-
The Bank of Japan at the policy frontier
Since Governor Haruhiko Kuroda took office in March 2013, the Bank of Japan has been the most aggressively expansionary advanced-economy central bank. Its September announcement of a “new framework for strengthening monetary easing” — coming only six months after introducing negative policy rates — distances it even further from the pack. That a central bank is willing to assess its performance transparently and to consider new approaches to achieving its key goals is something we have come to expect. While it’s too early to tell whether the latest Bank of Japan innovations will be more successful, there is ... (full story)