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Bank of Japan (BOJ) Governor Haruhiko Kuroda speaks during a news conference at the BOJ headquarters in Tokyo, Japan, January 29, 2016.
Bank of Japan (BOJ) Governor Haruhiko Kuroda speaks during a news conference at the BOJ headquarters in Tokyo, Japan, January 29, 2016.
(Yuya Shino/Reuters)

Japan’s move to negative rates underscores failure of Abenomics

It’s been a bad week for Abenomics, the stimulus strategy that propelled Japanese Prime Minister Shinzo Abe to power three years ago with the promise of defeating entrenched deflation, reviving Japan’s moribund economy and restoring its lustre as a global power.

First, Economy Minister Akira Amari, the key cabinet minister steering his boss’s reform agenda, including the Trans-Pacific Partnership trade deal, resigned in the face of bribery allegations.