Final frontier? Japan after the Kuroda experiment

The Bank of Japan has pushed monetary easing close to its limit, yet inflation is barely above zero. What happens now?

Tokyo skyline

Reflecting on five years as Bank of Japan (BoJ) governor, Masaaki Shirakawa said that each day in office “felt as if I was running as fast as I could into a strong wind”. Undoubtedly, having been thrust into the job in March 2008, he faced a tougher job than many central bank chiefs. But perhaps the stiffest breeze blew from the Japanese economy itself, not from the global crisis.

Since the ‘bubble economy’ of the late 1980s burst, pitching Japan into the ‘lost decade’ of the 1990s, inflation

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account