Abenomics: A Work in Progress After Five Years

By Erik Norland, Senior Economist, CME Group

Highlights

• Negative rates strengthened the yen, slowing economic growth
• Japan’s debt-to-GDP ratio remains high but has begun to stabilize in 2017
• High debt level likely to keep Japan’s short-term rates low for years
• Japan’s partial return to nuclear power could dent its oil and gas imports