Is there a fix for Japan’s markets mess?

Kuroda Haruhikobojbojboj entered the Bank of Japan () with a bang. Upon becoming governor in 2013, the former finance-ministry official fired a “bazooka” of easy money in an attempt to end decades of stagnation. The committed itself to buying vast amounts of assets and introduced negative interest rates in pursuit of a 2% inflation target. In tandem with the prime minister, Abe Shinzo, Mr Kuroda ushered in a new era of economic policy.Mr Kuroda’s term is ending , too. Consumer-price inflation has been above the ’s target for nine months; it hit 4% in December, the highest level in 41 years. Officials have remained on the offensive—but the bank’s policy of “yield-curve control”, a cap on ten-year government-bond yields, is facing the fiercest counter-attacks since it was introduced in 2016. Mr Kuroda’s successor, set to be announced in early February, must decide the future of the policy and maybe even oversee rate raises. This will require deft communication, impeccable timing and lots of luck. Missteps could see Japan’s economy grind to a halt and a return to deflation. They could also roil global markets.