Japanese tax hikes loom large for Abenomics

As the growth in Japanese exports enabled by Abenomics falls behind surging import costs, Shinzo Abe needs to look at labour market reform and more drastic tax surgery.

Another record trade deficit for Japan is raising doubts about Prime Minister Shinzo Abe’s “Abenomics” strategy for economic revival. The new figures follow poor manufacturing sentiment numbers earlier this month.

Abe had promised it would be a good year for the Japanese economy. His government made some progress last year in turning around the slow decline of the economy, and he told Davos that this was the year Japan would break free from chronic deflation.

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