With growth low but erratic and inflation well below the Bank of Japan's target rate of 2%, the achievements of Abenomics are looking distinctly limited.
Goldman Sachs' David Townshend believes slowing Asian economies and many depreciating currencies in the region bode negatively for the Japanese economy.
While it is true Japan's domestic economy remains stagnant with negative real GDP growth for the second quarter 2015 figures, it is important to look beyond the headlines.