(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.
Copyright 2013 ABC News Radio
John Newsome and Anne Woolsey, CNN