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Economy

Abenomics gets economic diagnosis all wrong

Japan often talks about "15 years of deflation." Prime Minister Shinzo Abe often cites this as the main challenge his government is fighting with its economic policies, known as Abenomics. This belief in deflation has made a strong impression on the population.

     Abe was swept to power in late 2012. When he talks of the 15 deflationary years, he appears to be discussing the period from late 1997 to 2012. However, data in the consumer price index and real gross domestic product statistics do not fit well with the idea of 15 years of deflation.

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