As the world’s third largest economy，whether Japan’s economy recovery or not will have an important impact on the world economy. The short-term effect of Abenomics is obvious，which shows that the policy opens the economic recovery. However，the effect of the stimulus package which rely on financial expenditure and QQE starts falling with the implementation of the policy. Fiscal policy and monetary policy face debt crisis，collection of consumption tax，monetary policy transmission channel and other challenges. The implementation of these policies unsustainable in the long term. The key structural reform of Abenomics has failed to play a role. Japan’s long-term economic growth faces huge challenges and uncertainties.