S&P warns on Abenomics

Rating agency Standard & Poor’s questions the Japanese prime minister’s ability to achieve needed reforms.

S&P warns on Abenomics
Shinzo Abe

Few people now doubt the Bank of Japan’s ability to reflate the economy, after five months of surging share prices, a weakening yen and dwindling bond yields. But Shinzo Abe, the prime minister, won the election in December promising more than that.

Abenomics was sold as a three-pillar deal that would deliver monetary easing, fiscal stimulus and private-sector reforms. So far, only the monetary pillar is in play, with the central bank aiming to achieve...

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