日本与“安倍经济学”诀别的必然

Core Viewpoint - The article discusses the shift in Japan's monetary policy under the Bank of Japan (BOJ) as it moves towards interest rate hikes in response to the depreciation of the yen and rising inflation, contrasting with the previous era of aggressive monetary easing known as "Abenomics" initiated in 2012 [2][4]. Group 1: Economic Context - "Abenomics" began in 2012 when Japan faced record yen appreciation and persistent deflation, with the yen valued at approximately 80 yen per dollar [4]. - Currently, the yen's value has dropped to nearly half of its 2012 level, leading to increased inflation, with the Consumer Price Index (CPI) rising around 3%, which is 1.5 times the BOJ's target of 2% [4][5]. Group 2: Policy Shift - The BOJ's decision to raise interest rates is seen as a necessary response to the current economic conditions, where yen depreciation and inflation require different measures compared to the past [4]. - The article emphasizes that continuing with the previous monetary easing policies would exacerbate yen depreciation and inflation, potentially leading to economic downturns [5]. Group 3: Central Bank Independence - The independence of central banks is highlighted as crucial for maintaining price stability, which sometimes conflicts with political interests [5]. - The BOJ has maintained its stance despite changing economic conditions, indicating a need for the Japanese government to implement effective policies alongside the BOJ's actions [5].