BoJ forerunner of unconventional policy: Shirakawa
The practical difficulties in dealing with unconventional monetary policy were not fully appreciated by many economists when originally applied by the Bank of Japan, said Masaaki Shirakawa, the governor of the central bank.
Shirakawa said typical recommendations made by economists, both domestically and from abroad, to the Bank of Japan since the latter half of the 1990s were: "All that the Bank of Japan needs to do is to set a high inflation rate target and purchase all types of assets
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