Better late than never, Bank of Japan. That is the best we can say about Governor Haruhiko Kuroda finally taking Tokyo off autopilot and stirring it into action on Monday now the risks from coronavirus to Japan's -- and the world's -- economy are surging.
It is not enough, though. The time of monetary freelancing has passed. While we are starting to see a coordinated -- or at least simultaneous -- international response from central banks to an economic foe that leaders have not confronted in decades, without government intervention in the form of major spending, 2020 will make the financial crises of 1997 and 2008 look quaint. Importantly, this must all be consistent.
