Haruhiko Kuroda, the new governor of the Bank of Japan, has launched a monetary policy revolution. He has ended two decades of caution, during which the BoJ declared itself helpless to end deflation. Prime Minister Shinzo Abe’s goal of a two per cent inflation target within two years is ambitious – and Mr Kuroda now has a bold policy to meet it. The question is whether the policy will work? My answer is: on its own, no. The government must follow up with radical reforms.
日本央行(BOJ)新任行长黑田东彦(Haruhiko Kuroda)发起了一场货币政策革命。他为20年的谨慎姿态（在此期间日本央行宣称自己无力结束通缩）画上句号。安倍晋三(Shinzo Abe)首相在两年内实现2%通胀的目标雄心勃勃，现在黑田东彦拿出一套大胆的政策来达到这一目标。问题是这一政策能否奏效？我的回答是：就其本身而言，不能。日本政府必须辅之以彻底的改革。
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