Japan upgrades growth outlook as 'Abenomics' revitalises economy Dubbed "Abenomics," the moves mark a renewed assault on the deflation that has plagued Japan's economy for years, crimping private spending and business investment, and the move has already helped the country's exporters to recover. Mr Abe is hoping that the wealth-creating effects of a buoyant stock market and expectations for further improvement in the broad economy will generate a virtuous circle of consumption, investment and employment that will ultimately revitalise growth. "We are implementing fiscal and monetary policies under Abe's administration, and this has set the stage for a V-shaped recovery," said Economics Minister Akira Amari said. "Normally exports lead growth, but this time consumer spending is playing the leading role," Amari told a news conference after the government released its latest assessment of the economy. Data last week showed that the Japanese economy grew by 0.9pc in the first three months of the year, confirming Japan's exit from recession as consumers spent more, although the nation's cautious firms did not follow suit.