Koizumi's timidity

ARTICLE - This reaction to Toshihiko Fukui's appointment suggests the move shows a lack of courage from prime minister Junichiro Koizumi with Fukui having the "weakest punch" against falling prices.

First published in the Financial Times, 25 February.

At the beginning of the year, Junichiro Koizumi, the Japanese prime minister, announced that the next Bank of Japan governor would "fight deflation aggressively".

All potential candidates, regardless of their economic views, immediately described

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