TOKYO -- Over the past few months, the Bank of Japan has been grappling with an increasingly impossible task: fighting deflation and inflation simultaneously.

A weak yen, post-pandemic inflation and the Russia-Ukraine war are putting pressure on Japan's central bank to reconsider its longtime commitment to ultraloose monetary policy. (Photo by Tsuyoshi Tamehiro)
Rising U.S. rates and tumbling currency test Japan's monetary easing resolve