Japan's Risky Stimulus Decision

"Helicopter money" may make political sense, but it could also undermine confidence in the central bank.

Where's the shock and awe, Mr. Kuroda?

The Bank of Japan's next policy-making meeting, scheduled for July 28 and 29, has become interesting. It is ever clearer, from the noises emanating from the global chattering classes, that a convergence of unconventional monetary policy and fiscal policy is coming sooner or later -- in the form, most likely, of a monetization of infrastructure stimulus. Could this be about to happen in Japan?

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