Many businesses have become even more inclined to hoard cash than spend on new innovations since the COVID-19 outbreak, Senior Fellow Hideo Hayakawa told Reuters. This has hobbled the reforms needed to sustain Japan’s economic growth—the third arrow of Abenomics.

“Abenomics fails to deliver as Japan braces for post-Abe era,” Reuters
https://www.reuters.com/article/us-japan-economy-abenomics-analysis/abenomics-fails-to-deliver-as-japan-braces-for-post-abe-era-idUSKBN25O0TT

Profile of Senior Fellow Hideo Hayakawa
https://www.tkfd.or.jp/en/experts/detail.php?id=620