It has been almost three and a half years since the administration of Prime Minister Shinzo Abe launched its economic policy known as Abenomics. What I would like to suggest here is that Abenomics is moving in the right direction and that real successes have been achieved.
Ever since 2009 when the Democratic Party of Japan came to power, the question of whether government policy should focus on economic growth or redistribution of income has been debated repeatedly. But the reality is that during its entire three years in office, the DPJ never managed to get Japan's economy back on track with its income redistribution policy. This is because they were putting the cart before the horse.
The order in which economic policies are implemented is extremely important. When corporations are forced to carry out an income redistribution program without an appropriate growth strategy in place, their financial conditions can only worsen, and the result is ultimately a decline in household income.