For years, as Japan tried to boost its chronically weak economic growth, it pursued what its central bank saw as a magic formula: stronger inflation and a weaker yen.
It did not quite work as intended. Inflation never met the government¡¯s modest target, despite rock-bottom interest rates and heaps of fiscal stimulus. Workers¡¯ wages stagnated and growth remained anemic.
Now, Japan is suddenly getting what it wished for ¡ª just not in the way it had hoped.
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