Recently Yahoo News on-line reported the following:
Japan's top economic panel debates potential shift away
from 'Abenomics'
Mon, January 16, 2023 at 12:42 a.m. PST
By Tetsushi Kajimoto and Yoshifumi Takemoto
TOKYO (Reuters) - The Japanese government's top economic
policy panel on Monday held its first round of special sessions that will
discuss the medium-to-long term direction of fiscal and monetary policies,
including the pros and cons of "Abenomics".
Japan pursued a reflationary policy led by monetary stimulus under former premier Shinzo Abe which has helped pull the world's No. 3 economy out of 15 years of deflation.
Financial markets are, however, now more focused on if and when the central bank will pull back on monetary stimulus, given sharp rises in inflation.
"There's a global economic trend of shifting towards new policy as seen in (U.S. Treasury Secretary Janet) Yellen's calls for modern economic policy, which would mark a shift away from conventional supply-side economics," Economy Minister Shigeyuki Goto told reporters after the special sessions.
The sessions will be held several more times to reflect the debates on the government's annual economic policy blueprint, due out in June.
Goto said he would attend the Davos meeting this week to reaffirm Japan's stance of prioritising economic recovery near term before reining in medium- to long-term fiscal reform.
Eight economists, including an expert on the country's inflation trends, were invited to the session.
The sessions do not intend to discuss the Bank of Japan's exit strategy or draft new policy objectives to review a 2013 written mission statement between the government and the central bank, Cabinet Office officials said.
The statement in question was issued in January 2013 shortly after Abe swept to power pledging to reflate the economy, in which the BOJ vowed to achieve a 2% inflation target at the earliest possible time, while the government aimed to undertake structural reform, or the third arrow of Abenomics and tackle fiscal reform in the long run.
Monday's session comes just one day before the BOJ kicks off its first two-day rate-review of 2023.
Financial markets have bet that a weak yen, rising consumer prices and more political pressure from the government will force the central bank to finally drop its ultra-loose policy at or after the end of Kuroda's 10-year tenure this April.
Prime Minister Fumio Kishida last month announced the plan for the special CEFP sessions, saying they would stimulate discussion on how to achieve a "virtuous cycle" of growth that could be reflected in the government's annual mid-year policy blueprint.
Translation
東京（路透社）- 日本政府最高級別經濟政策小組週一舉行了第一輪特別會議，討論財政和貨幣政策的中長期方向，包括“安倍經濟學”的利弊。
日本在前首相安倍晉三的領導下推行以貨幣刺激為主導的再通脹政策，幫助這個世界第三大經濟體擺脫了 15 年的通貨緊縮。
然而，鑑於通脹急劇上升，金融市場現在更加關注央行是否以及何時撤回貨幣刺激措施。
日本經濟再生大臣後藤茂之 (Shigeyuki Goto) 在特別會議結束後告訴記者: “從（美國財政部長Janet）Yellen 對現代經濟政策的呼籲中可以看出，全球經濟正在轉向新政策，這將標誌著告別傳統的供求經濟學” 。
這些會議將再舉行幾次，以反映對將於 6 月公佈的政府年度經濟政策藍圖的辯論。
後藤表示他將出席本週的達沃斯會議，以重申日本在控制中長期財政改革之前優先考慮近期經濟復甦的立場。
包括日本通貨膨脹趨勢專家在內的八位經濟學家被邀請參加會議。
內閣府官員表示，這些會議無意討論日本央行的退出戰略, 或起草新的政策目標以審查政府與央行之間的 2013 年書面任務聲明。
有關任務聲明是在2013 年 1 月在安倍上台後不久發表的，他承諾要使經濟再膨脹，其中日本央行誓言要儘早實現 2% 的通脹目標，而政府的目標是進行結構性改革，或安倍經濟學的第三支箭，著眼於長遠的財政改革。
週一的會議恰逢日本央行開始其 2023 年首次為期兩天的利率審查前一天。
金融市場押注日元疲軟、消費者價格上漲以及來自政府的更多政治壓力將迫使央行在今年 4 月黑田東彥 10 年任期結束時, 或之後, 最終放棄其超寬鬆政策。
日本首相岸田文雄上個月宣布了 CEFP 特別會議的計劃，稱他們將激發關於如何實現 “良性循環” 增長的討論，這討論會反映在政府的年度年中政策藍圖中。
So, Japan perceives
that there's a shift in global economic trend in moving away from the conventional supply-side economics. I am interested in
knowing how the new economic trend will work.
Note:
Reflation refers to policies aimed at stimulating the
economy and combating deflation. Reflation policies include: (1) increasing the
money supply, (2) lowering the tax rate, (3) reducing interest rates, and (4)
investing in large capital projects. (https://corporatefinanceinstitute.com/resources/economics/reflation/)
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