Readers of this column know I lack confidence in Shinzo Abe's ability to revive Japan. With majorities in both houses of the Diet, a popular reform plan and high approval numbers, the prime minister should've been able to exact a few major upgrades in 1,405 days. Instead, we've mostly gotten spin.
Case in point: his much-ballyhooed determination to empower women. That'd be news to the World Economic Forum, which just downgraded Abe's "womenomics" ruse by 10 places from 2015. It ranks 111th, behind Nepal and Ethiopia. His other "successes" include largely voluntary corporate governance tweaks, modest steps to rein in the farm lobby and lower trade barriers.
The failure by a succession of governments to change the system explains why the Bank of Japan is failing to reflate the economy. Abenomics is said to have three "arrows" — monetary easing, fiscal expansion and deregulation. Really, it has two elements: yen depreciation and big talk. With BOJ Gov. Haruhiko Kuroda widely expected to stand pat today, the role of government spin is sure to increase.