TOKYO — The Bank of Japan, this country’s equivalent of the Federal Reserve, has lately been making a big effort to end deflation, which has afflicted Japan’s economy for almost two decades. At first its efforts — which involve printing a lot of money and, even more important, trying to assure investors that it will keep printing money until inflation reaches 2 percent — seemed to be going well. But more recently the economy has lost momentum, and last week the bank announced new, even more aggressive monetary measures.
东京——日本银行(Bank of Japan),也就是日本相当于美联储(Federal Reserve)的机构,最近做了很多努力试图终结通货紧缩,这个问题已经困扰了日本将近20年。作为日本的中央银行,它最初采取的举措似乎效果不错,包括印很多钱,更重要的是,它还试图让投资者相信,会一直继续印钱,直到通胀水平达到2%。但是最近,日本经济失去了动力,上周,日本央行又宣布了新的、更激进的货币动作。
I am, as you might guess, very much in favor of this move, although I worry that the policy might nonetheless fail thanks to fiscal mistakes. (More about that later.) While the bank did the right thing, however, it did so amid substantial internal dissent. In fact, the new stimulus was approved by only five of the bank board’s nine members, with those closest to business voting against. Which brings me to the subject of this column: the economic wisdom, or lack thereof, of business leaders.
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