When Will Japan Normalize Its Monetary Policy?
Markets seem to be expecting the Bank of Japan to initiate monetary-policy normalization relatively soon, with interest-rate hikes most likely beginning in April. But the normalization challenge the central bank faces this year extends well beyond deciding when to start raising rates.
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TOKYO – Japan has had a difficult year so far. On January 1, as Japanese families gathered to celebrate the new year, a powerful earthquake shook the Noto peninsula, causing buildings to collapse and forcing mass evacuations. More than a week later, the death toll – already in the dozens – continues to rise, as road damage, heavy rains, and landslides impede rescuers’ ability to reach affected villages.