Pre-Kuroda Minutes Reveal BOJ Policy Shift

Minutes of a 2012 policy meeting at the Bank of Japan, released on Friday, have highlighted the radical shift in thinking that has taken place at the central bank under current Governor Kuroda Haruhiko. Former BOJ official Momma Kazuo, now Executive Economist at Mizuho Research & Technologies, recounts policymakers' initial wariness of ultra-easy money, and gives his view on why, almost 10 years on, the bank needs to abandon its relentless quest to achieve 2% inflation.