BoJ looks set to cut its inflation forecast – again

There is no exit in sight for the Bank of Japan as inflation is likely to disappoint yet again, warns Sayuri Shirai

Haruhiko Kuroda
With inflation still far from target, governor Haruhiko Kuroda's options are narrowing

In January 2013, the Bank of Japan, led by then governor Masaaki Shirakawa, introduced its 2% price stability target. In April 2013, under current governor Haruhiko Kuroda, the BoJ adopted massive and various monetary easing tools to achieve the target – so-called Quantitative and Qualitative Monetary Easing (QQE). This was expanded in October 2014, and supplemented with a negative interest rate in January 2016 and yield curve control in September 2016.

Raising inflation to achieve the 2%

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