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.