The Japanese economy has recovered brightness thanks to Prime Minister Shinzo Abe's initiative known as "Abenomics." And now the nation should not only gear up its "third arrow" growth strategy but also address more fundamental issues in order to pave the way for sustainable economic expansion.
Over a long period of time — in the process of building a modern state through Meiji Restoration, in the postwar period of high economic growth and in the age of globalization after the Cold War — Japan has always trailed other advanced nations by adopting a passive way of response.
In other words, it has lacked the ability to make decisions on its own. The challenges it is now facing are very difficult to overcome and have no relevant models available among other countries. Hence it is indispensable that Japan make creative decisions on its own.
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