Japan’s economy has come back to life after receiving a dramatic and unprecedented shot in the arm from its central bank governor, Haruhiko Kuroda. Since the Bank of Japan embarked on its expansionary monetary policy this year, economists have been forced to rethink their view of Japan and revise their expectations of its economy upwards.
This monetary policy is one of the ‘arrows’ of Abenomics – the economic policies under prime minister Shinzo Abe – along with fiscal policy and structural reform, which aim to revive economic growth in Japan.