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Japan just might be set to open a new chapter
‘Historic' is an overused word. But if the Bank of Japan meets expectations and embarks this week on a radical policy shift to crush deflation, the meeting will go down as, well, historic. Because of gently falling prices, Japan has not grown in nominal terms for two decades, reducing its relevance for the global economy. But all that could change if the BOJ's new governor, Haruhiko Kuroda, shows he is indeed serious about hitting the central bank's new inflation target of 2 percent. "This is their best shot at reviving the economy," said Jerry Webman, chief economist at OppenheimerFunds in New York. "Even a ... (full story)
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