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“Abenomics” is now a buzzword at home and abroad. Even before taking office, Prime Minister Shinzo Abe had strongly demanded that the Bank of Japan take action to end deflation and set an inflation target that would drive the yen lower.

He had gone so far as to suggest that if the central bank refused to cooperate, he would be ready to revise the BOJ Law or replace the BOJ governor. After his Cabinet was inaugurated, his demand resulted in the signing Jan. 22 of an agreement between the government and the central bank that the central bank would aim for annual inflation of 2 percent, up from its previous loose goal of 1 percent.

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