Haruhiko Kuroda, the new governor of the Bank of Japan, has launched a monetary policy revolution. He has ended two decades of caution, during which the BoJ declared itself helpless to end deflation. Prime Minister Shinzo Abe’s goal of a two per cent inflation target within two years is ambitious – and Mr Kuroda now has a bold policy to meet it. The question is whether the policy will work? My answer is: on its own, no. The government must follow up with radical reforms.
日本央行(BOJ)新任行長黑田東彥(Haruhiko Kuroda)發起了一場貨幣政策革命。他為20年的謹慎姿態（在此期間日本央行宣稱自己無力結束通縮）畫上句號。安倍晉三(Shinzo Abe)首相在兩年內實現2%通脹的目標雄心勃勃，現在黑田東彥拿出一套大膽的政策來達到這一目標。問題是這一政策能否奏效？我的回答是：就其本身而言，不能。日本政府必須輔之以徹底的改革。
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