Mission incomplete! This phrase neatly captures the progress made by the Bank of Japan (BOJ) in reflating the economy. In April 2013, the BOJ launched an unprecedented quantitative and qualitative monetary easing policy. The BOJ was certain that the 2% price stability target would be achieved within 2 years. About 4 years later, the BOJ lags behind other major central banks, with actual inflation and inflation expectations still well below 2%.
What happened? And what should the BOJ do next? This former policy maker’s account expertly traces and analyzes the policy’s consequences.
- Chapter 1: Japan’s Malaise and Unconventional Monetary Easing from 1999 to 2006
- Chapter 2: Comprehensive Monetary Easing (CME) from October 2010 to March 2013
- Chapter 3: Quantitative and Qualitative Monetary Easing (QQE): First Phase of Super-Easy Monetary Policy from April 2013 to January 2016
- Chapter 4: QQE with a Negative Interest Rate: Second Phase of Super-easy Monetary Policy from January to September 2016
- Chapter 5: QQE with Yield Curve Control: Third Phase of Super-Easy Monetary Policy from September 2016 to the Present
- Chapter 6: Structural Issues and Issues Left Unresolved with Super-Easy Monetary Policy