NEW YORK ¨C Victory in Japan¡¯s battle with too-low inflation looks as elusive as ever. On Thursday, the Bank of Japan pushed back its estimate of when it will hit its 2 percent inflation target; the goal now won¡¯t be reached until the year beginning April 2019, according to Gov. Haruhiko Kuroda.
The delay would seem to confirm that Japan remains subject to a unique ¡°deflationary mindset¡± that¡¯s nearly impossible to eradicate.
In fact, what¡¯s interesting isn¡¯t how singular Japan¡¯s problems are, but how common. While they may vary in degree, they¡¯re increasingly shared by policymakers across the developed world.
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