Since Prime Minister Shinzo Abe initiated his Abenomics reform program in 2012, Japan's economy has received a remarkable boost. But the job is not yet finished.
I once argued that the three "arrows" of Abenomics — monetary easing, fiscal expansion and a long-term growth strategy — should be given grades of A, B and E, respectively.
Monetary easing gets an A even though, as critics love to point out, the 2 percent inflation target is far from being achieved. The reason is that the inflation target is only a means to an end: full employment. Here, Japan has been tremendously successful, creating more than 2.7 million jobs since the first arrow of Abenomics was launched. The job vacancy-to-applicant ratio now stands above parity, though it does remain low — even below 50 percent — in jobs such as clerical work, where automation is replacing workers and suppressing wages.