Over the past century, a string of major economic reforms have shaken the balance of economic power within Japan and kept the economy innovating, responding to the challenges of the time.
Japan's economy has become a growth model for other nations in the region. — Unsplash
A combination of political connections and structural power led to economic concentration in Japan: the top 1% of Japanese adults accounted for around 20% of total national income, and the top 10% for 60%, in the early 20th century. The share of national income held by the top 10% fell to 3% and the share by the top % halved to 11%. Japan became a member of OECD in 1964, and has remained a country with a relatively equal income distribution, similar to Scandinavian countries.
Abenomics, the economic approach of former Prime Minister Shinzo Abe, brought corporate governance reforms to enhance shareholder right protection, reducing corporation tax, and increasing consumption tax, contributed to a gradual shift in income share away from labour towards shareholding investors.
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