TOKYO — Suffice to say, 2024 hasn’t turned out the way Japanese Prime Minister Fumio Kishida expected.
Rather than being a standout in Asia, Japan’s economy is skirting recession. The Bank of Japan still hasn’t hiked interest rates, though Tokyo had fully expected a tightening move or two by now.
Instead of coasting to victory in September’s Liberal Democratic Party election, Kishida’s approval rating is stuck in the low 20s. Deflation-plagued China is acting more of a drag on than growth engine for Asia.
Yet the biggest blow to all Kishida thought he knew about 2024 is coming from Washington.
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