Central bankers from the United States, Japan and the euro zone meeting in the d...
RIYADH/WASHINGTON - Central bankers from the United States, Japan and the euro zone meeting in the desert kingdom of Saudi Arabia this weekend had their own shifting sands to cross – those of elusive inflation.
The meeting of finance leaders from the world’s 20 top economies in Riyadh provided a chance for Federal Reserve Chairman Jerome Powell, ECB President Christine Lagarde and Bank of Japan Governor Haruhiko Kuroda to compare notes. Kuroda has plenty of lessons to offer on the dangers of keeping subdued price growth unattended for too long. He deployed a heavy dose of stimulus in 2013, only to see inflation stagnate at levels well below its 2% target.
Older populations tend to consume less while new technologies foster greater efficiency at a lower cost. Together they can be powerful forces leaning against inflation. “There are doubts within the BOJ on whether pledging to achieve higher inflation could change public perceptions dramatically, especially if inflation is still distant from the current target,” said a source familiar with its thinking.
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