Shinzo Abe Ma Ping/ZumaPress

Der fehlende Pfeil der Abenomics

TOKIO – Um die japanische Wirtschaft anzukurbeln, hat Ministerpräsident Shinzo Abe kurz nach seinem Amtsantritt im Jahr 2012 ein großes Konjunkturpaket eingeführt und die Geldpolitik massiv gelockert. Seitdem versuchen die japanischen Politiker, den von Abe so genannten dritten „Pfeil“ seines Programms zu starten: die schwierige Reform der Schlüsselindustrien und die Beseitigung struktureller Wachstumsbarrieren.

Ein „vierter Pfeil“ allerdings wurde von der Politik bisher noch nicht berücksichtigt und anscheinend ignoriert, nämlich der private Sektor. Dies ist bedauerlich, weil die Regierung die japanischen Probleme nicht allein lösen kann. Das jährliche Produktivitätswachstum war in den letzten zwei Jahrzehnten mit einer Steigerung von kaum über 2% ziemlich schwach, was sowohl verpasste Möglichkeiten als auch sinkende Wettbewerbsfähigkeit im Kostenbereich widerspiegelt.

Japans Produktivitätskrise durchdringt das gesamte Land. In fast allen Sektoren kam die Arbeits- und Kapitalproduktivität beinahe zum Stillstand – sogar in den hochentwickelten Produktionsindustrien, einem japanischen Vorzeigesektor. Die Arbeitsproduktivität im Bereich des Transportbedarfs ist beispielsweise nur halb so hoch wie in Deutschland.

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