, Columnists
It’s Time for Japan to Admit Victory on Deflation
The battle against falling prices has been comprehensively won.
Japan should declare victory on deflation.
Photographer: Philip Fong/AFP
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Old central bankers never die. And often, they don’t fade away either.
Haruhiko Kuroda, the Bank of Japan boss for a decade until 2023, was one such figure who last week declared that Japan “has completely exited deflation.” Having presided over a decade of massive stimulus, his comment is of course self-serving. But with core consumer price rises in January expected to hit 3%, they seem accurate. So why the controversy?