Economy Today: Economy and Growth Period

economy today: It seems almost irrelevant to compare the duration of economic booms that took place at such different times, according to The Japan Times. Equating the current spell of expansion to the 1960s boom should not lead to an overly optimistic judgment of the economy. The picture of the economy today is in stark contrast to what was happening in the late 1960s, when Japan was still in the midst of the postwar rapid growth period. Among the several extended economic booms that the nation experienced in its post-World War II history, none may be more unlike the so-called Izanagi boom between November 1965 and July 1970 than the ongoing expansion under the watch of Prime Minister Shinzo Abe with his trademark Abenomics policies. The economy grew at a double-digit annual rate in many of the years during the expansion. ; In the current boom, the real-term growth in Japan's gross domestic product reached 2.6 percent in fiscal 2013, but the economy shrank 0.5 percent the following year due to the protracted slump in personal consumption following the April 2014 hike in the consumption tax from 5 percent to 8 percent although the Cabinet Office did not recognize that as a recession that interrupted the economy's upward trend. Named after a deity in Japanese mythology, the 1965-1970 boom was marked by robust demand for consumer durables such as cars, air conditioners and color televisions. (news.financializer.com). As reported in the news.