It's too soon to write off the Bank of Japan.
The central bank has been a frequent target of criticism after two decades of ultraeasy money failed to achieve a full recovery in the world's third-largest economy. The latest carping comes after the BOJ cut its inflation outlook again on Wednesday, extending a record of overestimating price growth in its projections.
The fault-finding is unfair. The country is better off with loose money than without, though this is hard to see on a month-to-month basis. Things might be considerably worse if the central bank took a different approach.