aricature, Hayami had been all about gritting one's teeth and holding out for the eventual benefits of (Schumpeterian) creative destruction, while Shirakawa was resigned to the structural drag from demographics. Kuroda has taken a leaf out of the Fed's much more activist playbook, raising the stakes (p

around 1% annualized since then. Deflation has clearly ended, mainly as the result of QE that started at a cautious pace under former-BoJ Governor Shirakawa in 2012. There is an argument that inflation will slow from now on due to a stable JPY exchange rate and a weak rise in wages; however, the fact t