Makroekonomické dopady Abenomiky a politika záporných úrokových sazeb v Japonsku v letech 2012-2022

This bachelor’s thesis analyzes the impacts of the economic policy implemented in Japan during the tenure of Prime Minister Shinzō Abe, commonly referred to as Abenomics. The thesis focuses on the development and changing trends of seven macroeconomic aggregates, with particular emphasis on the policy of negative interest rates. The primary objective is to evaluate the effects of this policy on individual aggregates, especially in relation to inflation stimulation and the revival of economic growth, while the secondary objective is to assess the impact of negative interest rates on the credit activity of households and non-financial corporations. The theoretical part defines the examined aggregates, places Abenomics within its cultural and historical context, presents its three pillars known as the “three arrows,” and explains the principle of negative interest rates. The practical part analyzes inflation, economic growth, unemployment, the exchange rate, public debt, consumption, and investment on the basis of real data time series and their comparison with forecasts that did not incorporate the effects of Abenomics. The results indicate that Abenomics produced rather positive effects, particularly in the area of the exchange rate, where the Japanese yen depreciated by approximately 85–90% over the twelve-year period of Abenomics, and in the area of specific unemployment indicators, where female labor force participation increased by more than 8%. However, its impact on inflation and economic growth remains ambiguous. Positive effects were also observed in the stimulation of credit activity among households and non-financial corporations, which can be partially attributed to the implementation of negative interest rates. The thesis concludes that Abenomics can be evaluated as a relatively successful economic policy with limited effectiveness in several key areas, while the principal causes of these limitations are identified in the institutional, demographic, and behavioral specificities of the Japanese economy.