It is now clear that the first round of Mr Abe's reforms - known as "Abenomics" - has failed to generate sustained inflation. Hopes for continued recovery have now given way to two consecutive quarters of negative growth. The question is whether Abenomics 2.0 will put Japan's economy back on the path to renewed prosperity.
My own view is that the "three arrows" of Abenomics 1.0 basically had it right: "whatever it takes" monetary policy to restore inflation, supportive fiscal policy, and structural reforms to boost long-run growth. But though the central bank, under Governor Haruhiko Kuroda, has been delivering on its side of the bargain, the other two "arrows" of Abenomics have fallen far short.
http://www.business-standard.com/article/opinion/kenneth-rogoff-can-japan-reboot-114121101353_1.html
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