Finance:Obuchinomics

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Obuchinomics (Japanese: オブチンノミクス) refers to the economic policies under the governments of Keizō Obuchi and Yoshirō Mori.[1][2][3] Named after Keizō Obuchi, Obuchinomics is classical Keynesian[12] to post-Keynesian[13] and includes a centering on demand-side economics[14][13] and the support of a market economy[15] as well as the opening of markets to foreign competition, public spending[16][17] and the support of stimulus policies and tax cuts.[18][19] Obuchinomics under Keizō Obuchi also included fiscal populism[20] and the concept of human security in the framework of economic development,[21] supply-side economics, deregulation and privatization were also embraced in 1999.[22] Keizō Obuchi talked with Bill Clinton about the Third Way, however if Obuchinomics is part of it like Clintonomics isn't known.[23] It is seen as the opposite of Reaganomics, however like Reaganomics it supported government deficits.[24]

Background

When Keizō Obuchi was still foreign minister he was a supporter of the Vietnamese economic reforms named Đổi Mới.[25] The predecessor of Obuchi, Ryutaro Hashimoto, was ideologically a neoliberal and anti-keynesian. Hashimoto advocated for neoliberal economic policies,[35][44][50] but he also began to advocate in practice for classical keynesian economic policies like public spending after he was forced to do so.[13][4][51][52] This said, he still opposed fiscal populism.[53] Hashimoto resigned to take responsibility for the failure to the restore the LDP majority in the Upper House election in 1998. He was succeeded as LDP President and Prime Minister by Foreign Minister Keizō Obuchi.

In practice (1998–2001)

Keizō Obuchi

In the beginning Keizō Obuchi and his government, still advocated for the neoliberal economic policies of the predecessor government,[54] however the government moved away from them[55] and began to advocate for keynesian economics.[56][57] Obuchi was focused on reviving the Japanese economy of the Lost Decade. His solution to the latter was to increase public spending and lowering income taxes, which briefly slowed the recession but ultimately did very little to turn it around. One of his government actions was to give shopping coupons to 35 million citizens in the hope it would spark a consumer boom. Obuchi's fiscal policy focused on strengthening the core capital requirements for financial institutions while issuing more Japanese government bonds to finance public infrastructure, which boosted the rising Japanese public debt.[58] The Obuchi administration embraced the nationalisation of failed banks.[6] The results of Obuchinomics to revive the economy under him was mixed, while being seen as more positive than negative.[59]

Yoshirō Mori

After Obuchi fell in coma, Mikio Aoki became acting Prime Minister for three day's after this short acting period, Yoshirō Mori was appointed as Prime Minister. Mori said himself that he will continue the economic policies of Obuchi.[66] Mori continued the keynesian economics of his predecessor. [5] Mori proclaimed that he and his government will advocate for regulation reforms and improvement of social welfare,[18][64] already Obuchi supported social welfare.[13] During his campaign for the 2000 Japanese general election, Mori told that he supports public spending but also wants some deregulation like Obuchi.[67]

Aftermath

After Junichiro Koizumi was appointed as Prime Minister, he abandoned Obuchinomics and began to advocate for neoliberal economic policies, like the former prine ministers Yasuhiro Nakasone, Morihiro Hosokawa, Tsutomu Hata and Ryutaro Hashimoto.[6][7][68][17]

