BOJ governor Masaaki Shirakawa

BOJ governor Masaaki Shirakawa

Tomohiro Ohsumi/Bloomberg

Masaaki Shirakawa, governor of the Bank of Japan, has for years indicated that the BOJ cannot achieve its inflation target on its own. He said in 2010 that lack of demand was the “root cause of deflation” and there was no “magic wand” policy makers could wave to stamp out falling prices.