国际金融作业——安倍经济学.docVIP

During the?global economic recession, Japan suffered a 0.7% loss in?real GDP?in 2008 followed by a severe 5.2% loss in 2009. In contrast, the data for world real GDP growth was a 3.1% hike in 2008 followed by a 0.7% loss in 2009.?As well, exports from Japan shrunk from 746.5 billion in U.S. dollars to 545.3 billion in U.S. dollars from 2008 to 2009, a 27% reduction. Abenomics is a set of policy measures meant to resolve Japans macroeconomic problems. It consists of?monetary policy,?fiscal policy, and?economic growthstrategies to encourage private?investment. Specific policies include?inflation targeting?at a 2% annual rate, correction of the excessive yen?appreciation, setting?negative interest rates, radical?quantitative easing, expansion of?public investment,?buying operations?of construction?bonds?by?Bank of Japan?(BOJ), and revision of the Bank of Japan Act.?Fiscal spending will increase by 2% of?GDP, likely raising the deficit to 11.5% of GDP for 2013.?In 2012, the National?passed the bill to increase the consumption tax rate to 8% in 2014 and 10% in 2015?to balance the national budget, and it is expected that the tax hike will discourage consumption. In 1997 the consumption tax was increased from 3% to 5%, and then deflation started; the nominal GDP growth rate was below zero for most of the 5 years after the tax hike. As of May 2013, it has achieved the depreciation of the yen to 102 yen to a dollar, which was stagnating around 80 in 2012. Also, according to a survey carried out by Nikkei Newspaper in Japan, 74% of the respondents praised the policy in alleviating Japan from the prolonged recession. In terms of recent economic trends, the?unemployment rate?of Japan has decreased from 4.0% in the final quarter of 2012 to 3.7% in the first quarter of 2013, continuing a past trend. Abenomics refers to the economic policies advocated by Shinzō Abe, the current Prime Minister of Japanwho assumed office on 26 December 2012. It’s refers Abe proposed a series of