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Japan’s Monetary and Economic Policy

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  • Allan Meltzer

Abstract

Japan has gone from very successful policies that promoted growth without inflation to a long period of slow growth, recessions and deflation. The Bank of Japan’s policies are a major reason for deflation. Although the Bank has purchased foreign exchange, it counteracts the inflationary effects of its purchases via sterilization. This forces deflation to continue. Currently, there is a ‘dialogue of the deaf’. The government wants faster growth but does not reform the banking system; the Bank makes bank reform a condition for ending deflationary policies.

Suggested Citation

  • Allan Meltzer, 2002. "Japan’s Monetary and Economic Policy," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 3(3), pages 85-103, July.
    • Handle: RePEc:wej:wldecn:111
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    File URL: https://www.worldeconomics.com/Journal/Papers/Article.details?ID=111
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    Cited by:

    1. Andreea DRĂGOI & Nicoleta Cristina BȂLGĂR, 2015. "Socio – Economic Drivers Of Japan’S Developmentin Post-War Era," Romanian Economic Business Review, Romanian-American University, vol. 10(4), pages 147-158, december.
    2. Akhand Akhtar Hossain, 2009. "Central Banking and Monetary Policy in the Asia-Pacific," Books, Edward Elgar Publishing, number 12777.

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