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Since the launch of the Abenomics in early 2013, the focus has largely been on its first arrow, i.e., the aggressive monetary stimulus which the Bank of Japan (BOJ) kick-started in April 2013. Markets always call for - and in general welcome - the more expansionary monetary policy, but there have been numerous questions over the impact of the first arrow. In this report, Coface aim to provide some insights into the following two key questions:

I. Why did the yen depreciation, which occurred during the early success of the first arrow, not boost Japan’s merchandise exports?
II. Why has the more expansionary monetary policy introduced by the BOJ been losing steam on driving down the yen since 2016?

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