Grading Abenomics: It’s a C-

Two years have passed since Shinzo Abe returned as prime minister of Japan and implemented a new economic policy that was quickly dubbed “Abenomics.” Enough time has passed to give a preliminary assessment of what Abenomics has accomplished.

The answer? Not much.

Abenomics consists of three parts, or “arrows:” a monetary policy of aggressive quantitative …