While Monday marked nine years since the Bank of Japan began its unprecedented stretch of massive monetary easing, discussions about a possible normalization of policy remain off the table even as the U.S. Federal Reserve and European central banks are starting monetary tightening to rein in inflation.

At the same time, traditional concerns about a strong yen among bureaucrats, politicians and business people are now being replaced by fears of a “bad weakening of the yen,” which reflects gaps between Japanese and foreign interest rates and leads to higher prices for crude oil and other imported goods.

Unable to view this article?

This could be due to a conflict with your ad-blocking or security software.

Please add japantimes.co.jp and piano.io to your list of allowed sites.

If this does not resolve the issue or you are unable to add the domains to your allowlist, please see out this support page.

We humbly apologize for the inconvenience.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.