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Bank of Japan Confesses: Even We Don't Trust the Bank of Japan

``If a central bank without credibility makes a credible promise to run a non-credible policy, do the double negatives cancel out and create credibility?...But the question is a serious one. The BOJ has just admitted, in effect, that it has a credibility problem, even as it sets about trying to promise that it will deliberately act to damage its credibility. Its admission, couched in layers of economic jargon, underscores the worries at many other central banks that years of low inflation could become self-perpetuating.
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