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Japan's frugal spending habits pose a challenge for Prime Minister Shinzo Abe, after years of Abenomics and despite the upcoming Tokyo Olympics. (Nikkei montage/Source photos by Getty Images)
Asia Insight

Abenomics falters as consumers' fears over social security grow

Tax hike reaction in Japan reveals deep unease ahead of coronavirus impact

MITSURU OBE and AKANE OKUTSU, Nikkei staff writers | Japan

TOKYO -- On a chilly January afternoon in Yokohama, a 25-year-old IT company employee said what much of Japan is thinking: "I'm not expecting my salary and the economy to improve much."

The man has only been in his job for a year, following graduate school. But any excitement he might have felt about this new beginning is overshadowed by fears for the future. How, he wonders, will he cover the expenses that inevitably come with marriage, children and looking after aging parents?

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