Analysis of Foreign Trade Policy in Abenomics

Abstract

The outbreak of the international financial crisis in 2008 dealt a severe blow to Japans foreign trade environment. Under the severe form of Japans foreign trade, Shinzo Abe came to power and put forward Abenomics to provide strong policy support for Japans foreign economic development. This paper collects and arranges the foreign trade policy data of the Abe government during its two terms of office and analyses the impact of Abenomics on the Japanese economy. The study finds that, firstly, the Abe government focuses on the construction of an all-round regional economic partnership. During its term of office, it has signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Japan-Europe Economic Partnership Agreement (EPA), and the Regional Comprehensive Economic Partnership (RCEP) and actively carries out trade diplomacy. Secondly, the Abe government attaches importance to foreign investment, actively investing in China, South Korea, and Southeast Asia, considering the economic and trade relations between Eastern and Western Europe. Thirdly, after Abe left office, the Kishida government continued the content of Abenomics. It proposed new capitalism with the times, and implementing this policy in Japans foreign trade has both the shadow of Abes economics and recent developments.