 (index YR1996Q1 is 100) 2280:

Kuroda leads Japan down Bernanke's path of escalated easing

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As of 2019 Japan's unemployment rate was the lowest in the

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World economies warn of global risks, call for bold action

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Another austerity victim: Japan falls back into recession

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for economic policies linked to specific leaders such as

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Japan's economy shrinks 1.8% in the three months to June

3496:"Japan recession deepens as GDP growth declines further" 2647:"Is Abenomics Misguided? Officials Not Ready to Concede" 2617:"Over 70% of Japanese not feeling benefits of Abenomics" 2121: 1387:

Japanese wages began to decrease from 1997 to 1998, and

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Japanese recession figures prompt talk of snap election

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J. D'amico, Japan, The Wall Street Journal, 19 Sep 2014

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Japan's Central-Bank Chief Defends Consumption-Tax Rise

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LDP's Tanigaki backs scheduled tax hike in October 2015

2859:"More Sizzle Than Steak: Why the Abe economy will fail" 1166:, likely raising the deficit to 11.5% of GDP for 2013. 806:

in the early 1990s. The Japanese government raised the

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Japan’s economy: is Q2 setback a crisis for Abenomics?

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Treaty of Peace and Friendship between Japan and China

4015: 4013: 3660:

The dark side of Japan's first-quarter growth drivers

3641:

Japan's third quarter recession deeper than estimated

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Secondly, its dwindling workforce cannot sustain the

1509:

The revenue of the Japanese government (trillion JPY)

1134:

at a 2% annual rate, correction of the excessive yen

924:

Abe's economic policy is also related to the rise of

728:

through government spending, and structural reforms.

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Japan Economy Contracts 0.8%, Returning to Recession

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journalist Neil Irwin cited successful expansion by

920:

