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Tag Archives: Japan

Japanese economy: Déjà vu – but worse

It is difficult to imagine how Japan can undertake any major economic reform if it has taken five years to increase the consumption tax and has needed two strong fiscal packages.Since Prime Minister Shinzo Abe came to power in 2012, Japan’s economic recovery has been hinging on his three key economic policies (the so-called three “arrows” of Abenomics) bearing fruit. The first, and best known, arrow is monetary policy, which has been used massively through quantitative easing as well as the...

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Implications of the Japan – United States Mini Trade Agreement

Details of the US-Japan mini-trade deal are lacking but the agreements’ direct impact on the US and Japanese economies is likely to be minuscule. The deal seems to have been made to compensate American farmers – a crucial electoral base of the President – for their losses from the trade war with China.On 25th of September,  President Trump and Prime Minister Abe concluded a partial trade-agreement whose main provisions are to reduce Japan’s tariffs on some agricultural goods and to reduce US...

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Why the EU-Japan trade deal matters for Brexit

The EU-Japan Economic Partnership Agreement entered into force at the start of this month, but it is unclear whether the UK can retain the benefits of the agreement after it leaves the EU. Han Dorussen writes that the UK risks being excluded from what Brexiteers want: a free trade area ‘beyond Europe’ and greater ‘global influence’. On February 1st, the EU-Japan Economic Partnership Agreement (EPA) entered into force. Rightly described as a ‘mega-deal’, since it covers 27.8 per cent of the...

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Forecast errors and monetary policy normalisation in the euro area

What did we learn from the recent monetary policy normalisation experiences of Sweden, the United States and the United Kingdom? Zsolt Darvas consider the lessons and analyse the European Central Bank’s forecasting track record and possible factors that might explain the forecast errors. By: Zsolt Darvas Date: December 13, 2018 Topic: European Macroeconomics & Governance This Policy Contribution was prepared for the...

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Backstage: Japan’s inflation problem and monetary policy options

Bruegel senior fellow Zsolt Darvas welcomes Sayuri Shirai, professor at Keio University, visiting scholar at the Asian Development Bank Institute and former Member of the Policy Board of the Bank of Japan (BOJ), for a discussion of the Japanese monetary policy outlook.  Japan is often portrayed in the economic circles as a country facing decades of loss, as it has long been experiencing slow economic growth and sluggish underlying inflation, despite numerous attempts at boosting it. The...

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Backstage: The new balance of Asia-EU-US trade relations

Amid the Asia-Europe Economic Forum on the fringes of the 12th ASEM Summit, Bruegel senior fellow hosts a conversation on developing global trade relations, with guests Moonsung Kang, professor as Korea University, and Michael G. Plummer, director at SAIS Europe – Johns Hopkins University, for an episode of the Bruegel Backstage series on ‘The Sound of Economics’. With Bruegel hosting the two-day Asia-Europe Economic Forum in the same week as the Asia-Europe Meeting takes place in...

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Backstage: Implications of the new EU-Japan trade deal

Bruegel senior fellow André Sapir welcomes Tamotsu Nakamura, dean of Kobe University’s Graduate School of Economics, and Maria Åsenius, head of cabinet to European trade commissioner Cecilia Malmström, for a discussion of the EU-Japan economic partnership in the context of heightening global trade tensions. The EU and Japan have signed a landmark trade deal this summer that will create the world’s largest open economic area. The economic partnership agreement will be the biggest...

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The EU – Japan Economic Partnership Agreement

This paper was requested by the European Parliament's Committee on International Trade (INTA) and analyses the EU-Japan Economic Partnership Agreement (EUJEPA). The EU-Japan Economic Partnership Agreement (EUJEPA) is the largest bilateral trade deal ever concluded by the EU in terms of market size, covering close to 30 % of global GDP. It includes commitments not only on trade in goods but also services and the promotion of bilateral investment. Moreover, it contains the most...

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Japan must boost R&D to keep rising Chinese rivals at bay

As China shifts into a more advanced industrialised economy, Japan has slowly but surely lost to some of its comparative advantages to its rival. One possible solution to help the government keep pace would be to concentrate research and development efforts on a few key sectors where Japanese players still hold a large competitive lead. By: Alicia García-Herrero Date: September 20, 2018 Topic: Innovation & Competition Policy...

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Abenomics, five years in

Five years have passed since Japan’s Prime Minister Shinzō Abe was elected in 2012 and started “Abenomics”, a macroeconomic package based upon the “three arrows” of monetary easing, fiscal stimulus and structural reforms. After five years, has Abenomics worked? We review recent opinions. The Economist points out that five years later, Japan’s currency is about 30% cheaper in dollar terms than it was in November 2012 and the Nikkei 225 stock-market index is up by more than 150%....

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