The Wall Street Journal on the Bank of Japan's easing efforts:
- The belief that deflation will continue has become so ingrained it has presented seemingly insurmountable challenges to monetary policy,
And, the piece adds:
- a lesson for other countries that are traveling a similar path
- Japan remains definitively stuck
- Japan is nearly four years into a Central Bank stimulus effort involving printing trillions of yen and guiding interest rates into negative territory, perhaps the globe's most aggressive such efforts under way
- In November, Mr. Kuroda postponed his goal of reaching 2% inflation, all but admitting he is out of ideas.
- He said in a series of speeches last year that an entrenched "deflationary mind-set" stifled hope that wages or prices will rise, limiting the impact of monetary policies such as negative rates.