See also

References

  1. ↑ Morita, Dai (March 2008). The Roles of Nationalism in Neoliberalisation: The Case of Neoliberalisation and Nationalism in Recent Japan (M.A. thesis). University of Canterbury.
  2. ↑ Sieg, Linda (2014-10-07). "Obuchi being touted as Japan's first female PM". Japan Today. https://japantoday.com/category/politics/obuchi-being-touted-as-japans-first-female-pm. 
  3. ↑ "Japan still floundering". Strategic Survey 100 (1): 205-213. 1999. doi:10.1080/04597239908461121. https://www.tandfonline.com/doi/abs/10.1080/04597239908461121. 
  4. ↑ 4.0 4.1 4.2 "Abenomics: The Reasons It Fell Short as Economic Policy". 19 January 2022. https://www.nippon.com/en/japan-topics/g01236/. 
  5. ↑ 5.0 5.1 5.2 "Economics of austerity don't add up". 15 August 2012. https://www.japantimes.co.jp/opinion/2012/08/15/commentary/economics-of-austerity-dont-add-up/. 
  6. ↑ 6.0 6.1 6.2 6.3 6.4 "The Roles of Nationalism in Neoliberalisation". https://ir.canterbury.ac.nz/server/api/core/bitstreams/cef3c8b7-da34-4051-a897-844b173e99a5/content. 
  7. ↑ 7.0 7.1 7.2 "Japanese Welfare Politics after the 1990s: Continuities and Changes in Neo-liberal Era". https://tokyo-metro-u.repo.nii.ac.jp/record/8790/files/20021-037-002.pdf. 
  8. ↑ 8.0 8.1 McCurry, Justin (21 December 1999). "Japan tries £500bn kickstart". https://www.theguardian.com/business/1999/dec/21/7. 
  9. ↑ 9.0 9.1 "Some remarks about deflation in the case of Japan". https://www.nnpub.org/index.php/BMA/article/download/110/85/2364. 
  10. ↑ 10.0 10.1 Frederic F. Clairmont (1998). "The Crash of Japan". Economic and Political Weekly 33 (36/37): 2347-2350. http://www.jstor.org/stable/4407155. 
  11. ↑ 11.0 11.1 "Keizo Obuchi - Oxford Reference". https://www.oxfordreference.com/display/10.1093/oi/authority.20110803100244212. 
  12. ↑ [4][5][6][7][8][9][10][11]
  13. ↑ 13.0 13.1 13.2 13.3 13.4 Igityan, Arsen (2019). "Review of Policies Against Secular Stagnation in Japan". https://www.researchgate.net/publication/334330416_Review_of_Policies_Against_Secular_Stagnation_in_Japan. 
  14. ↑ "Measures Taken by the Obuchi Administration to Revive the Japanese Economy". July 1999. https://www.mofa.go.jp/policy/economy/measure99/index.html. 
  15. ↑ "Reviving the Japanese Economy and Building a Dynamic Society in the Twenty-First Century". Japan Federation of Economic Organizations. 1998-10-12. https://www.keidanren.or.jp/english/policy/pol088.html. 
  16. ↑ "A Matter of Fortune". 2000-04-17. https://time.com/archive/6956160/a-matter-of-fortune/. 
  17. ↑ 17.0 17.1 Ikeda, Satoshi (2004). "Japan and the Changing Regime of Accumulation: A World-system Study of Japan's Trajectory from Miracle to Debacle". Journal of World-Systems Research 10 (2): 363-394. https://scispace.com/pdf/japan-and-the-changing-regime-of-accumulation-a-world-system-1vxv6nr4fo.pdf. 
  18. ↑ 18.0 18.1 Sims, Calvin (2000-04-08). "New Premier Predicts a 'Rebirth of Japan'". https://www.nytimes.com/2000/04/08/world/new-premier-predicts-a-rebirth-of-japan.html. 
  19. ↑ Wudunn, Sheryl (1998-11-16). "Japan Announces $195 Billion Plan to Revive Economy". The New York Times. https://www.nytimes.com/1998/11/16/world/japan-announces-195-billion-plan-to-revive-economy.html. 
  20. ↑ SHIMBUN,LTD, NIKKAN KOGYO. "産業春秋／減税ポピュリズム". https://www.nikkan.co.jp/articles/view/00746852. 
  21. ↑ Conteh, Abdulai Abubakarr (December 2014). A Critical Evaluation of the Effects of Neo-liberal (Market-Driven) Reforms in Achieving the Goal of Human Security in Sierra Leone (PDF) (PhD thesis). Brunel University.
