The word “Japanization” refers to Japan's prolonged stagnation — a malady that was on everyone's mind at the recent G-7 summit. Prime Minister Shinzo Abe made the right call in postponing the planned tax hike, but the feeble opposition can be forgiven for pouncing on his abrupt volte-face, which is a tacit admission that Abenomics is a colossal failure in terms of overcoming Japanization. There really is no way to sugarcoat the bad news about the negligible impact of Abe's eponymous “three arrows” of monetary easing, fiscal spending and will-o'-the wisp structural reforms.
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