Although there are some fears of Tokyo’s poor attempts vis-à-vis deflation, the GDP data indicated substantial growth – more consistent than at any time since 2013 of four consecutive quarters. On the other hand, the annual figure remained lower than that of the 1.2 percent increase that was registered in 2015. In addition, Japanese consumers are living cautiously.
According to Merrill Lynch Japan Securities Chief Economist Izumi Devalier, what Japan is currently encountering is an “export-driven recovery.” Given the limits on private consumption, growth will be thwarted unless that changes.
Meanwhile, the PM, Shinzo Abe, in Dubai (following his recent visit to speak with Trump in the US), said that the UAE’s creation of an “oasis of tolerance” would be tantamount in future economic bolstering in the Asian region. With its recent launch of both the Ministry of Tolerance and the Ministry of Happiness, he believes such efforts will result in a broader platform for doing business, which will in turn benefit Japan. And in Japan, given the benefits of their unique educational system (incorporating both self-discipline and mutual cooperation while encouraging the development of courage justice, and loyalty), he believes that “the Japanese government’s investment in education is one of the reasons for the rapid economic recovery that took place after the Second World War.”
With the Samurai ethos of courage, loyalty and justice practiced in Japan, it has the potential to become even greater in its economic platform.