Following the start of "Abenomics" in 2012, Japan moved back to the center of attention of global financial markets. After 2½ decades of economic stagnation, hopes were high that Japan would escape its long stagnation and deflation.
Plenty of economists around the globe hoped that, in so doing, Japan would show the Western world, mainly the eurozone, the way to do the same and avoid a similar long period of low growth and stagnating incomes.
Conversely the failure of Abe's plan for Japan's recovery would not only be a disaster for the country of the rising sun. It would also be very bad news for central bankers and politicians in the West as well. It would prove that Keynesian policies don't work in a world of too much debt and shrinking populations.