Shinzo Abe § political positions and philosophy

4102: 4100: 3924: 3922: 3920: 3464: 2920: 2918: 2776: 2169: 4010: 3815: 3813: 3605: 3419:, there is no estimation by the article 16 of the 3383:G. Nishiyama, The Wall Street Journal, 25 Sep 2014 709:on his second term from 2012 to 2020. Abe was the 3963: 3867:Japan to be year late in hitting inflation target 3722: 3476:Japan's economy shrinks as tax rise hits spending 3099: 3097: 3017:Japanese government urged to delay sales tax rise 2764:Japan raises sales tax for first time in 17 years 913: 906:in Japan was at the same level as 1991 while the 5409: 4097: 3917: 3636: 3634: 2915: 2898: 2896: 2894: 2735:Anatole Kaletsky, Opinion, Reuters 14 March 2014 2559:"Toyota is crushing it. Abenomics is the reason" 2525:"Adjusted Unemployment Rate in Japan (JPNURAQS)" 2172:"Abenomics provides a lesson for the rich world" 1573:First, the government commitment in spending on 881: Japan's annual wages (index YR1997 is 100) 4066:Japan's economy falls back into recession again 3810: 3452:Japan GDP growth collapses amid sales tax shock 3417:Ministry of Internal Affairs and Communications 2754:Opinion, The Wall Street Journal, April 1, 2014 2065: 1882: 910:stock market index was at a third of its peak. 875: Japan's nominal GDP (index YR1997 is 100) 798:Japanese economic conditions prior to Abenomics 678: 3533: 3143: 3127:Slow-growth economics: some lessons from Japan 3104:Larry Summers Joins Japan’s Anti-Tax Bandwagon 3094: 3075: 2838:Saito, Mari; Hamada, Kentaro (13 March 2014). 2359: 672: 4151: 3929:IMF Trims Forecast for Global Economic Growth 3631: 3514: 3311:"Will 'Abenomics' Save the Japanese Economy?" 3223:. International Monetary Fund. 12 July 2013. 2891: 1292:In March 2014, at a conference in Abu Dhabi, 648: 4126:Abenomics must bring seismic change to Japan 3896:, OECD Labour Force Statistics, OECD, 2020, 3040:Abenomics: will the sun rise on Japan again? 889:World economic conditions prior to Abenomics 4043:Japan slips into a recession in 3rd quarter 3274: 3268: 2837: 2374: 2038: 1403: 1230:The yen became about 25% lower against the 1106:Note: NGDP is valued at 2006 market prices 4158: 4144: 4020:How Japan’s ‘Abenomics’ Reached an Impasse 2948:Behind Abe’s Wage Push: Dueling Economists 1805:Doubts cast regarding the accuracy of data 1365:population ageing should be inflationary. 655: 641: 3888: 3886: 3884: 3882: 3876:L. Yueh, BBC, News, Business, 22 Jan 2015 3364:Reuters, 21 Jan 2013, The Daily Telegraph 2745:Review & Outlook: Japan's VAT Ratchet 2423: 2421: 2105:. Financial Times Lexicon. Archived from 2039:Hoshi, Takeo; Lipscy, Phillip Y. (2021). 4094:Reuters, CNBC, Asia Economy, 16 Nov 2015 3442:Andrew Davis, The Telegraph, 21 Aug 2014 3355:Jens Weidmann warns of currency war risk 3250:"The Promise of Abenomics - CFO Insight" 2675: 2552: 2550: 2170:The editorial board (21 November 2019). 2097: 2095: 1642: 1297:that Japan's rebound was overestimated. 720:Abenomics is based upon "three arrows:" 592:Factions in the Liberal Democratic Party 56: 4431:Japanese invasions of Korea (1592–1598) 2925:Japan’s Problem: Demographics or Money? 2362:"Can "Abenomics" Save Japan's Economy?" 2242:Tax Hike Will Put Abenomics To The Test 734:characterized the program as a "mix of 705:(1954–2022), who had been appointed as 5410: 3879: 3461:Charles Riley, CNN Money, Aug 12, 2014 3393:Piketty diagnoses Japan's sick economy 3336:Merkel Takes a Swipe at Japan Over Yen 3304: 3302: 3300: 3298: 2684:from the original on 22 September 2020 2676:Kajimoto, Tetsushi (9 December 2020). 2593:. Nihon Keizai Shimbun. 7 April 2013. 