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Economy

Abe's talk of 'three arrows' misses the mark

Jan. 11 marked the first anniversary of the Emergency Economic Measures for the Revitalization of the Japanese Economy. This important Cabinet Office document spelled out the so-called three arrows of Abenomics -- "bold" monetary policy, "flexible" fiscal policy and a "new" growth strategy for Japan. Together, these three arrows were intended to extricate the Japanese economy from decades of stagnation.

     First-year reviews of Prime Minister Shinzo Abe's emergency measures are arriving almost daily from leading commentators. Abe's economic adviser, professor Koichi Hamada, has graded monetary policy an A, fiscal policy a B, and the growth strategy an E for effort, spelling out the prime minister's name. The conclusion is that Abenomics has been a mixed success at best.

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