Modern Monetary Theory may not be able to solve the nation's complicated long-standing structural problems.
For Sayuri Shirai's latest contributions to The Japan Times, see below:
Why does wage growth remain sluggish despite Japan's growing labor shortage?
The BOJ may have no choice but to end up providing permanent government support to avoid painful fiscal consolidation.
It will be a very long time before the Bank of Japan takes any clear steps toward normalization.
The Bank of Japan's ambitious inflation target increasingly appears unachievable.
Capital-rich Japan has been relatively inactive in promoting capital market financial integration.
Eventually the BOJ will need to clarify its monetary policy stance.
Japan must do much more if Tokyo is to become a major global financial center.
It may be time for the BOJ to provide more reasonable projections about the time by which it can achieve 2 percent inflation.
It may be time for the government to realize that simple prescriptions that combine monetary and fiscal expansionary policies will not cure Japan's deep-rooted economic problems.