When Japan’s third-quarter GDP figures were initially released in mid-November, they showed that the country had officially slipped back into recession. Prime Minister Shinzo Abe’s critics were quick to declare his Abenomics program a failure, noting that this was Japan’s second recession in this administration.
Yet a revision of the statistics two weeks ago showed that, instead of entering a recession, Japan’s economy in the third quarter actually grew at an annualized rate of 1%. While there is little doubt that Japan faces stiff headwinds as it continues to search for stable economic growth, some observers argue that the focus on gross numbers obscures important areas of improvement and promise.
One of them is in corporate governance. “People are missing how Abenomics is changing the landscape of how companies do business,” said the head of one of America’s major investment banks in Japan, who requested anonymity since he was speaking not in an official capacity. This is a surprising comment, given that Japan’s corporations are seen as one of the prime culprits for why economic reform has stalled.
The full text of this article will be posted on Monday, December 28.
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