The Bank of Japan is coordinating policy with the Japanese government. That is a big deal..

The Bank of Japan made a blockbuster announcement overnight, saying that after nearly two decades of economic stagnation and falling prices, it is aiming for 2 percent inflation and will print more yen on an unlimited scale—by the trillions, if necessary—to get there.

That alone is big news; the Japanese central bank has now joined the Federal Reserve and the European Central Bank in pledging bottomless resources to address their respective economic crises. The Bank of Japan, under pressure from the newly elected government of Shinzo Abe, went a step further. It released a joint statement with the government, pledging to “strengthen their policy coordination and work together” on a range of policies.

Isn’t this how it always begins?  BIG mistake Japan.