“Buy my Abenomics!” urged Japanese prime minister Shinzo Abe in 2013. And we did. In an all-time triumph of Something-nomics branding, Mr Abe convinced the world that his so-called three arrows of “bold monetary policy, flexible fiscal policy and a growth strategy” would transform Japan’s economy. Now Mr Abe is stepping down after more than eight years in power, it is time to judge: did Abenomics succeed?

The simple answer is: no. The central goal of Abenomics was an inflation target of 2 per cent. Yet even before Covid-19, Japan never got closer than about 1 per cent. This is failure.

But like a football team that fails to win the league, defeat does not necessarily mean you were bad, just not good enough. Abenomics had its moments. For a world struggling with “Japanification” — a slide towards stagnation, deflation and ultra-low interest rates — it holds powerful lessons.