2418: 2405: 2080:from the original on 16 September 2020 1822: 1608:that is maintained in the future. The 1199: 1193:mid-2013 House of Councillors election 165:1968–1969 Japanese university protests 4139: 3798:from the original on 16 December 2021 3766:from the original on 16 December 2021 3745:, International Business, 15 Nov 2015 3540:Japan Consumer Inflation Reaches 3.3% 3218:"JAPAN: 2013 ARTICLE IV CONSULTATION" 2957:The Wall Streat Journal, Mar 12, 2014 2556: 2547: 2517: 2377:"Japan can put people before profits" 2332:from the original on 12 November 2013 2306:from the original on 12 November 2013 2261:Japan raises sales tax to tackle debt 2182:from the original on 22 November 2019 2092: 1264: 340:2023–2024 Japanese slush fund scandal 3683:OECD slashes global growth forecasts 3485:World News, theguardian, 13 Aug 2014 3415:The information disclosure from the 3275:del Rosario, King (15 August 2013). 3230:from the original on 4 November 2013 2856: 2816:Nuclear power in Japan: Start 'em up 2571:from the original on 3 February 2014 2505:from the original on 31 October 2014 2439:from the original on 27 January 2014 2213:The Wall Street Journal, Sep 9, 2013 2165: 2163: 1743: 1515: 1479: 950:Economic Outlook in Japan 1994-1999 841: 18: 3502:from the original on 8 January 2015 3308: 3295: 2597:from the original on 6 October 2018 2429:"Japan and Abenomics: Taxing times" 2360:Anthony Fensom (18 December 2012). 2148:from the original on 29 August 2018 1827:In late January 2015, BoJ governor 1810:counting in the construction data. 1626:In January 2013, German Chancellor 897:, Japan suffered a 0.7% decline in 13: 4607:2011 Tōhoku earthquake and tsunami 4165: 3821:Japan narrows trade deficit in May 3673:, Real Time Economics, 20 May 2015 3317:from the original on 22 April 2019 3277:"Abenomics and the Generic Threat" 2875:from the original on 15 April 2021 2535:from the original on 15 March 2016 1712:2011 Tōhoku earthquake and tsunami 541:Junior Chamber International Japan 307:2011 Tōhoku earthquake and tsunami 14: 5454: 4474:Imperial Constitution (1890–1947) 4119: 3894:OECD Labour Force Statistics 2020 3421:Government Policy Evaluations Act 3082:Krugman Warns Abe on Tax Increase 2912:B. Powell, News Week, 26 Jan 2015 2653:. 27 January 2014. Archived from 2623:. 27 January 2014. Archived from 2251:International, Forbes, 10/01/2013 2160: 1282:competitiveness in key industries 1252:increase in the consumption tax. 1109: 5392: 5391: 5380: 3958:The International Business Times 2857:Katz, Richard (1 January 2013). 2706:. 1 October 2017. Archived from 2387:from the original on 15 May 2013 1975: 1961: 1947: 1870: 1858: 1844: 1813: 1748: 1484: 1126:strategies to encourage private 846: 622: 610: 88: 23: 4078: 4075:BBC News, Business, 16 Nov 2015 4059: 4036: 3941: 3860: 3837: 3778: 3748: 3699: 3676: 3653: 3556: 3488: 3445: 3433: 3409: 3386: 3367: 3348: 3329: 3242: 3210: 3162: 3120: 3056: 3033: 2983: 2960: 2941: 2850: 2831: 2809: 2797: 2757: 2738: 2726: 2696: 2669: 2639: 2609: 2583: 2481: 2451: 2406:Kihara, Leika (24 March 2014). 2399: 2375:Martin Wolf (6 February 2013). 2368: 2353: 2344: 2318: 2292: 2273: 2270:Wall Street Journal Aug 11 2012 2013: 1835: 1593:. This will further worsen the 4960:Agriculture, forestry, fishing 3650:BBC News, Business, 8 Dec 2014 3530:BBC News, Business, 8 Sep 2014 3309:Kim, Sang-Keun (6 July 2013). 2903:Falling Prices Are Bad For You 2254: 2235: 2216: 2059: 2045:. Cambridge University Press. 2032: 1659: 1560: 1360:opposed the idea that Japan's 973:Economically active population 914:Ideological basis of Abenomics 825:under previous Prime Minister 761:, and follows other political 711:longest-serving prime minister 699:December 2012 general election 274:2001 Central Government Reform 256:1994 Japanese electoral reform 1: 5433:Eponymous economic ideologies 3692:Szu Ping Chan, and agencies, 3159:Ministry of Finance, Nov 2012 2733:Japan as the crisis next time 2557:Irwin, Neil (2 August 2013). 