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Bank of Japan Gov. Masaaki Shirakawa, center, poses with the other members of Policy Board of the BOJ on the last day of their two-day meeting at its headquarters in Tokyo Tuesday morning, Jan. 22, 2013. Shirakawa vowed to achieve the inflation benchmark "as soon as possible," in cooperation with the government Tuesday. (Kyodo News/AP)
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Bank of Japan needs to put its money where its inflation target is
After more than a decade of feigning helplessness against falling prices, the Bank of Japan has finally signed up for combat duty.
Armed with a 2 per cent inflation target, twice the 1 per cent goal it has been half-heartedly pursuing since February last year, the central bank will now lead Prime Minister Shinzo Abe’s battle to reverse the country’s endemic deflation.
