Inflation Targeting and Japan: Why has the Bank of Japan not Adopted Inflation Targeting?

The paper aims at explaining why the Bank of Japan has not adopted inflation targeting, despite calls for such a policy. Disclosed minutes of the Monetary Policy Meetings of the Bank of Japan, after March 1998, as well as Speeches by its members give clues to changing reasons against inflation

本文旨在阐释日本银行（Bank of Japan）为何未采纳通胀目标制（inflation targeting），尽管已有诸多呼吁推行该政策的声音。本研究以1998年3月之后日本银行披露的货币政策会议（Monetary Policy Meetings）纪要，以及该行成员的演讲文稿为分析素材，从中挖掘该行反对通胀目标制的动态演变理由。