The trouble--the other half of the Japanese trap--is that while the conclusion that Japan needs inflation emerges from what looks like impeccable economic logic, we live in an era in which central bankers believe (and are believed to believe) in price stability as an overriding goal.
Bankers in Tokyo believe that price stability aids their economy a great deal. 
mnli hypothesis: Bankers in Tokyo believe that price stability aids their economy a great deal.  premise: The trouble--the other half of the Japanese trap--is that while the conclusion that Japan needs inflation emerges from what looks like impeccable economic logic, we live in an era in which central bankers believe (and are believed to believe) in price stability as an overriding goal.