On June 24, 2014, the administration of Abe Shinzo endorsed the “third arrow” growth strategy for Abenomics (the economic policy of the Abe administration) by Cabinet decision. This is a revised version of the growth strategy of one year ago. In addition to incorporating the previously postponed reduction in corporate tax rates, it also gets to grips with regulatory reforms in the so-called “regulatory bedrock” of the agricultural, health and medical fields, which had been thought difficult due to strong resistance by existing groups with vested interests. Markets have reacted favorably, unlike last year when the growth strategy was met with disappointment by investors worldwide and led to a sharp drop in share prices that coincided with the announcement. Immediately after the announcement of the second part of the current growth strategy, even the British magazine The Economist, known for being outspokenly critical, commented ... ... [Read more]