Abstract
Japan had entered a deflationary state during the ‘lost decade’. The Bank of Japan set a 2 percent inflation target and specified concrete actions to achieve this goal by 2015(HAUSMAN and WIELAND). The measures in Abenomics included an aggressive monetary policy, fiscal stimulus and structural reforms. The conception of" Japanification" surfaced from the challenges faced by the slow- growing Japanese economy due to its deflation. To combat this economic recession, Prime Minister Shinzo Abe presented a comprehensive set of economic programs known as Abenomics(“The Japanification of the World?”). Also, it considers the challenges faced by financial policy, particularly in the environment of the COVID- 19 epidemic and its impact on the labour market. The review synthesises and analyses a range of scholarly articles, reports, and government publications to give a comprehensive overview of the content(Tsigaris et al.).
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