, Columnist
How to End Japan’s Deflation? Abolish Cash
A national digital currency is an experiment worth trying.
This article is for subscribers only.
Monetary medicine in Japan is keeping the economy alive, but with nasty side effects. The search for a new cure should begin with a simple question: What if the Bank of Japan were to throw out its money-printing presses?
Instead of pushing more yen into an economy that has already absorbed a threefold increase in cheap central-bank funds in five years without any sign of the much-awaited 2 percent inflation, maybe it’s time to abolish cash altogether.