Not so super

摘要

Earlier this year Shinzo Abe, Japan's prime minister, unveiled the first two "arrows" of his three-point economic plan-monetary easing and fiscal stimulus-and hinted at structural reforms to come. Japan's stock-market soared by 80% in six months. Mr Abe's approval rating soared, too. Then, after months of euphoria, at the end of May, bond-market jitters about the radical easing plans helped to spark a sell-off in shares. Now Mr Abe's eagerly awaited "third arrow" of structural reforms has fallen well short of the rings, let alone the bull's eye. Indeed, it is so wide of the mark that one is left wondering if Abenomics has failed before it even properly began.