2529:Federal Reserve Economic Data 2489:"Bank of Japan Announcements" 2026: 1350:explained this phenomenon as 792: 506:Association of Shinto Shrines 317:Reinterpretation of Article 9 3574:International Business Times 1883:Impacts on the world economy 1647: 1520: 1441: 1335: 1130:. Specific policies include 1084: 1064: 1044: 1024: 1004: 984: 284:Postal service privatization 183:Japan–China Joint Communiqué 155:Three Non-Nuclear Principles 7: 4548:1923 Great Kantō earthquake 4494:Abolition of the han system 4029:E. Warnock and P. Landers, 3857:, Asian economy, 4 Jun 2015 2806:Koichi Hamada, Oct 24, 2013 2704:"Japan Country Risk Report" 2204:Learning from 1997 tax hike 1940: 1527:International Monetary Fund 1259: 1099: 1096: 1093: 1090: 1087: 1079: 1076: 1073: 1070: 1067: 1059: 1056: 1053: 1050: 1047: 1039: 1036: 1033: 1030: 1027: 1019: 1016: 1013: 1010: 1007: 999: 996: 993: 990: 987: 679: 511:Central Intelligence Agency 483:Traditionalist conservatism 335:Assassination of Shinzo Abe 228:Japanese asset price bubble 178:Okinawa Reversion Agreement 10: 5459: 3572:Avaneesh Pandey, Economy, 1877:Unemployment rate of Japan 1709: 1689: 1469: 1408: 1210: 917: 831: 463:Paternalistic conservatism 127:U.S.-Japan Security Treaty 5423:Economic history of Japan 5418:2010s in economic history 5375: 5143: 5021: 5012: 4955: 4946: 4881: 4758: 4754: 4745: 4658: 4649: 4617: 4560:Japan during World War II 4530: 4439: 4377:Mongol invasions of Japan 4352: 4277: 4204: 4195: 4177: 4090:16 September 2024 at the 4048:26 September 2016 at the 3844:Japan's Peter Pan Problem 3594:16 September 2024 at the 3568:16 September 2024 at the 3545:16 September 2024 at the 3526:16 September 2024 at the 3481:16 September 2024 at the 3379:17 September 2017 at the 3203:Ambrose Evans-Pritchard, 3132:16 September 2024 at the 3109:16 September 2024 at the 3087:16 September 2024 at the 2953:11 September 2018 at the 2866:The International Economy 2103:"Definition of Abenomics" 1918: 1472:Atkinson–Stiglitz theorem 1398: 1317:Marshall–Lerner condition 1223:stock market index. The 1186:Trans-Pacific Partnership 895:global economic recession 673: 536:Japan Medical Association 521:Japan Business Federation 188:Lockheed bribery scandals 79:Liberal Democratic Party 32:This article needs to be 4834:House of Representatives 4630:2019 imperial transition 4602:Great Hanshin earthquake 4570:Second Sino-Japanese War 4543:Japan during World War I 3834:, Business, 18 June 2014 3737:13 February 2017 at the 3646:19 November 2017 at the 3549:International Business, 3341:26 February 2017 at the 3072:Bloomberg, June 13, 2013 3068:14 December 2014 at the 2908:15 February 2015 at the 2821:14 February 2017 at the 2326:"Japan, World - Exports" 2209:25 December 2013 at the 2006: 1676:was a bad way to reduce 1670:redistribution of wealth 1404:Consumption Tax increase 724:from the Bank of Japan, 695:Liberal Democratic Party 468:Progressive conservatism 396:Economic interventionism 4517:First Sino-Japanese War 4131:Abenomics false promise 4031:The Wall Street Journal 4025:4 November 2016 at the 3953:16 October 2014 at the 3934:13 October 2014 at the 3872:2 February 2019 at the 3849:30 October 2015 at the 3826:2 February 2019 at the 3711:1 February 2019 at the 3696:, Economics, 3 Jun 2015 3671:The Wall Street Journal 3665:1 February 2019 at the 3360:25 January 2013 at the 3174:12 January 2015 at the 3155:26 October 2012 at