Japanese Prime Minister Shinzo Abe's rise to power in 2012 ushered in bold policies known as 'Abenomics' that helped revive the economy and boost corporate profits, exports and jobs.
TOKYO - Japanese Prime Minister Shinzo Abe’s rise to power in 2012 ushered in bold policies known as “Abenomics” that helped revive the economy and boost corporate profits, exports and jobs.
FILE PHOTO: A man wearing a protective mask sits inside a store at a shopping district, amid the coronavirus disease pandemic in Tokyo, Japan August 17, 2020. REUTERS/Kim Kyung-Hoon However, the record plunge in Japan’s economy in the second quarter due to the coronavirus has wiped many of the gains of those policies, dealing a political blow to Abe a year before his term as head of the ruling Liberal Democratic Party ends.
Japan’s real gross domestic product hit almost 540 trillion yen in September last year, but then began to slide as the U.S.-China trade war and a sales tax hike hit exports and consumption. The pandemic has since knocked real GDP to 485 trillion yen, its lowest since the 2011 earthquake and tsunami.
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