Japanese Prime Minister Shinzo Abe rose to power on the promise of Abenomics , an economic reform package designed to pull the Japanese economy out of a two-decade slump characterized by low inflation and sluggish growth. The plan sketched out three "arrows" of action: aggressive monetary easing, flexible fiscal policy and structural reform. The first two arrows, which were to be implemented by the Bank of Japan and the Finance Ministry, respectively, were crafted with the intent to increase inflation to a reasonable level, around 2 percent. This, in turn, would boost consumption, corporate earnings, investment and economic growth in the short term. The third arrow, structural change, was devised to re-engineer the Japanese economy in a way that would improve its long-term potential. Labor, land, energy, tax, immigration and corporate reforms, in theory, would counteract the many factors diminishing Japan's prospects, including its aging and shrinking population .