At the annual Milken Institute Global Conference, which always attracts a who's who of finance, business, government and civil society — this time from former U.K. Prime Minister Tony Blair and basketball legend and businessman Earvin "Magic" Johnson to the CEOs or chairpersons of Sony Corp. and The Walt Disney Co., among others — Japan was back in the limelight with a panel dedicated to looking at the effects of Japan's economic policy "Abenomics."
While there was much discussion of the impact to date of Japan's fiscal stimulus and monetary easing policy under Prime Minister Shinzo Abe, a critical question persisted: Is the "third arrow" of Abenomics — essential structural reforms — on target, particularly with the lack of an announcement of any significant progress on the Trans-Pacific Partnership trade talks during the recent visit of President Barack Obama to Asia?
As we speak of structural reforms, it is also hard to ignore the urgent need for such reforms in institutions heavily influenced, if not dominated, by Japan.