Japan's monetary policy moving in right direction, but more needed


Bank of Japan headquarters in Tokyo, April 2009.
Photo credit: 
Flickr user saitomo
Japan's monetary policy is moving in the right direction, said Takeo Hoshi in a recent Nikkei op-ed, but the independence of the central bank should be protected. Moreover, he said, fiscal stimulus could run the risk of a debt crisis, and it will take more than expansionary macroeconomic policy to restore growth.