2022 Volume 73 Pages 73-98
Overcoming deflation became a narrative for the BOJ. But an attempt by Kuroda of the BOJ to achieve 2% increase of CPI turned out to be a device to support excessive spending and big government. Interventions by the BOJ into markets for long term interest rate, stock and real estate seem to be a consequence opposing Volker’s ‘monetarist and neo-liberal’ regime change in the late 1970s. We see global capitalism transforming itself not only due to the Corona crisis but by a longer process of anti-globalization and de-capitalization.
