It’s time for Shinzo Abe to act

Japan's prime minister is determined to revive the country's economy, but he has left too much of the hard lifting to the Bank of Japan. It’s time he took responsibility.

Japan’s central bank once again tried a series of clever policy changes this week. It pledged to target the ten-year Japanese government bond yield. It also upended conventional wisdom and the meaning of words by making its inflation target something it wants to overshoot as a matter of course.

Haruhiko Kuroda, the governor of the Bank of Japan, has overseen the most rampant balance sheet expansion in memory. Japan’s central bank now owns more than a third of the JGB market, and is buying 80 trillion $789 billion more every year. It buys 6 trillion worth of exchange-trade funds a year, and 90 billion of Japanese Reits.

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