Monetary doesn’t do the trick in any case. If this leads to a larger fiscal adjustment give him credit for the assist, intentional or not.

Shirakawa Leaves Onus on Abe for Stimulus as Action Deferred

By Toru Fujioka & Isabel Reynolds

January 22 (Bloomberg) — The Bank of Japan (8301)’s decision to hold off on fresh monetary stimulus for a year puts pressure on the Abe administration to revive growth through fiscal measures and risks capping losses in the yen that aid export competitiveness.