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.
Central bankers in Japan completely assume that price stability is an overriding goal, but it's probably not. 
mnli hypothesis: Central bankers in Japan completely assume that price stability is an overriding goal, but it's probably not.  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.