How's Abenomics working out in Japan?
We’ve talked a little bit about Japan’s “Abenomics” policy on this here blog. For its trading partners, one of its major effects has been hard to swallow; a weaker yen has significantly boosted its exports, and many in the U.S. auto industry think Japan should knock off the currency manipulation before we reward it with even more American market access in a Trans Pacific Partnership deal.
But there are other prongs of Abenomics that face inward. And how are those sitting with Japan’s business community? A very interesting column in the Economist sheds a little light:
With the comeback of (Shinzo Abe’s business-friendly Liberal Democratic Party), businesspeople were expecting a return to a cosy status quo in which, for most of the post-war period, the party ruled in an “iron triangle” with its backers in big business and in the bureaucracy. But bosses are beginning to realise that the next stage of Abenomics depends on concerted action by them—including things they would rather not do.
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