Japanese Prime Minister Shinzo Abe has promised to speed up his economic growth program ''Abenomics'' even more in order to lead Japan out of decades-long stagnation. But, as Ivor Bennett reports, not everyone is convinced the plan will work.
There's no denying his commitment to the cause. What has been questioned though is his policy. Three years after Shinzo Abe first launched Abenomics - the jury is still out. Time then, he says, to ramp it up. (SOUNDBITE) (Japanese) JAPANESE PRIME MINISTER, SHINZO ABE, SAYING: "We will speed up Abenomics and do our utmost to quickly break Japan away from deflation." The commitment comes after the Bank of Japan's abrupt policy shift. Away from negative rates and massive money printing, towards long term yield curve control. Far from withdrawing from the battle to raise inflation, though, Governor Kuroda says he is standing by Abe's side. Insisting the BOJ would use every available tool to achieve the 2 percent target, with 'no limit' to further stimulus. Monetary easing is only one of the three Abenomic arrows though. Fiscal stimulus and structural reform are still some way from the target. SOUNDBITE (English) SIMON FRENCH, CHIEF ECONOMIST, PANMURE GORDON, SAYING: "And of course, both those first two arrows are just buying time for the third arrow to land, which is of course what we talked about earlier in the European Union - structural reform - still the most important thing for the long term trajectory of the Japanese economy." Japanese shares fell on the news of potential further easing. Banks in particular seen as vulnerable should rates go deeper into negative territory.