Japan's economy is on the verge of escaping from nearly two decades of deflation as it has picked up since the beginning of this year, a government report said Tuesday, emphasizing positive aspects of Prime Minister Shinzo Abe's policies dubbed "Abenomics."
The country's economy trapped in prolonged deflation "has shown signs of turning around," said the white paper on the economy and finances for fiscal 2013 released by the Cabinet Office, adding, "Consumer preference for lower-priced products has been waning."
Deflation pushed down Japan's real gross domestic product by around 8.5 trillion yen for three years from fiscal 2009, as an upturn in real interest rates made companies and households reluctant to take out loans to boost investment, the report said.
Source: NewsonJapan
