Nonetheless, the depressed mood in Japan before the Lower House election last December seems to have receded substantially, reflecting the success of the Shinzo Abe administration in lifting sentiment. The Business Survey Index about the economic outlook, particularly for large firms, improved noticeably. ...
The new administration has instituted a set of policies referred to as “Abenomics” to spur growth. The strategy includes aggressive monetary policy, short-term flexible fiscal policy with medium-term consolidation, and institutional and regulatory measures to strengthen the competitiveness To battle stubborn deflation, the Bank of Japan has adopted an inflation target of 2% and announced on 22 January that it will begin open-ended asset purchases in 2014, while leaving the size of its current asset purchase program unchanged for 2013. In anticipation of further easing of monetary policy, financial markets reacted strongly, and the currency started a sharp depreciation. Since September, the yen fell from ¥78.1 per US dollar to about ¥95, a depreciation of nearly 20% in only 7 months (Figure A1.15). During the same period, the Nikkei 225 index has soared by 40%, reaching a 4-year high exceeding ¥12,000 in March.
Source: CEIC Data Company (accessed 12 March 2013).
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