Goods Essay

1223 words - 5 pages

It has been a year since Prime Minister Abe launched Abenomics. The three arrows plan of monetary, fiscal stimulus and structural reform took place in Japan with the hope of lifting up Japan’s economy from deflation and economic depression that lasted for two decades. The depression began early 90s when the global rise of Japanese corporation such as the Mitsubishi, Sony, and Toyota suddenly ended and the fall of the stock market price lasted for long. The Japanese asset price bubble, left people in Japan with huge amount of loans, and lead financial organization to face difficulties. After that, Japan’s economy was trapped with slow growth and recession. Therefore, some economists believe that Abenomics the three arrows plan will work for the recovery of Japan’s economy. Akira Amari Economics Minister, such as, states “Japan is escaping from deflation,” but because there is complication with low self-sufficient rate, aging population, wasted investment, and end in the protection for farmers Abenomics may not turn out well.
The first arrow momentary policy of Abenomics was aimed to reduce real interest rate. To do so, government asked the Bank of Japan for corporation and they embarked on an aggressive monetary policy. Driving yen to become cheaper by doubling the money supply and aimed the inflation rate to become 2% within two years. Some argue that by this action, yen will devalue against dollars and boost exports, as people in other countries will start purchasing cheaper products from Japanese-manufacturing industries. Then, the increases in sales for Japanese industries will feed into corporate earnings and turn into increase in business investment that will eventually boost the stock prices. This according to the Nomura teams “make it easier for companies to raise funds, and make companies more likely to invest in business expansion.” In fact, the first arrow momentary policy seems to be working. Since, Japan’s stock market “[recorded] an unprecedented 40% percent annual gain”. In addition, people started holding confidence and are spend more money. On the top, the “real GDP reached $5.3 trillion” being the highest level recorded from 2001. Therefore, the momentary policy is estimated to narrow gaps between GDP and potential GDP and allows the Japan economy to escape from deflation.
Yet, since Japan has a low ”self-sufficient rate of 39%” and it’s average age according to the CIA World Fact book is 45.4 years in 2012, Nobuyuki Saji claims that Japan could become “a nation of poor seniors” because cheap yen will cut the real income. This is because most of the consumption such as energy, food, and clothes are imported from other countries. And, since euro has increase 7% and dollars has jumped 6%, Japan citizens has to pay more as an excessively cheap yen will rise the prices for imported items. Leading people to fall in debt because they need to spend more money to buy goods and services. Furthermore, although...

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