  22. ↑ Takeuchi, Hiroki (2016-04-18). "The New Trend in Japanese Domestic Politics and Its Implications". https://ostromworkshop.indiana.edu/pdf/seriespapers/2016s_c/Takeuchi%20paper.pdf. 
  23. ↑ "Remarks by the President and Japanese Prime Minister Keizo Obuchi During Photo Opportunity". 1998-09-22. https://clintonwhitehouse4.archives.gov/WH/New/html/19980922-4737.html#:~:text=As%20we%20moved%20from%20the%20prior%20room,two%20rooms%20were%20notenoughto%20complete%20the%20subject. 
  24. ↑ "ASIANOW - TIME Asia | Letter from Japan: Fun with Obuchinomics | 1/7/2000". http://edition.cnn.com/ASIANOW/time/asiabuzz/2000/01/07/. 
  25. ↑ "Japan backs Vietnam's reform efforts | The Japan Times". https://www.japantimes.co.jp/news/1997/12/10/national/japan-backs-vietnams-reform-efforts/#:~:text=SHARE/SAVE,countries,%20according%20to%20the%20officials.. 
  26. ↑ Neoliberalism and Labour Inequality in Japan Ramifications of Neoliberal Policies in the Japanese Labour Market by Kyriaki “Sandy” Galaiou
  27. ↑ "Discourses on Neoliberalism in Japan". https://src-h.slav.hokudai.ac.jp/publictn/eurasia_border_review/ebr_v5n2/EBR_v5n2_99.pdf. 
  28. ↑ "Neoliberal Cycles and Solidarity Economies: A comparative study of Argentina and Japan". https://niigata-u.repo.nii.ac.jp/record/5249/files/09_0004_JAA.pdf. 
  29. ↑ "Whither Japan's Economy?". https://dspace.mit.edu/bitstream/handle/1721.1/7540/JP-WP-03-02.pdf?sequence=1&isAllowed=y. 
  30. ↑ "The Japanese Economy and Economic Policy in Light of the East Asian Financial Crisis". https://eaber.org/wp-content/uploads/2011/05/IPS_Rajan_1998_1.pdf. 
  31. ↑ "The Great Recession: Lessons for Macroeconomic Policy from Japan". https://www.brookings.edu/wp-content/uploads/2001/06/2001b_bpea_kuttner.pdf. 
  32. ↑ "A contrarian view of how 'austerity' bleeds Japan". February 2011. https://www.japantimes.co.jp/opinion/2011/02/01/commentary/a-contrarian-view-of-how-austerity-bleeds-japan/. 
  33. ↑ Tsunekawa, Keiichi (2018). "8. Japan". Two Crises, Different Outcomes. pp. 185–215. doi:10.7591/9780801455025-012. ISBN 978-0-8014-5502-5. https://www.degruyterbrill.com/document/doi/10.7591/9780801455025-012/html?srsltid=AfmBOor_V5661lDPTAXdE-RZxrbHGhR1vIczcK0BT-l_41DlNGdnbR9X. 
  34. ↑ https://academiccommons.columbia.edu/doi/10.7916/D8N01FTF/download
  35. ↑ [26][27][6][28][29][30][31][32][33][34]
  36. ↑ "Toegang geblokkeerd / Access Blocked". https://studenttheses.universiteitleiden.nl/handle/1887/66894. 
  37. ↑ Gunasekaran, N. (November 18, 2025). "The Surging Neoliberal Failures: The Case of Japan". https://populist.com/stories/the-surging-neoliberal-failures-the-case-of-japan,36389. 
  38. ↑ https://www.e-jps.org/download/download_pdf?pid=jps-39-3-1
  39. ↑ https://niigata-u.repo.nii.ac.jp/record/7670/file_preview/01_0050.pdf [bare URL PDF]
  40. ↑ "Neoliberalism in the Asia-Pacific region | Neoliberalism: A Very Short Introduction | Oxford Academic". https://academic.oup.com/book/31828/chapter-abstract/266966772?redirectedFrom=fulltext. 
  41. ↑ 41.0 41.1 https://open.library.ubc.ca/media/download/pdf/24/1.0067574/1
  42. ↑ https://periodicos.fgv.br/bjpe/article/download/95076/88538/221397
  43. ↑ https://newslet.iss.u-tokyo.ac.jp/ssj34/ssj34.pdf [bare URL PDF]
  44. ↑ [36][37][38][39][40][41][42][43]
  45. ↑ http://jwsr.pitt.edu/ojs/index.php/jwsr/article/download/303/315
  46. ↑ Yun, Ji‐Whan (September 20, 2016). "The Setback in Political Entrepreneurship and Employment Dualization in Japan, 1998–2012". British Journal of Industrial Relations 54 (3): 473–495. doi:10.1111/bjir.12132. https://onlinelibrary.wiley.com/doi/10.1111/bjir.12132. 
