Evidence-based Regulatory Reform

The year 2020 will be the eighth year since Abenomics started. Although quantitative policy impacts are difficult to identify, many economic indicators have improved over these few years. Corporate operating profits have increased by 70% from FY2012 to FY2018, and non-manufacturing profit margins have hit a record high. The unemployment rate has declined to the low 2% range, a level before the "lost two decades." Against the background of labor shortages, labor participation rates of women and elderly people have risen.

Life satisfaction score has improved in Japan, hitting a post-war record in 2018. This is probably because of the improved employment environment and low rates of price increases. The 2% inflation target set by the Japanese government and the Bank of Japan has not yet been met, but low inflation rates positively affect people's life satisfaction. The life satisfaction score has especially increased among young males, although this may be partly attributable to their lowered aspirations. However, high life satisfaction itself is good news.

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