Exchanging expectations: Abenomics and the politics of finance in post-Fukushima Japan

Hirokazu Miyazaki, Annelise Riles*

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

3 Scopus citations


Social scientists have recently shown how markets are discursively constructed and have documented the role of central banks in these constructions. Although framed as a critique of the neoclassical economic view, this approach still operates within a narrow vision of the world as divided into distinct political, social and economic spheres. Our goal in this paper is to replace this view with an exchange-based understanding of agency and relationality. The puzzle of our paper is one that has captivated academics and practitioners alike: Why did the market respond so powerfully to the Bank of Japan Governor Haruhiko Kuroda’s quantitative easing in 2013? Our focus is on the proliferation within the market and wider society of ‘expectations’. A multiplicity of expectations, of different orders, different kinds, different scales, and different targets folded together to generate the efficacy of this event in central bank politics.

Original languageEnglish (US)
Pages (from-to)610-629
Number of pages20
JournalEconomy and Society
Issue number4
StatePublished - 2022


  • anthropology of finance
  • central banks
  • exchange
  • expectations

ASJC Scopus subject areas

  • History
  • Economics and Econometrics
  • General Social Sciences


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