Essay on Japan 's Prime Minister For A Second Time

1742 Words Nov 29th, 2015 null Page
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 last been Prime Minister, Japan cycled through, almost annually, five other governments. Abe became the seventh leader in just six year as new governments continued to be employed to tackle these old issues [3]. Central to his landslide election were a series of economic policies known today as Abenomics which aimed to end the countries struggle with deflation. The three arrow strategy draws on the Japanese folk tale that teaches that three sticks together are harder…

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