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Over the past two decades, Japan has been perplexed by a series of problems, like ageing population, deflation, huge public debt and sluggish growth. Shortly after taking his office as the Prime Minister of Japan in December 2012, Shinzo Abe has implemented a package of expansionary economic policies, known as “Abenomics,” to revive the economy. By focusing on the first two “arrows” – aggressive monetary policy and flexible fiscal policy – this paper attempts to evaluate their performance over the past two years. It was found that although the Bank of Japan (BOJ) has successfully made the yen depreciated by around 30 percent and maintained a low interest rate environment, most of the targets are still to be met, and there are full of challenges lying ahead. | Journal of Applied Finance Banking vol. 5 no. 3 2015 47-61 ISSN 1792-6580 print version 1792-6599 online Scienpress Ltd 2015 Did Abenomics Two Arrows Hit the Bulls Kwok-Chiu Lam1 Abstract Over the past two decades Japan has been perplexed by a series of problems like ageing population deflation huge public debt and sluggish growth. Shortly after taking his office as the Prime Minister of Japan in December 2012 Shinzo Abe has implemented a package of expansionary economic policies known as Abenomics to revive the economy. By focusing on the first two arrows - aggressive monetary policy and flexible fiscal policy - this paper attempts to evaluate their performance over the past two years. It was found that although the Bank of Japan BOJ has successfully made the yen depreciated by around 30 percent and maintained a low interest rate environment most of the targets are still to be met and there are full of challenges lying ahead. JEL classification numbers E32 E52 E62 Keywords Abenomics Quantitative easing Qualitative easing Monetary policy Fiscal policy 1 Introduction After winning the parliamentary election in December 2012 Shinzo Abe then President of the Liberal Democratic Party became the Prime Minister of Japan again after a three-year hiatus. In order to boost the public confidence and stimulate economic growth of Japan Abe has advocated and implemented a comprehensive economic policy strategy dubbed Abenomics in early January 2013. There are three components known as arrows of Abenomics hyper-easy monetary policy flexible fiscal policy and structural reforms. 1PhD Candidate in Finance Shanghai University of Finance and Economics China. Article Info Received December 27 2014. Revised January 20 2015. Published online May 1 2015 48 Kwok-Chiu Lam There are a few recent studies on the efficacy of Abenomics different policies. For monetary policy event studies would be commonly adopted.2 For fiscal policy on the other hand a descriptive approach might seem more .
