In Japan, the Sugar High of Abenomics

With five recessions since 1990 and a two-decade run of subpar growth, Japan hasn’t exactly been a model of economic dynamism. Nor is Shinzo Abe—the scion of one of Japan’s most prominent political families who started his second stint as prime minister in late December—anybody’s idea of a revolutionary. Yet since taking office, Abe has unleashed a barrage of deregulation initiatives, extreme monetary easing, a 2 percent inflation target, and $102 billion in stimulus. Abenomics, as the program is known, has sent the Nikkei up 25 percent this year. Japan’s economy grew 3.5 percent in the first quarter, outpacing that of the U.S. Abe even inspired a lingerie maker to create the Branomics Bra: Festooned with an upward arrow in red trim, it has extra padding for a 2 percent increase in volume.