Editorial

17:09 JST, January 13, 2025

Japan has suffered from a prolonged period of deflation and economic stagnation unprecedented among industrialized nations. It is essential that the Bank of Japan applies to its policy management the results of its assessment into the effectiveness and limitations of the monetary easing measures it has taken.

The central bank has released its “Review of Monetary Policy from a Broad Perspective,” which assessed the effectiveness of its monetary policy measures over the past 25 years. At the direction of BOJ Gov. Kazuo Ueda, who took office in April 2023, the central bank compiled the review with extensive input including from outside experts.

The Japanese economy slipped into deflation with prices falling continuously in the late 1990s as the issue of nonperforming loans at financial........

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