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Revamped Abenomics still needs more horsepower

Prime Minister Shinzo Abe, second from left, offered new labor market proposals Wednesday.

TOKYO -- Japan's government is all too aware that ensuring sustainable economic growth is impossible without addressing the labor shortfalls of a graying, shrinking population. But Prime Minister Shinzo Abe's government has yet to produce radical labor market reforms, and the steps it now has proposed rest on shaky fiscal foundations.

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