Has the last samurai of the hard money clan hung up his sword? That is the way it looks. The Bank of Japan’s decision to adopt an inflation target and double its bond purchase programme completes the global flight to soft money. The implications are likely to be profound.
穩健貨幣政策陣營的最後一名「武士」也繳械投降了嗎？看上去確實如此。日本央行(BoJ)決定引入一個通膨目標，並把債券購買計劃的規模擴大一倍。至此，世界各國都已轉投寬鬆貨幣政策陣營。這件事很可能會產生深遠的影響。
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