Shvydko Vitaly
Fumio Kishida’s first year in PM office: Is Abenomics to end or stay? Japanese Studies in Russia. 2023;(1):80-93. (In Russ.)
Publication Type:


ISSN 2500-2872

DOI 10.55105/2500-2872-2023-1-80-93

The article addresses the experience of Fumio Kishida's first year as Prime Minister of the Japanese government with respect to its economic policy vision and implementation. The latter is presented by comparing it to the policy pursued over the past ten years by PM Kishida's predecessors in the office, on the one hand, and to the commitments he announced during the 2021 election campaign, on the other. The paper notes that, in its basic moments, the economic policy of the cabinet of the new leader of the ruling Liberal Democratic Party continues the course previously maintained by the team of then-PM Shinzō Abe, known as Abenomics. This manifests itself in the specifics of the use of basic tools of macroeconomic policy, monetary and tax instruments to be named first, as well as in choosing priorities for the policy stimulating consumption and economic activity. The continuity of the course can be particularly illustrated by loose monetary policy; positive view of the depreciation of Japanese national currency; moderately expansionary fiscal policy relying on domestic borrowing; preference given to the interests of the corporate sector. Legacy inherited from previous administrations also includes the government striving to revitalize private demand; promoting investment in R&D, venture and innovating enterprises with particular stress on regional economies. Kishida's particular emphasis on invigorating redistributive mechanisms and increasing labor share in national income has not yet led to material decisions and actions by the government. Nor did Kishida make progress with his commitment to expand the ring of beneficiaries of the capitalist market system, as part of his idea of “new capitalism”.In recent months, the attention of the government and its economic team has been largely focused on overcoming the consequences of the disruption of transnational chain lines in production, trade, and logistics, as a result of the coronavirus pandemic and rising geopolitical tensions. In addressing this issue, they prioritized subsidizing businesses and households to partially offset energy and food price hikes; securing diversification or localization of critical links of trade and production chains, as well as the exclusion of politically undesirable or unstable locations from them. At this stage, however, the actions of the government are limited to setting relevant goals and plans to provide finance for programs with effectiveness yet to be proved.


Keywords: Japan | economic policy | social and economic reforms | “new capitalism” | transnational business chains | Abenomics |

Russian Science Citation Index



OTHER PUBLICATIONS ON THIS TOPIC

Япония: с чем в третье тысячелетие?. Ответственный редактор Рамзес В.Б. М., Восточная литература РАН, 1999, 25 п.л.

Sidorova Elena
Which Capitalism Is Better?/ V. Klinov, E. Sidorova // Voprosy Economiki. – 2011. – № 9. – P. 142-151.

Klinova Marina
A View in the Retrospect of Time: A History of State and Business Interaction. Russian and Soviet Marxism on the State’s Role in the Economy // Economic Strategies. – 2017. – No 5 (147). – P. 200–213.

Япония: экономика, политика, общество на заре XXI в.. Ответственный редактор Рамзес В.Б. М., Восточная литература, 2002, 25 п.л.

Avilova Agnessa
Социально-экономические реформы правительства Марио Драги // Общественные науки и современность. 2022. № 1. С. 59-74. DOI 10.31857/S0869049922010014.

Zeveleva Galina
Реформы Барака Обамы в сферах здравоохранения и образования / Г.Н. Зевелева // Международная экономика. – 2010. – № 12. – С. 40–49.

Klinova Marina, Sidorova Elena
Economic Sanctions and EU—Russia Economic Relations // Voprosy Economiki. – 2014. – № 12. – P. 67-79.

Sadovaya Elena
Современные механизмы регулирования социально-трудовых отношений: опыт развитых стран и Россия [Текст] / Е.С. Садовая // Проблемы прогнозирования . – 2010. – № 5. – С. 107–123.

Kulakova Vasilisa
Результаты и перспективы финансовой реформы в США [Текст] / В.К. Кулакова // США и Канада: экономика, политика, культура. – 2014. – № 9. – С. 49 – 58.

Social and Economic Results of Koizumi Reforms. Ed. by V.B.Ramzes. Moscow, IMEMO RAN, 2007.

Preobrazhenskaya Arina
Поражение Республиканцев на выборах в 2017 г.: социально-экономические и политические факторы [Текст] / А. А. Преображенская // Исторические исследования. Журнал Исторического факультета МГУ имени М.В. Ломоносова. – 2018. – № 2(10). – С. 89-101.

Kirichenko Elina , Kulakova Vasilisa
Результаты антикризисной политики США [Текст] / Э.В. Кириченко, В.К. Кулакова // Международная экономика. – 2011. – № 11.

Chudinova Ksenia
Масштабы и динамика внешнеэкономического взаимодействия США и Японии в 2009-2021 гг. // Международная экономика. 2022. № 12. С. 902-917. DOI 10.33920/vne-04-2212-06.

Sidorova Elena
The Largest EU Countries: Budget Policy Problems / Sidorova E.A. // Contemporary Europe. – 2008. – No 4. – P. 100-111.

Kudrov Valentin
Russia and China: whose economic reforms more effective?

Lapkin Vladimir
«Modernization» and «Capitalism»: Rethinking Contemporary Political Change //Polis Journal.Political Studies, 2012, № 6. P. 41-54

Studentsov Victor
Puritans’ Economy: Solidarity Versus Profit-Seeking

Lunev Sergey
Japan between the West and East / Lunyov S.I.

Sadovaya Elena
Modern Mechanisms of Regulation of Social-Labor Relations: Experience of Developed Countries and Russia.

Shvydko Vitaly
New five-year plan of scientific and technical development of Japan: new highlights in government policy to promote science and innovations
Related publications


Comments (0)

No comments

Add comment







First news
Institute News
17/07/2024

A meeting of the Academic council of IMEMO was hold at the Academician N.N. Inozemtsev conference hall.

more...

10/07/2024

The next issue of the MEMO Journal (No. 7 for 2024) opens with the topical rubric "Security Problems in the Modern World", which features articles by A. Arbatov "The Bearing Structure of Global Security" and A. Krivopalov "The Southern Flank of U.S. Deployment in Eastern Europe".

more...

Recently Published