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 2012 general election. They are named after Shinzo Abe (1954–2022), the longest serving Prime Minister of Japan, governing from 2012 to 2020. After Abe resigned in September 2020, his successor, Yoshihide Suga, stated that his premiership would continue the policies and goals of the Abe administration, including the Abenomics suite of economic policies. Abenomics combines neoliberal elements and keynesian elements. Abenomics is based upon "three arrows": monetary easing from the Bank of Japan, fiscal stimulus through government spending, and structural reforms. 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". 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.