To understand the corrective power of monetary policy, one need only consider Japan’s recent progress in escaping from decades of stagflation. Monetary expansion was one of the three key features of Prime Minister Shinzo Abe’s economic strategy – an approach that could have been implemented years ago to halt the yen’s sharp appreciation.
要理解货币政策的正确力量，你只需要考察日本最近在摆脱几十年停滞方面所取得的进展。货币扩张是日本首相安倍晋三经济战略的三大关键部分之一&mdash;&mdash;该战略应该在多年前就采用以阻止日元急剧升值。问题在于日本银行行长黑田东彦的前任似乎陷入了固定汇率制度的桎梏。