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The Japanese Economy: Stagnation, Recovery, and Challenges

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  • Tanweer Akram

Abstract

The Japanese economy is showing signs of a moderate recovery after more than two decades of stagnation. This stagnation was characterized by low inflation or outright deflation, subdued long-term interest rates, elevated government debt and chronic fiscal deficits, and the decline in its share of global exports. Monetary policy has been highly accommodative, marked by low and negative policy rates and the expansion of the central bank’s balance sheet. The country has been mired in a liquidity trap. Despite the recent recovery, observed inflation is still below the Bank of Japan’s target of 2.0%. Wage growth is muted even though the unemployment rate is low. Meanwhile, the working-age population continues to shrink, and the general population is rapidly aging. Japan’s export sector faces stiff competition. Openness to immigration is quite limited. This article analyzes Japan’s economic challenges in light of the moderate recovery after the protracted stagnation, ongoing demographic changes, the reforms of Abenomics, and globalization.

Suggested Citation

  • Tanweer Akram, 2019. "The Japanese Economy: Stagnation, Recovery, and Challenges," Journal of Economic Issues, Taylor & Francis Journals, vol. 53(2), pages 403-410, April.
    • Handle: RePEc:mes:jeciss:v:53:y:2019:i:2:p:403-410
    DOI: 10.1080/00213624.2019.1594523
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    Cited by:

    1. Tanweer Akram, 2021. "A Note Concerning the Dynamics of Government Bond Yields," The American Economist, Sage Publications, vol. 66(2), pages 323-339, October.
    2. Yuji Honjo & Kenta Ikeuchi & Hiroki Nakamura, 2022. "The Mediating Effect of Financial Motives in the Association between Entrepreneurial Experience and Subjective Well-Being: Evidence from Japan," Applied Research in Quality of Life, Springer;International Society for Quality-of-Life Studies, vol. 17(2), pages 1043-1067, April.
    3. Nassar S. Al-Nassar & Abdulrahman A. Albahouth, 2023. "Inflation Spillovers among Advanced and Emerging Economies: Evidence from the G20 Group," Economies, MDPI, vol. 11(4), pages 1-25, April.
    4. Tanweer Akram, 2019. "Prospects and Risks for the Global Economy in 2019," CPD Working Paper 130, Centre for Policy Dialogue (CPD).

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