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.

Here is the piece, may be gated