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As widely expected, the Bank of Japan kept intact its April commitment to double base money via asset purchases to meet its target of lifting inflation to 2 percent in roughly two years.
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This could lift inflation, some analysts say.
What about evidence for the notion that the Fed could lift inflation if it wanted to?
Even a modestly effective new round of QE should quickly lift inflation expectations back to target.
Mr. Kuroda has maintained that the new monetary settings would be enough to lift inflation to 2percentt by about mid-2015.
Whatever he does, the in-fighting on the council does not bode well for the ECB's ability to lift inflation.
In a 2013 paper Federal Reserve economists estimated a stable unemployment-wage rule for America: every percentage-point reduction in unemployment should lift inflation by 0.3% over the next year.
These policies produced temporary improvements in the economy by the end of 1972, but, once price and wage controls were lifted, inflation returned with a vengeance, reaching 8.8 percent in 1973 and 12.2 percent in 1974.
Market expectations of a further delay in the European Central Bank's first post-crisis rate hike have created the financial stimulus needed to lift inflation, ECB Chief Economist Peter Praet said on Friday.
Jean-Michel Six, Standard & Poor's chief economist for Europe, said: "As emerging market currencies have declined, the euro has begun to appreciate again, complicating the ECB's QE programme, meant to jumpstart eurozone growth and lift inflation expectations.
The usual worry that a falling currency will lift inflation is also lessened, because America still has ample spare capacity and its inflation rate (1.3% on its core measure, excluding energy and food) is, if anything, too low the Fed would welcome a modest rise.
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CEO of Professional Science Editing for Scientists @ prosciediting.com