The new governor of the Bank of Japan, Haruhiko Kuroda, today gave a speech outlining the thinking behind his new programme of ‘quantitative and qualitative monetary easing', saying it stems from his determination to do "whatever is necessary to overcome deflation".

Kuroda told the Yomiuri International Economic Society in Tokyo that he and his colleagues should "make all-out efforts to utilise every possible resource bestowed upon the bank", and adopt the shock tactics seen last week rather