By likening the Bank of Japan’s monetary easing to wartime recklessness, Asahi Shimbun exposes its own deeply rooted ideological bias.
This essay dissects Japan’s long deflation, the real cause of declining birthrates, and the irresponsibility of financial elites shaped by such thinking, revealing a structural failure that has long damaged Japan.

2016-07-05
Unconventional Monetary Easing
The Trap the Kuroda-led BOJ Fell Into

Omitted earlier text.
Once a nation steps into war, even when defeat is imminent, it can only keep moving forward.
Was it not the same trap that once ensnared the Japanese military into which the Kuroda-led Bank of Japan has now fallen?
This is how the column written by Makoto Hara on page 7 of today’s Asahi Shimbun concludes.
In other words, it was a perfect demonstration that the minds of Asahi Shimbun’s editorial writers are constructed on the belief that Japan was evil and that the Japanese military symbolizes absolute evil.
Those possessing sound intellects must all have been left speechless.
Today, the entire world abhors the prospect of falling into Japan-style long-term deflation as if it were a venomous snake, and at even the faintest sign of such a tendency, immediately implements monetary policies to prevent it.
As a result of the “Lost Twenty Years of Japan” created by Asahi Shimbun, the number of young people earning less than two million yen annually exceeded ten million.
Even after turning thirty, they could not obtain stable employment.
Marriage was out of the question, and naturally, having children was impossible.
I was likely the first in Japan to point out in The Turntable of Civilization that this is the true cause of the declining birthrate.
Prime Minister Abe and the Bank of Japan finally turned the helm of the nation toward eradicating this disease called deflation.
Those who took pleasure in watching Japan sink into bottomless stagnation were probably limited to China and South Korea.
It goes without saying that Asahi Shimbun was among them.
Now, divine retribution has befallen that Asahi Shimbun.
Its circulation figures, completely different from the official claims, have dropped sharply.
When I learned the actual sales numbers, I reaffirmed that my analysis identifying Asahi Shimbun as the mastermind behind the confusion surrounding Osaka’s Umeda North Yard was entirely correct.
Asahi’s editorial writers remain utterly unaware of the enormous, irreparable damage they have inflicted upon Japan, and with baseless arrogance, they routinely speak as if they themselves were Japan’s finest players.
They continue to talk down to the government and the Bank of Japan’s policies aimed at ending the “Lost Twenty Years” they themselves created, dismissing them simply as “unconventional easing.”
They are, by now, hopelessly foolish.
It is only natural that the thinking of top executives at institutions such as Mitsubishi UFJ Bank, who were raised on such newspapers, is equally foolish.
As a result of both the world and themselves being ignorant of the time when the turntable of civilization once spun in Japan, they could do nothing in response to new BIS regulations designed to weaken Japan’s economic power.
Thereafter, with each additional BIS regulation, they repeatedly scraped together more than one trillion yen in total from the stock market to cope.
This year’s global economic turbulence pushed the Nikkei Average down from 20,000 to 15,000 yen.
Yet financial stocks, led by Mitsubishi UFJ Bank, have fallen to less than half their former value.
While executives at these financial institutions may criticize the BOJ’s policies with Asahi Shimbun-style thinking,
they have never taken even the slightest action to defend, maintain, or raise their own companies’ stock prices.
That Japan’s representative financial stocks remain deeply stagnant naturally means that Japan’s economy itself is also stagnant.
This is because the foundation of a capitalist society is the stock market.
If one were to say that this is simply the appropriate outcome for those raised on the Asahi Shimbun, the standard-bearer of forces wishing to diminish Japan under distorted leftist ideology, that would be the end of the matter.
They do not understand what capitalism truly is, or rather,
they are nothing more than genuine villains who exploit capitalism only when it suits their convenience, and they criticize the policies of the Japanese government and the Bank of Japan.
Because they act in concert with Asahi Shimbun, their guilt and foolishness are all the more unforgivable.
Before complaining about the government or the BOJ, it would be only natural for them to devote themselves entirely to raising their own companies’ stock prices.
To be continued.