Why Abenomics failed to reflate household wealth
The latest survey of Japan’s households shows the stark failure of Abenomics to boost household wealth through asset price growth. As the ruling Liberal Democrats choose a new leader, the party will need to consider why monetary easing has failed to reflate wealth and, alongside stagnant wages, consumption.
What you will learn:
- According to the survey, from 2014 to 2019, average household wealth in Japan fell by 3.5%. Only the top 10% wealthiest households enjoyed an increase – their net wealth grew 8.2%.
- Real estate, which dominates household wealth, rose by 3.5% on average. But only the wealthiest 20% enjoyed growth, highlighting the polarisation between prices for expensive properties and the rest as demographics and investment drove demand for luxury residencies in cities, especially apartments.
- Financial assets declined for nearly all households, amid diminishing disposable income.
Tags:
Related Services
Post
Relative return index signals improving CRE attractiveness
Our latest global relative return index (RRI) signals that risk-adjusted investment opportunities in commercial real estate (CRE) should start to emerge this year before becoming more widespread in 2025. At this point, our baseline expected returns move higher than required returns, pushing the global all-property index above the 50 mark.
Find Out More
Post
South Africa: Elections 2024 | ‘ANC & friends’ election scenario
This Research Briefing sets out the first of four scenarios for South Africa's general election on May 29. In this scenario, the ANC wins over 46% of the vote share at the national level, and forms a government by working with small, constituency-based parties.
Find Out More