Japan will deliver on its promise of higher inflation

Political promises are all too often not kept. But Japan is likely to deliver on its promise of higher inflation, says Merryn Somerset Webb. After all, it’s not a difficult thing to do.

In our cover story this week we talk about quantitative easing (QE) in Japan, the near certainty of another round later on this year, and our conviction that Bank of Japan will keep printing until it gets the inflation it wants (or more than it wants). I am asked what makes us so sure.

Albert Edwards of Socit Gnrale offers the answer we would give. He normally has a pretty "healthy scepticism" about any government stating an objective and then actually achieving it, but not on this occasion.

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Merryn Somerset Webb

Merryn Somerset Webb started her career in Tokyo at public broadcaster NHK before becoming a Japanese equity broker at what was then Warburgs. She went on to work at SBC and UBS without moving from her desk in Kamiyacho (it was the age of mergers).

After five years in Japan she returned to work in the UK at Paribas. This soon became BNP Paribas. Again, no desk move was required. On leaving the City, Merryn helped The Week magazine with its City pages before becoming the launch editor of MoneyWeek in 2000 and taking on columns first in the Sunday Times and then in 2009 in the Financial Times

Twenty years on, MoneyWeek is the best-selling financial magazine in the UK. Merryn was its Editor in Chief until 2022. She is now a senior columnist at Bloomberg and host of the Merryn Talks Money podcast -  but still writes for Moneyweek monthly. 

Merryn is also is a non executive director of two investment trusts – BlackRock Throgmorton, and the Murray Income Investment Trust.