The mandate claimed by Prime Minister Shinzo Abe after his ruling coalition won by a landslide in the Dec. 14 general election will allow him to pursue a variety of policies that may hold the key to Japan's economic recovery in 2015.

Since Abe took office in December 2012, the "three arrows" of "Abenomics," his deflation-busting program comprising radical monetary easing, fiscal spending and vows of structural reforms — has triggered a sharp drop in the yen and big stock gains, benefiting big exporters and the wealthy.

Economists, however, say Abe needs to revise his economic policies because their side effects, such as higher import prices caused by the Bank of Japan's weakening of the yen, have taken a toll on smaller firms and people with low incomes.