Japan Makes Bold Move to Help Boost Economy

Business News

0  Updated at 6:00 am, January 22nd, 2013 By: ABC Digital
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Stockbyte/Thinkstock(TOKYO) — Japan’s prime minister is making a bold move — and staking the country’s financial future on it.

Shinzo Abe has proposed the unlimited printing of money and a 2 percent inflation target to lift Japan out of decades of economic stagnation. 

On Tuesday, the country’s central bank, the Bank of Japan, agreed to enact Abe’s policy, raising hopes of a Japanese comeback.

Deflation and a strong currency have plagued Japan for years, but expectations of a turnaround have sent stocks soaring in recent weeks.

Critics of Abe’s plan say it only adds to the country’s massive public debt.

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