the 3115:The Wall Street Journal 3002:The Wall Street Journal 2936:The Wall Street Journal 2228:March 10, 2013, at the 1140:negative interest rates 707:Prime Minister of Japan 701:. They are named after 617:Conservatism portal 431:Conservative liberalism 322:Moritomo Gakuen scandal 4985:Science and technology 4424:Council of Five Elders 4419:Azuchi–Momoyama period 4071:28 August 2020 at the 3719:, Finance, 16 Nov 2015 3053:, Finance, 27 Sep 2014 3045:17 August 2017 at the 3026:S.P. Chan, Economics, 3022:25 August 2017 at the 2773:BBC News, 1 April 2014 2285:3 October 2014 at the 2247:1 October 2013 at the 1697: 1413:LDP Secretary General 1352:fallacy of composition 1219:and a 22% rise in the 1114:Abenomics consists of 438:Historical revisionism 62: 4930:Deputy Prime Minister 4315:Asuka Kiyomihara Code 2996:11 March 2016 at the 2930:20 March 2016 at the 2804:Japan's tax-hike test 2750:15 March 2016 at the 1643:Tax cuts for the rich 1637:European Central Bank 1606:economic output level 1322:Since the disastrous 1310:Mundell–Fleming model 500:Related organizations 458:National conservatism 391:Economic conservatism 289:2009 general election 251:1993 general election 213:Railway privatization 114:Soviet–Japanese Joint 60: 4839:House of Councillors 4733:World Heritage Sites 4000:12 July 2017 at the 3995:Weaker than it looks 3982:Reuters, 11 Oct 2014 3938:ABC News, 7 Oct 2014 3794:. 15 December 2021. 3762:. 15 December 2021. 3688:19 July 2017 at the 3398:15 July 2015 at the 3199:4 March 2018 at the 2790:18 July 2014 at the 2591:"アベノミクスの成果「評価する」74％" 2300:"Japan, World - GDP" 2289:Bloomberg Apr 5 2013 1891:In October 2014 the 1245:Nihon Keizai Shimbun 546:Local support groups 426:Classical liberalism 416:Liberal conservatism 363:Japanese nationalism 150:Income Doubling Plan 5428:Economic ideologies 4856:Self-Defense Forces 4056:, Money 16 Nov 2015 3978:18 May 2021 at the 3717:The Daily Telegraph 3626:The Washington Post 3620:11 May 2015 at the 3498:. 8 December 2014. 3205:The Daily Telegraph 3051:The Daily Telegraph 2769:21 May 2018 at the 2651:WSJ Japan Real Time 2564:The Washington Post 2266:14 May 2013 at the 2223:Japan's lost decade 2138:"Abe's master plan" 2109:on 18 November 2017 1895:'s chief economist 1823:Inflation targeting 1716:Economics minister 1654:trickle-down effect 1610:Japanese demography 1595:financial integrity 1550:The Washington Post 1530:underlying risks." 1393:University of Tokyo 1200:Quantitative Easing 1179:quantitative easing 1144:quantitative easing 1132:inflation targeting 968:Unemployed persons 951: 928:as an economic and 834:Lost Decade (Japan) 691:Government of Japan 689:implemented by the 478:Social conservatism 473:Right-wing populism 401:Economic liberalism 116:Declaration of 1956 4990:Telecommunications 4522:Russo-Japanese War 4452:Tokugawa shogunate 4402:Nanboku-chō period 4397:Ashikaga shogunate 4370:Kamakura shogunate 4111:The New York Times 3743:The New York Times 3551:The New York Times 3457:8 May 2021 at the 3283:on 9 November 2013 2972:2014-10-14 at the 2710:on 11 October 2017 2657:on 1 February 2019 2627:on 2 February 2014 2435:. 5 October 2013. 