Bank of Japan

  • The BOJ, like most central banks elsewhere, belong to an era when chronic inflation was the fear. They still like to see their task as fighting inflation when the real need - certainly in Japan at least - is fighting deflation and economic downturns. Even when economic stimulation is badly needed their conservative instincts lead them to do too little and too late.
    Abe's threat to legislate for the BOJ to be forced to coordinate with government policies represents a very belated step in a very much needed direction.
    The idea that conservative bankers should be allowed to dictate economic policy is absurd.

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