On Jan. 7, only 12 days after being named prime minister, Shinzo Abe was greeted with big applause from business leaders when he spelled out the "three-arrow" basic components of his economic policies, known as Abenomics — an aggressive monetary policy, flexible fiscal spending and a growth strategy aimed at generating private-sector investments.
The occasion was an annual new year party sponsored by three major economic organizations: the Japan Business Federation, the Japan Chamber of Commerce and Industry, and the Japan Association of Corporate Executives.
The draft supplementary budget adopted by the Abe Cabinet on Jan. 15 was the second largest of its kind on record, featuring additional spending of ¥13.1 trillion. What's all too clear is a shift "from people to concrete" with the emphasis on large-scale public works projects.