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Why the Bank of Japan has failed to conquer deflation in Japan

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Why the Bank of Japan has failed to conquer deflation in Japan/ by Shigeyuki Hattori.
Author:	Hattori, Shigeyuki.
Published:	Singapore :Springer Nature Singapore : : 2024.,
Description:	xv, 161 p. :ill., digital ; : 24 cm.;
Contained By:	Springer Nature eBook
Subject:	Monetary policy - History. - Japan -
Online resource:	https://doi.org/10.1007/978-981-97-9408-9
ISBN:	9789819794089

Why the Bank of Japan has failed to conquer deflation in Japan
Hattori, Shigeyuki.

Why the Bank of Japan has failed to conquer deflation in Japan[electronic resource] /by Shigeyuki Hattori. - Singapore :Springer Nature Singapore :2024. - xv, 161 p. :ill., digital ;24 cm.

Introduction: Historical Fiasco of the Monetary Policy -- Consumer Prices in Japan are Determined by Costs -- There is No Monetary Policy Working on Inflation Expectations -- The Bank of Japan under Kuroda has Abandoned the Reflationist Theory -- Revisiting the Controversy on the Money Supply -- Conclusion: Thus, the Reflationist Theory has Collapsed.

This book is published in English that fully reveals why the Bank of Japan (BOJ) under Governor Haruhiko Kuroda has failed to end deflation. The BOJ's monetary policy was based on the theories of reflationist economists such as Kikuo Iwata. They argued that if the BOJ adopted an inflation target that had a deadline for meeting that goal, clarified the Bank's responsibility, and supplied a large monetary base through a quantitative easing policy, inflation expectations would rise and deflation would be overcome. This book shows that there is no theoretical basis or evidence for this claim. Furthermore, the supply of a large monetary base itself became impossible and was abandoned in 2016. However, since publicly stating that overcoming deflation is impossible would incur embarrassment and a loss of confidence, the BOJ made it appear as if a former policy was still in place. The book also reveals that consumer prices in Japan changed in tandem with import prices; consequently, in 2022, consumer prices rose by 4% due to the surge in import prices. Since the 1990s, the BOJ has been the focus of intense attention from economists around the world interested in monetary policy. The explanation presented here, showing the BOJ's historic fiasco under Gov. Kuroda in controlling deflation, provides valuable lessons for monetary policymakers and economists.

ISBN: 9789819794089

Standard No.: 10.1007/978-981-97-9408-9doiSubjects--Corporate Names:

1481172
Nihon Ginkō.
Subjects--Topical Terms:

1481173
Monetary policy
--History.--Japan

LC Class. No.: HG1275

Dewey Class. No.: 332.4952

Why the Bank of Japan has failed to conquer deflation in Japan
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520 $a This book is published in English that fully reveals why the Bank of Japan (BOJ) under Governor Haruhiko Kuroda has failed to end deflation. The BOJ's monetary policy was based on the theories of reflationist economists such as Kikuo Iwata. They argued that if the BOJ adopted an inflation target that had a deadline for meeting that goal, clarified the Bank's responsibility, and supplied a large monetary base through a quantitative easing policy, inflation expectations would rise and deflation would be overcome. This book shows that there is no theoretical basis or evidence for this claim. Furthermore, the supply of a large monetary base itself became impossible and was abandoned in 2016. However, since publicly stating that overcoming deflation is impossible would incur embarrassment and a loss of confidence, the BOJ made it appear as if a former policy was still in place. The book also reveals that consumer prices in Japan changed in tandem with import prices; consequently, in 2022, consumer prices rose by 4% due to the surge in import prices. Since the 1990s, the BOJ has been the focus of intense attention from economists around the world interested in monetary policy. The explanation presented here, showing the BOJ's historic fiasco under Gov. Kuroda in controlling deflation, provides valuable lessons for monetary policymakers and economists.
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