Economic dynamics in Japan: detailing of the Abenomics policy institutional outlines

The program of reforming the Japanese economy known as “Abenomics” is one of the most interesting macroeconomic projects carried out in the 21st century. On the one hand, this is determined by the scale of the country, which occupies the third place in the world in terms of production volumes, and, accordingly, the impact on the processes of international development; on the other hand, by the unconditional conservatism of the institutional organization of the Japanese economic system, its weak reaction to previous reform attempts undertaken since the 1990s. The authors analyze the economic dynamics in Japan, the steady tendency of which has been the longest, although not the fastest, expansion in post-war history, which began at the end of 2012. The GDP growth rates increased from an annual 0.5 % for 1997-2012 up to 1.3 % since the launch of the “Abenomics” policy. The authors consider the reforms’ content and the focus of the main measures to change the socio-economic situation, assess the intermediate results and possible prospects for the implementation of “Abenomics”. The established procedure for soft implementation of the “Abenomics” policy has shown its success for the development of the Japanese economy. At the same time, the policy of past years proposed the right solutions to correct the problems that have accumulated in the country. First of all, it meant a radical turn in economic policy both in relation to business and to households. In our opinion, in the future, there is a high probability of implementing a new version of “Abenomics 2.0” - a continuation of the chosen path, the expansion and deepening of the ongoing reform programs. The challenge for “Abenomics” is to go beyond the classic versions of growth and redistribution of income. Further movement according to next versions of Abenomics is necessary, but it should be properly organized. The amount of time the S. Abe’s government has to respond to risks appearing along this path is extremely limited. To achieve new results, the Prime Minister has his term, lasting until 2021, when he must resign. Perhaps this time will be used by him to construct a yet new version of “Abenomics”, which allows overcoming negative trends. But the fact that its economic model has become a prime example of reforming one of the most powerful economies in the world is beyond doubt. Abenomics will be studied for a long time by experts and practitioners of economic policy in large economic systems of different countries.

Japan, Japanese economy, Abe Shinzo, Abenomics, economic policy, institutional organization, social programs, income, profit, employment

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