2328:. indexmundi.com. 2302:. indexmundi.com. 2073:The New York Times 1996:Honebuto no hōshin 1568:population pyramid 1537:has explained how 1424:, the governor of 1265:Austerity policies 949: 804:asset-price bubble 556:Unification Church 411:Ethnic nationalism 279:Honebuto no hōshin 246:Murayama Statement 160:Sanrizuka Struggle 63: 5438:Politics of Japan 5405: 5404: 5371: 5370: 5120:Sexual minorities 5008: 5007: 4942: 4941: 4938: 4937: 4851:Political parties 4790:Foreign relations 4741: 4740: 4645: 4644: 4635:COVID-19 pandemic 4504:Satsuma Rebellion 4489:Meiji Restoration 4387:Kenmu Restoration 4247:Foreign relations 3598:J. Mucrry, News, 3404:The BloombergView 2052:978-1-108-92240-1 1770: 1769: 1541:'s programme for 1516:Demand management 1506: 1505: 1436:Hiroshi Yoshikawa 1415:Sadakazu Tanigaki 1391:, a professor at 1389:Hiroshi Yoshikawa 1240:consumer spending 1225:unemployment rate 1152:buying operations 1148:public investment 1104: 1103: 960:(billions of yen) 868: 867: 687:economic policies 665: 664: 597:Politics in Japan 386:Corporate statism 312:State Secrecy Law 53: 52: 5450: 5395: 5394: 5387:Japan portal 5385: 5384: 5383: 5300:National symbols 5019: 5018: 4953: 4952: 4756: 4755: 4752: 4751: 4656: 4655: 4590:Economic miracle 4392:Muromachi period 4202: 4201: 4160: 4153: 4146: 4137: 4136: 4114: 4104: 4095: 4082: 4076: 4063: 4057: 4040: 4034: 4017: 4008: 3992: 3983: 3970: 3961: 3945: 3939: 3926: 3915: 3914: 3902:10.1787/23083387 3890: 3877: 3864: 3858: 3841: 3835: 3817: 3808: 3807: 3805: 3803: 3782: 3776: 3775: 3773: 3771: 3752: 3746: 3729: 3720: 3703: 3697: 3680: 3674: 3657: 3651: 3638: 3629: 3612: 3603: 3586: 3577: 3560: 3554: 3537: 3531: 3518: 3512: 3511: 3509: 3507: 3492: 3486: 3473: 3462: 3449: 3443: 3437: 3431: 3429: 3413: 3407: 3390: 3384: 3371: 3365: 3352: 3346: 3333: 3327: 3326: 3324: 3322: 3306: 3293: 3292: 3290: 3288: 3279:. Archived from 3272: 3266: 3265: 3263: 3261: 3252:. Archived from 3246: 3240: 3239: 3237: 3235: 3229: 3222: 3214: 3208: 3191: 3182: 3166: 3160: 3147: 3141: 3124: 3118: 3113:J. Schlesinger, 3101: 3092: 3079: 3073: 3060: 3054: 3037: 3031: 3014: 3005: 2987: 2981: 2964: 2958: 2945: 2939: 2922: 2913: 2900: 2889: 2888: 2882: 2880: 2874: 2863: 2854: 2848: 2847: 2835: 2829: 2813: 2807: 2801: 2795: 2783: 2774: 2761: 2755: 2742: 2736: 2730: 2724: 2723: 2717: 2715: 2700: 2694: 2693: 2691: 2689: 2673: 2667: 2666: 2664: 2662: 2643: 2637: 2636: 2634: 2632: 2613: 2607: 2606: 2604: 2602: 2587: 2581: 2580: 2578: 2576: 2554: 2545: 2544: 2542: 2540: 2531:. January 2007. 2521: 2515: 2514: 2512: 2510: 2504: 2493: 2485: 2479: 2478: 2476: 2474: 2469:on 14 April 2023 2465:. 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The Diplomat. 2358: 2354: 2349: 2345: 2335: 2333: 2324: 2323: 2319: 2309: 2307: 2298: 2297: 2293: 2287:Wayback Machine 2278: 2274: 2268:Wayback Machine 2259: 2255: 2249:Wayback Machine 2240: 2236: 2230:Wayback Machine 2221: 2217: 2211:Wayback Machine 2202: 2195: 2185: 2183: 2168: 2161: 2151: 2149: 2144:. 18 May 2013. 2136: 2135: 2122: 2112: 2110: 2101: 2100: 2093: 2083: 2081: 2064: 2060: 2053: 2037: 2033: 2029: 2024: 2023: 2018: 2014: 2009: 1983:Politics portal 1981: 1974: 1967: 1962: 1960: 1953: 1946: 1943: 1921: 1885: 1878: 1875: 1866: 1863: 1847: 1838: 1829:Haruhiko Kuroda 1825: 1816: 1807: 1788: 1787: 1786: 1785: 1784: 1780: 1778: 1774: 1771: 1766: 1753: 1749: 1721:later in 2014. 1714: 1700: 1692: 1684:Joseph Stiglitz 1662: 1650: 1645: 1618:economic growth 1583:social security 1563: 1535:Joseph Stiglitz 1523: 1518: 1513: 1512: 1511: 1510: 1507: 1502: 1489: 1485: 1474: 1465:Joseph Stiglitz 1444: 1422:Haruhiko Kuroda 1411: 1406: 1401: 1382:Federal Reserve 1338: 1305:Jeffrey Frankel 1274:government debt 1267: 1262: 1236:monetary policy 1213: 1202: 1171:Haruhiko Kuroda 1146:, expansion of 1124:economic growth 1116:monetary policy 1112: 979: 974: 969: 964: 959: 930:political power 922: 916: 891: 886: 885: 884: 883: 882: 878: 876: 872: 869: 864: 851: 847: 836: 808:consumption tax 800: 795: 726:fiscal stimulus 722:monetary easing 670: 661: 623: 621: 611: 609: 602: 601: 587: 579: 578: 569: 561: 560: 501: 493: 492: 448:Neoconservatism 376: 368: 367: 353: 345: 344: 326: 293: 