Lost Decade (Japan) Decade. However, several Japanese policymakers have attempted reforms to address the malaise in the Japanese economy. After Shinzo Abe was elected as Japanese prime minister in December 2012, Abe introduced a reform program known as Abenomics which sought to address many of the issues raised by Japan's Lost Decade. His "three arrows" of reform intend to address Japan's chronically low inflation, decreasing worker productivity relative to other developed nations, and demographic issues raised by an aging population. Investor response to the announced reform was strong, and the Nikkei 225 rallied to 20,000 in May 2015 from a low of around
Shinzō Abe Koizumi. He took some steps toward balancing the Japanese budget, such as appointing a tax policy expert, Kōji Omi, as Minister of Finance. Omi previously supported increases in the national consumption tax, although Abe distanced himself from this policy and sought to achieve much of his budget balancing through spending cuts. Since 1997, as the bureau chief of "Institute of Junior Assembly Members Who Think About the Outlook of Japan and History Education", Abe supported the controversial Japanese Society for History Textbook Reform and the "New History Textbook". In March 2007, Abe along with right-wing politicians have proposed a bill