TOKYO: Japanese lawmakers paved the way for a new central bank governor whose plan to defeat deflation rests on the belief that pumping huge amounts of yen into the economy will convince the public to start spending now because prices will rise.
Critics say policies advocated by Haruhiko Kuroda, endorsed by parliament to lead the Bank of Japan (BoJ), are a leap of faith. The BoJ has been pumping cash into the economy for years without ending nearly two decades of grinding deflation.
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