Right... But the BOJ still can't do anything if inflation doesn't improve
- Without QQE, Japan jobless rate would not have fallen below 2%
- QQE's biggest contribution was to boost Japanese economy's productivity
Despite what is being said by Japanese officials, hard economic data doesn't suggest an economy that is running hot. If you factor in the proposed sales tax hike to come later this year, I wouldn't be too confident in saying that Japan can avoid a technical recession in the months after.
