Indeed, macroeconomic policies initiated by Takahashi have many similarities with the economic policies under Prime Minister Shinzo Abe; namely, the first and second “arrows” of “Abenomics.” It is for this reason that the Takahashi Economic Policy is viewed as playing a pioneering role in Abenomics.
Before 2008, it was intellectually fashionable to talk of “decoupling” – that EMDCs will continue to be resilient even if there is a downturn in advanced economies, because of improved macroeconomic policies, robust foreign exchange reserves and resilient financial flows. In an age of globalization, the decoupling theory was never persuasive.