A misstep 18 years ago should not prevent a careful step today.
For Daniel Moss's latest contributions to The Japan Times, see below:
For the central bank, failure can be an opportunity.
More immigration allows much-needed growth in the workforce and a higher consumption tax shores up government finances.
Look what happened over two decades while the world was distracted by China.
One of the broad themes of the past few years is that China's economy is becoming less export-dependent and more tied to domestic consumption.
Don't read too much into this talk of an "extended period" of stimulus. The board is already divided.
The Abe adminisration and the private sector are reasserting influence in Asia and beyond.
Capital expenditures are set to rise, while the rest of the world is increasingly wary.
The huge missing ingredient in U.S.-China trade deficit numbers is the business done in China by American companies.
The central bank has been too obsessed with reassuring investors that stimulus would continue.