What is Prime Minister Abe's economic policy “Abenomics”?

What is Prime Minister Abe's economic policy "Abenomics"? August 28, 17:00

The second Abe administration, which was established in December 2012, launched a series of economic policies called "Abenomics" with the aim of breaking away from deflation and achieving sustainable economic growth. The three

pillars of the policy are
"bold monetary policy,"
"flexible fiscal policy," and
"growth strategy."
These policies were also called three arrows.

In monetary policy, the government and the BOJ issued an exceptional joint statement in January 2013, and the BOJ set a clear goal of "achieving an inflation rate of 2% in about two years." Since April 2013, the BOJ has embarked on a large-scale monetary easing, which it calls itself “another dimension”.

The financial market has responded to this, and the yen's appreciation, which hit the record high of $1=75 yen in 2011, has begun to rapidly depreciate. In 2015, the yen depreciated to the level of 125 yen per dollar.

The stock market also recovered rapidly, and the Nikkei 225 stock price, which was ¥80.12 on December 25, 2012, the day before the administration started, was ¥24,270.62 on October 2, 2018. It has reached a high price for the first time in about 27 years.

Corporate performance has recovered and the employment situation has improved. The ratio of job offers to applicants improved to the highest level in about 45 years in August 2018.

The government has positioned improving the employment situation as one of the major achievements of “Abenomics”.

On the other hand, the growth rate of GDP (Gross Domestic Product) increased to 2.6% in FY2013 immediately after the administration was inaugurated, but in most of the years, the growth rate remained from 0% to 1%, and "I don't really feel the economic recovery. Was also pointed out. In addition, the BOJ has not achieved the target price increase rate of 2%.

In addition, the economy will start to deteriorate rapidly due to the spread of new coronavirus infection. This year, the growth rate of GDP from April to June was the largest annual drop of minus 27.8%, and the economic recovery in the future was a major issue.