265: 232: 223:Recruit scandal 204: 200:Fukuda Doctrine 192: 169: 131: 115: 112: 100: 80: 78: 49: 43: 40: 37: 28: 24: 17: 12: 11: 5: 5456: 5446: 5445: 5440: 5435: 5430: 5425: 5420: 5403: 5402: 5400: 5399: 5389: 5376: 5373: 5372: 5369: 5368: 5366: 5365: 5360: 5355: 5350: 5345: 5340: 5335: 5330: 5325: 5318: 5309: 5302: 5297: 5292: 5287: 5282: 5277: 5272: 5267: 5262: 5257: 5252: 5247: 5244: 5242:Henohenomoheji 5239: 5234: 5229: 5224: 5219: 5214: 5209: 5204: 5199: 5189: 5184: 5179: 5174: 5169: 5164: 5155: 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3074: 3055: 3032: 3006: 2982: 2959: 2940: 2914: 2890: 2849: 2830: 2808: 2796: 2775: 2756: 2737: 2725: 2695: 2668: 2638: 2608: 2582: 2546: 2516: 2480: 2450: 2417: 2398: 2367: 2352: 2343: 2317: 2291: 2272: 2253: 2234: 2232:AEI Mar 1 2008 2215: 2193: 2159: 2120: 2091: 2058: 2051: 2030: 2028: 2025: 2022: 2021: 2011: 2010: 2008: 2005: 2004: 2003: 1998: 1993: 1987: 1986: 1972: 1958: 1942: 1939: 1920: 1917: 1884: 1881: 1880: 1879: 1876: 1869: 1867: 1864: 1857: 1846: 1843: 1837: 1834: 1824: 1821: 1815: 1812: 1806: 1803: 1779: 1773: 1772: 1768: 1767: 1756: 1754: 1747: 1742: 1741: 1740: 1739: 1699: 1696: 1691: 1688: 1665:Thomas Piketty 1661: 1658: 1649: 1646: 1644: 1641: 1562: 1559: 1522: 1519: 1517: 1514: 1508: 1504: 1503: 1492: 1490: 1483: 1478: 1477: 1476: 1475: 1443: 1440: 1410: 1407: 1405: 1402: 1400: 1397: 1337: 1334: 1329:Shigeru Ishiba 1280:, and loss of 1266: 1263: 1261: 1258: 1212: 1209: 1201: 1198: 1111: 1110:Implementation 1108: 1102: 1101: 1098: 1095: 1092: 1089: 1086: 1082: 1081: 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4255: 4254: 4253: 4250: 4248: 4245: 4243: 4240: 4238: 4235: 4231: 4228: 4226: 4223: 4221: 4218: 4216: 4213: 4212: 4210: 4209: 4207: 4203: 4200: 4198: 4194: 4188: 4185: 4183: 4180: 4179: 4176: 4172: 4168: 4161: 4156: 4154: 4149: 4147: 4142: 4141: 4138: 4132: 4129: 4127: 4124: 4123: 4113:, 14 Feb 2016 4112: 4108: 4103: 4101: 4093: 4089: 4086: 4081: 4074: 4070: 4067: 4062: 4055: 4051: 4047: 4044: 4039: 4033:, 10 Feb 2016 4032: 4028: 4024: 4021: 4016: 4014: 4007:, 11 Oct 2014 4006: 4005:The Economist 4003: 3999: 3996: 3991: 3989: 3981: 3977: 3974: 3969: 3967: 3959: 3956: 3952: 3949: 3944: 3937: 3933: 3930: 3925: 3923: 3921: 3913: 3911:9789264687714 3907: 3903: 3899: 3895: 3889: 3887: 3885: 3883: 3875: 3871: 3868: 3863: 3856: 3855:BloombergView 3852: 3848: 3845: 3840: 3833: 3829: 3825: 3822: 3816: 3814: 3797: 3793: 3792: 3791:Asahi Shimbun 3787: 3781: 3765: 3761: 3757: 3751: 3744: 3740: 3736: 3733: 3728: 3726: 3718: 3714: 3710: 3707: 3702: 3695: 3694:The Telegraph 3691: 3687: 3684: 3679: 3672: 3668: 3664: 3661: 3656: 3649: 3645: 3642: 3637: 3635: 3628:, 17 Nov 2014 3627: 3623: 3619: 3616: 3611: 3609: 3602:, 17 Nov 2014 3601: 3597: 3593: 3590: 3585: 3583: 3575: 3571: 3567: 3564: 3559: 3553:, 29 Aug 2014 3552: 3548: 3544: 3541: 3536: 3529: 3525: 3522: 3517: 3501: 3497: 3491: 3484: 3480: 3477: 3472: 3470: 3468: 3460: 3456: 3453: 3448: 3441: 3436: 3427: 3422: 3418: 3412: 3405: 3401: 3397: 3394: 3389: 3382: 3378: 3375: 3370: 3363: 3359: 3356: 3351: 3344: 3340: 3337: 3332: 3316: 3312: 3305: 3303: 3301: 3299: 3282: 3278: 3271: 3256:on 3 May 2013 3255: 3251: 3245: 3226: 3219: 3213: 3207:, 23 Jan 2014 3206: 3202: 3198: 3195: 3190: 3188: 3181:, 1 June 2012 3180: 3177: 3173: 3170: 3165: 3158: 3154: 3151: 3146: 3140:, 13 Sep 2013 3139: 3135: 3131: 3128: 3123: 3117:, 14 Nov 2014 3116: 3112: 3108: 3105: 3100: 3098: 3090: 3086: 3083: 3078: 3071: 3067: 3064: 3059: 3052: 3048: 3044: 3041: 3036: 3030:, 14 Sep 2014 3029: 3028:The Telegraph 3025: 3021: 3018: 3013: 3011: 3003: 2999: 2995: 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