The Liberal Democratic Party's promise of new economic policies to revive the Japanese economy was a major factor in the party's success in the December elections in Japan. Will they succeed?
As seen from abroad, what has been termed "Abenomics" is a version of the policies advocated by economist Maynard Keynes in different circumstances. It appears to have three main elements.
The first is to force the Bank of Japan to aim for 2 percent inflation and expand "quantitative easing," which is another way of saying create more liquidity or print more money. The second is to attempt to reflate the economy by a renewed program of public spending. The third is a vague promise of structural reform.