Ex-BOJ Chief Shirakawa Doubts Rate Increase Marked Historic Turn

Former Bank of Japan Governor Masaaki Shirakawa voiced skepticism that the bank’s interest rate hike last week — the first in 17 years — should be regarded as a historic turn.

“The bank’s decision has excited considerable interest from the media and economists. Some journalists have even called it a ‘historic turning point,’” Shirakawa wrote in an opinion piece for Nikkei Asia published Thursday. “For me, this feels exaggerated, but the truth will only become clear when we can look back in retrospect, say in 5 or 10 years.”