Did Abenomics work?

AS AN EXERCISE in political branding, Abenomics has been an unusual success. When Abe Shinzo returned to power as Japan’s prime minister in December 2012, he said he would revive the economy by loosing off three “arrows”. The first, expansive monetary policy, would banish deflation. The second, flexible fiscal policy, would restrain public debt without jeopardising the recovery. The third arrow, structural reform, would revive productivity and lift growth. The image stuck, even after the government tired of it.