  47. ↑ https://www.tni.org/files/publication-downloads/tni-asia-finance-and-capital-working-paper.pdf [bare URL PDF]
  48. ↑ https://files.core.ac.uk/download/pdf/267827587.pdf [bare URL PDF]
  49. ↑ https://wrap.warwick.ac.uk/id/eprint/102287/1/WRAP_Theses_Gotoh_2017.pdf [bare URL PDF]
  50. ↑ [45][46][47][41][48][49]
  51. ↑ Metzler, Mark (2008). "Toward a Financial History of Japan's Long Stagnation, 1990–2003". Journal of Asian Studies 67 (2): 653-666. doi:10.1017/S0021911808000727. https://read.dukeupress.edu/journal-of-asian-studies/article-abstract/67/2/653/341771/Toward-a-Financial-History-of-Japan-s-Long?redirectedFrom=fulltext. 
  52. ↑ Tsunekawa, Keiichi (2018). "Chapter 8 - Japan: The Political Economy of Long Stagnation". Two Crises, Different Outcomes. Cornell University Press. doi:10.7591/9780801455025-012. https://www.degruyterbrill.com/document/doi/10.7591/9780801455025-012/html?lang=de&srsltid=AfmBOorIdaTVuxZRZwSOU6YVPUzd1wGsq6btvwcgAis5LJrXqRpA_TTU. 
  53. ↑ "産業春秋／減税ポピュリズム | 日刊工業新聞 電子版". https://www.nikkan.co.jp/articles/view/00746852. 
  54. ↑ "The Great Transformation of Japanese Capitalism (1980-2010)". http://ffj.ehess.fr/upload/jef_contents_pdfloader.pdf. 
  55. ↑ "Chapter Eighteen Period of President Obuchi's Leadership | Liberal Democratic Party of Japan". https://www.jimin.jp/english/about-ldp/history/104302.html. 
  56. ↑ [4][5][6][7]<[8][9][10][11][13]
  57. ↑ "[ifsPOST 비상 걸린 재정건전성-일본의 교훈 <2> 고이즈미 구조개혁에서 민주당 포퓰리즘까지 - 한반도선진화재단"]. https://www.hansun.org/korean/m/bbs/board_view.php?bbs_code=bbsIdx6&num=7011. 
  58. ↑ Ikegami, Akira (27 January 2014). "現代日本の足跡に学ぶ（14） 成長へ 好循環つかめるか". 日本経済新聞. http://www.nikkei.com/paper/article/?ng=DGKDZO65878040V20C14A1TCP000. "小渕恵三首相は金融システムを安定させるため、金融機関の自己資本増強に取り組みました。景気対策となる公共事業拡大のため国債発行を増やしました。大きな借金を抱えるようになったのはこの頃からです。" 
  59. ↑ Sims, Calvin (15 May 2000). "Keizo Obuchi, Premier Who Brought Stability as Japan's Economy Faltered, Dies at 62". The New York Times. https://www.nytimes.com/2000/05/15/world/keizo-obuchi-premier-who-brought-stability-japan-s-economy-faltered-dies-62.html. 
  60. ↑ "Mori Takes the Helm | TIME". https://time.com/archive/6955442/mori-takes-the-helm/. 
  61. ↑ "New Premier Predicts a 'Rebirth of Japan' - NYTimes.com". https://www.nytimes.com/2000/04/08/world/new-premier-predicts-a-rebirth-of-japan.html. 
  62. ↑ https://www.jef.or.jp/journal/pdf/letter&topics2_0007.pdf [bare URL PDF]
  63. ↑ "Yoshiro Mori: The Kyushu-Okinawa Summit to the Olympic Truce Resolution | Springer Nature Link". https://link.springer.com/chapter/10.1007/978-981-16-8379-4_29#:~:text=Domestically%2C%20Mori's%20reputation%20was%20all,United%20Nations%20in%20March%201999.. 
  64. ↑ 64.0 64.1 "Mori vows to continue Obuchi course – Deseret News". https://www.deseret.com/2000/4/8/19556780/mori-vows-to-continue-obuchi-course/. 
  65. ↑ "Policy Speech By Prime Minister Yoshiro Mori To The 147th Session Of The Diet - "The World and Japan" Database". https://worldjpn.net/documents/texts/pm/20000407.SWE.html. 
  66. ↑ [60][61][62][63][64][65]
  67. ↑ "The evolution of political change in Japan". 2004-06-30. https://www.aph.gov.au/~/media/wopapub/senate/committee/fadt_ctte/completed_inquiries/1999_02/japan/report2/c02_pdf.ashx. 
  68. ↑ Karube, Kensuke (2017). "Japanese Economic Policy & Politics". Prospects & Solutions for a Volatile Global Economy 8: 32-35. https://www.jef.or.jp/journal/pdf/211th_Cover_08.pdf. 



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