Takeo Hoshi Authors Essay on Bank of Japan in The Wall Street Journal
The BOJ’s Critics Hit Back
03/09/2011
Jacob M. Schlesinger,
The Wall Street Journal
Last week, the Wall Street Journal gave the embattled Bank of Japan a chance to respond to critics, publishing a lengthy interview with Gov. Masaaki Shirakawa defending his much-attacked monetary policy track record.
This week, we’ve asked the BOJ’s critics — and other experts — to respond. Below is part one of commentary from eight prominent BOJ watchers in the U.S. and Japan; part two will follow in a separate post.
Not surprisingly, we found strenuous disagreement with Mr. Shirakawa’s defense. While Mr. Shirakawa proudly touted the BOJ’s “innovative policies” in pioneering unconventional monetary policies like quantitative easing, that didn’t satisfy those who believe the BOJ remains guilty of “too little, too late.” (Two of our panelists independently chose that phrase).
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Takeo Hoshi can provide commentary on Japan's financial system, bank regulation, macroeconomic conditions and macroeconomic policy.
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- "The BOJ's Critics Hit Back, Part Two" - The Wall Street Journal
- "The BOJ's Critics Hit Back, Part One" - The Wall Street Journal (Japanese)
- "The BOJ's Critics Hit Back, Part Two" - The Wall Street Journal (Japanese)
