Japan’s Longest Serving Prime Minister Shinzo Abe Tackles Deflation

Japan’s Longest Serving Prime Minister Shinzo Abe Tackles Deflation

Japan’s Prime Minister Shinzo Abe becomes the political leader who has served for the longest time. His third term ends in September 2021. He has been seeking various measures to strengthen the country’s economy and to step up defense and control deflation. Japan which was once a torch-bearer to other countries has slowed down. The common man faces various economic issues and a secure social atmosphere. Political mismanagement continues to weaken the economy of Japan, say economists.

To boost the economy, the country had brought in various measures like low-interest rates and quantitative easing, which was able to boost the economy temporarily. His policies which were named “Abenomics” were aimed to bring in fast economic growth. Shinzo Abe has been the longest-serving Prime Minister in the country. His first term in office lasted for just one year in 2006–2007. Once again he came back in December 2012 and has been serving office through a coalition. He has won six election victories in Japan.

Even as the leader of his party, the Liberal Democratic Party (LDP), he has the support of only fifty-nine percent. Sixteen percent of them want him to step down as party leader. A number of scandals surround him. Of late, he has been accused of making use of taxpayer money to gain political support in his annual cherry blossom viewing party.

Though Abe has been bold in his approach, it has not been efficient enough to bring in strong growth. The financial bubble which popped in the 1990s has brought in slow growth and deflation. But Abe continues to deny any wrongdoing. Japan’s relationship with South Korea has waned after a feud between the two countries. However, it fares well with China.  Taro Kono, the Defense Minister of Japan, states that Japan has a stable administration. Abe has been able to bring in close ties with President Trump of the United States, he says.

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