Two things caught my eye last week: the Bank of Japan, which decided to lay off the monetary stimulus, and Jim Beam -- the latter not for reasons you might think.
BOJ Governor Haruhiko Kuroda is a smart and battle-tested policy maker. By now, he has to know that pumping more money into the econony won't end Japan's deflation. Falling prices are as much about the aging population as anything else, and only structural change can arrest the trend. Kuroda seemed to admit as much by taking no new action as the BOJ's historic stimulus fails to gin up money and credit growth.