Japanese authorities have picked a heck of a time to go wobbly.
Wobbly on the Bank of Japan's inflation target, that is. Far from abandoning or watering down the idea of achieving 2 percent, as the finance minister has suggested, there's a case for defending it. By sticking with this goal, officials would ensure consumers and businesses appreciate the intent behind that magical number.
If they don't, there's a chance not only that 2 percent won't be reached, but that 1.5 percent or even 1 percent becomes unattainable. The lower the bar, the deeper the deflationary mindset becomes. It's as much about psychology as anything else.