Needless to say, the biggest challenge for the government to be formed after Sunday's general election is to put the Japanese economy on a growth path.
Many people repeat the mantra of pulling Japan "out of deflation and the strong yen," but the first thing we need to do is examine why the Bank of Japan's ultraeasy monetary policy — which has been in place for more than a decade — seems to have achieved little toward that goal.
To formulate growth policies, we have to have an accurate grasp of the condition of Japan's economy with respect to the changing global environment — especially in Asia.