Is that Lincoln?
No. Shinzo Abe, the new Prime Minister of Japan.
And Abe-onomics?
The economic policies of Abe. The new government in Japan, led by Abe, has said reviving the country’s economy is the top priority.
Abe has set out plans to hit an inflation target of 2 per cent – just like the Bank of England – by pumping billions into the economy and at the same time weaken the yen to bolster exports.
Taking action: Japanese Prime Minister Shinzo Abe is prioritising reviving the country's economy
Why is it needed?
Japan has been fighting economic stagnation and deflation – prices falling rather than rising – for years. It suffered a ‘lost decade’ in the 1990s after a property and banking crash. It has never recovered – resulting in two lost decades.
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If only. Japan is the third largest economy in the world, behind the US and China, and how it fares is important to the rest of the world.
Optimists are happy Abe is taking action – but there are fears that the plan is going to send the national debt spiralling and do little to boost the economy.
And the currency?
The rest of the world is concerned that Japan is deliberately weakening the yen to boost exports in an aggressive form of currency war.