IESET.
Movements·abenomics_2012_2020

Abenomics — three arrows

JPN·2012 – 2020·LDP-Komeito (Abe administration)
Leaders: Shinzō Abe (PM) · Haruhiko Kuroda (BoJ Governor 2013-2023) · Taro Aso (Finance)
positionsnew_keynesianmmt

Doctrine — stated goals and content

Three-arrow package: (1) aggressive monetary easing via BoJ QQE (2% inflation target, yield curve control from 2016); (2) flexible fiscal policy (consumption tax hikes + countercyclical spending); (3) structural reforms (corporate governance, labour participation, TPP). Ended 20-year deflation-stagnation era; yen depreciated ~40% boosting export competitiveness; corporate profit margins improved; inflation reached 2% target briefly but not persistently.

Policy-content fingerprint — how the framework codes this movement on its axes

↑
monetary expansion direction
monetary.monetary_expansion_direction
Direction of monetary-base expansion decisions relative to trend. Separate from fiscal.transfer_expansion even when correlated.
increased · strong
expansionary (balance sheet, rates lower than Taylor)
BoJ balance sheet from ~30% GDP (2012) to ~130% GDP (2021).
↑
product market competition
regulatory.product_market_competition
Product-market regulation, entry barriers, licensing burdens, network-industry regulation, price controls.
increased · moderate
more competition-friendly (lower entry barriers)
Corporate governance code + stewardship code.
↑
labour market flexibility
regulatory.labour_market_flexibility
Ease of hiring/firing, collective-bargaining scope, minimum wage rigidity, temporary/permanent contract regulation.
increased · weak
more flexible (easier hiring/firing, less rigid bargaining)
Womenomics raised female labour participation.

Policies enacted

What the data says — linked outcome hypotheses

The movement's outcome claims are tied to these hypotheses. Verdicts update as models run.

not yet written
unconventional_monetary_policy_effectiveness

Schools of thought aligned or opposed

aligned
new_keynesian
partial
mmt

References