(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
Seth Fiegerman, CNN