BoJ changes represent the death knell for central bank independence

thomas-cargill

Japanese prime minister Shinzo Abe's nomination of Haruhiko Kuroda as governor and Kikuo Iwata and Hiroshi Nakaso as deputy governors of the Bank of Japan (BoJ) on February 28 represents a significant development in central bank independence.

The events in Japan are at the tip of a growing crisis in central bank policy, with central banks assuming responsibilities – willingly or unwillingly – beyond their traditional price-stabilising role and, on occasion, role as lender-of-last-resort.

The BoJ

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