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

CentralBank NEWSFEED Bank of Japan headquarters in Tokyo, April 2009.
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.