Following the Second World War, Japan saw unprecedented economic growth and soared to become the second largest economy in the world behind the United States. Fueled by highly successful car and consumer electronics industries, the post-war economic miracle had halted by the 1990’s, leaving behind substantial debt [1]. In years since, Japan has remained an economic power but continues to struggle with sluggish economic growth, falling into recession four times since the global financial crisis in 2008 [2]. A decline of 0.8% this quarter and 0.7% for the second quarter of 2015 have again been defined as a recession but for a struggling Japan this could be considered more of a slip, not being indicative of a sustained threat to the economy. Although the economy has failed to meet goals, it is continues to grow in a steady, positive direction, making Abenomics still very much alive but in need of drastic action.
In 2012, Shinzo Abe was elected as Japan’s prime minister for a second time. In the years since he had …show more content…
Although exports have risen to the United States, they have fallen to the other main trading partners, China, South Korea, Taiwan, and Hong Kong [10]. When Shinzo Abe took office in 2012, exports were at a low, roughly 4500 billion Japanese yen and while there is a lot of movement, the numbers, over time, have continued to rise. The highest ever recorded sales in Japan was 7582 billion JPY and occurred in 2008, just prior to the recession. Since that time, and especially since 2012, export sales have risen steadily, peaking in March of this year and decreasing only slightly to 6544 billion JPY in October [10]. Again, the numbers alone may not look promising for Japan and Abenomics, but trends seem to be rising, perhaps glacially, but rising none the
In 2012, Shinzo Abe was elected as Japan’s prime minister for a second time. In the years since he had …show more content…
Although exports have risen to the United States, they have fallen to the other main trading partners, China, South Korea, Taiwan, and Hong Kong [10]. When Shinzo Abe took office in 2012, exports were at a low, roughly 4500 billion Japanese yen and while there is a lot of movement, the numbers, over time, have continued to rise. The highest ever recorded sales in Japan was 7582 billion JPY and occurred in 2008, just prior to the recession. Since that time, and especially since 2012, export sales have risen steadily, peaking in March of this year and decreasing only slightly to 6544 billion JPY in October [10]. Again, the numbers alone may not look promising for Japan and Abenomics, but trends seem to be rising, perhaps glacially, but rising none the