Abenomics struggles to deliver Japan public works boom

When Tokyo asked for bidders to build what is expected to be the world's largest fish market on the city's vacant eastern edge there were no takers. In a graphic illustration of how the hopes for "Abenomics" are falling short, the city was forced to raise by two-thirds its budget for the project to more than $1 billion before some of Japan's top construction companies stepped forward. "Wages and material costs are rising, and that's why we failed to attract bidders the first time we tried," said Koji Ishii, a city official overseeing the project, on a sprawl of landfill at Toyosu, next to Tokyo Bay. Tokyo's predicament highlights a deeper problem for Prime Minister Shinzo Abe's economic revival plan for Japan, comprising his "three arrows" of hyper-easy monetary policy, fiscal spending and growth-generating structural reform.

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