The peculiar result of the credibility of modern central bankers as inflation hawks is that no matter how much money the Bank of Japan prints now , it doesn't  It can't lower the nominal interest rate, because that rate is already zero, and because people don't believe that it will allow inflation to break out any time in the future, it can't lower the real interest rate either.
The peculiar result of the credibility of modern central bankers as inflation hawks is that no matter how much money the Bank of Japan prints now, it doesn't nor can it lower the nominal interest rate, because that rate is already zero, and because people don't believe that it will allow inflation to break out any time in the future.