Shinzo Abe's second term as Japan's prime minister began with a laser-like focus on economic revitalization. That policy, almost instantly dubbed "Abenomics," comprises what have been called the three "arrows": bold monetary policy, an expansionary fiscal stance and structural reforms to stimulate private investment.
Hosting the Olympic Games in Tokyo in 2020 has added a fourth arrow to this quiver in the form of increased infrastructure investment and tourism revenue in the years leading up to the Games.
To be sure, after 15 years of deflationary recession, revitalization of the Japanese economy remains far from complete. Nonetheless, the effects of Abe's reforms are becoming visible in areas such as equity prices and exchange rates.
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