Can “Abenomics” Lift Japan Out of its 15-Year Deflation?

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Japan has struggled with chronic deflation since its financial and real estate bubble burst 20 years ago, triggering a severe financial crisis in 1997-1998. Since then, the Japanese economy has in fact grown in real terms, albeit sluggishly, as a result of extraordinary fiscal and monetary stimuli implemented in response to this crisis. Nonetheless, most Japanese now feel less well-off (unless they travel abroad to take advantage of the strong Yen) and Japanese industrial pre-eminence, especially in electronics, is being challenged by Korean competition. Against this backdrop, the LDP won the general election last December in a landslide, ushering into the limelight again Shinzo Abe (Prime Minister in 2006-7), who has since embarked on a new economic initiative, nicknamed “Abenomics, ” which has pushed equity markets up by more than 30%. In this seminar the speakers address the question: ‘What is “Abenomics”, and can it achieve its goal of lifting Japan out of deflation?’ They also consider what its side-effects might be domestically, and what the implications could be for other advanced economies, especially the UK and Eurozone, which are experiencing their own prolonged period of economic troubles.

Contributors: Yosuke Kawakami, Andrew Smithers, Edward Carr (Chair)

Date: 18 April 2013, 6.00 – 7.30pm
Venue: Daiwa Foundation Japan House, 13 – 14 Cornwall Terrace, London NW1 4QP
Tel: 020 7486 4348
Email: office@dajf.org.uk
Web: http://www.dajf.org.uk
Web: The Daiwa Anglo-Japanese Foundation

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