BOJ's Noguchi: No big risk of Japan sliding into stagflation
Of course not
Even trying to hit a point of maintaining 2% inflation is a pipe dream for Japanese policymakers at this point, let alone the risk of stagflation.
All you need to know with Japan (and I've mentioned this many times before) is that the pandemic has served to exacerbate the underlying problems with the economy and not bring about new ones.
On inflation, they are not close to getting to their 2% target goal and don't expect that to change even with the situation globally. The demographic factor i.e. aging population continues to be one that is dominant in driving economic forces in Japan.