Japan’s Giant of Central Banking
Critics of former Bank of Japan Governor Haruhiko Kuroda like to point out that Japan never achieved its 2% inflation target, and warn that monetary expansion has left the country vulnerable to an inflationary surge. What they fail to acknowledge is that Kuroda's policies led to a dramatic strengthening of the labor market.
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NEW HAVEN – Haruhiko Kuroda’s ten-year tenure at the helm of the Bank of Japan was the most consequential in the central bank’s history. Following his departure last month, it is worth reflecting on his record.