Japan is sinking in a sea of money

Japan is sinking in a sea of money

Author: Masanaga Kumakura, Komazawa University According to conventional economic theory, the monetisation of government debt is a recipe for fiscal profligacy and hyperinflation. It should be the last thing any credible central bank turns its hand to. But this is precisely what the Bank of Japan (BOJ) has been doing for the last three years.

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