BoJ’s monetary easing criticised as balance sheet passes 100% of GDP

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The Bank of Japan’s monetary easing has had limited impact on stimulating the real economy and has mainly benefited richer segments of society, former monetary board member for the Bank of Japan, Sayuri Shirai, tells Central Banking, as the BoJ’s balance sheet continues to swell.

Shirai says the central bank’s quantitative easing programme and low interest rates have “never really been stimulative” towards aggregate demand or higher inflation. However, it “certainly had an influence” on

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