Deluded Japan Initiates Bold Bid to End Years of Tumbling Prices

Haruhiko Kuroda, the new governor of the Bank of Japan, delivered on his promise to drastically change Japan’s economic policy to end a long, debilitating era of deflation.

Deluded Japan Initiates Bold Bid to End Years of Tumbling Prices Videotc130404japanecono

The nation’s central bank announced on Thursday that it would double the amount of money in circulation and try to produce annual inflation of about 2 percent. “This is monetary easing in an entirely new dimension,” Mr. Kuroda said after the bank’s decision.

The central bank said it had inflated the economy by aggressively buying longer-term bonds and doubling its government bond holdings in two years. The bank said it would aim to create a robust 2 percent inflation rate “at the earliest possible time.”

This major shift in Japan’s monetary policy is a stark contrast to years of what many economists said was a halfhearted battle to end deflation. Deflation is a damaging fall in prices, profits and wages, and it weighs on economic growth.

https://www.nytimes.com/2013/04/05/business/global/japan-initiates-a-bold-bid-to-end-years-of-falling-prices.html?pagewanted=all

Deluded Japan Initiates Bold Bid to End Years of Tumbling Prices

Deluded Japan Initiates Bold Bid to End Years of Tumbling Prices

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