Bank of Japan Gov. Haruhiko Kuroda J is urging companies to do more to tackle deflation, a tacit admission that his massive money-printing exercise has failed and policymakers are losing faith in the point of delivering more of the same.
When Kuroda began the stimulus program in 2013, he said the Bank of Japan was responsible for generating inflation and shouldn't make excuses for missing its target, but he now castigates companies for a "deflationary mindset" and not spending enough on wages and investment.
He had previously said the stimulus, known as quantitative and qualitative easing, was designed to change that mindset.