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Asia Today ISSN 1861-4604 Monday, May 28, 2018

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A recovery in Japan´s economy will boost Indonesia

Positive for Indonesia

Share on Facebook February 25, 2014, Reporter : asianewsnet.net, Reader : 487

Abe, Yudhoyono and their wives (Photo Courtesy: Xinhua) news

Jakarta, 25 February: After many years of Japan seeming to matter less and less to the rest of the world, the country is making a comeback. There is much media focus on Prime Minister Shinzo Abe’s groundbreaking policies called “Abenomics”, the outlook for the yen and the prospects for Japan to make a decisive break with two decades of deflation and decline; reports asianewsnet.net.

While the jury is still out on how successful Abenomics will be, the initial signs are encouraging. Japan is making a spirited return and this will be positive for Indonesia.

A more positive mind-set is beginning to take hold among corporate leaders and ordinary citizens since Abe took over as prime minister in December 2012. He has swiftly delivered on two parts of his “three arrow” strategy.

Monetary policy has been boldly transformed, with the Bank of Japan aggressively pumping money into the economy and moving away from its past hesitancy to tackle deflation. He has also introduced several large fiscal stimulus packages, the second arrow of his strategy.

Now Abe is beginning to push through structural reforms despite the political risks of doing so. This third arrow of his strategy has been criticized for being too timid but such a judgment is premature. A more reasonable interpretation is that Abe is introducing reforms steadily and at a pace that Japan’s conservative society can absorb. He has outlined a detailed plan for reforms and has already gone ahead with some of them.

The most important has been in agriculture, where 40-year old subsidies for producing table rice according to state-determined quotas will be abolished by 2019. Few had expected Abe to tackle such a sensitive issue as rice farming. Several other reforms have also been brought up in recent months on other touchy issues such as immigration (where highly skilled foreigners can now apply for permanent residence more easily), education (changes in entrance examinations) and policies to aid working women.

 The Abe government has also encouraged firms to invest abroad, especially in Southeast Asia. more...

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