After expanding its balance sheet to nearly 60% of GDP – double the size of the Fed’s – the BOJ is finding that its campaign to end deflation is increasingly ineffective. Japan has lapsed back into recession, and the BOJ has just cut the inflation target for this year from 1.7% to 1%.
日本的大规模量化和定性宽松也面临着类似的牵引问题。日本银行将其资产负债表规模扩大至GDP的近60%——比美联储还要高一倍——但它发现，其结束通缩的努力正在日益失效。日本再次陷入了衰退，而日本银行也刚刚将今年通胀目标从1.7%调低到1%。