BoJ Governor Shirakawa: Past QE had little impact on economy

The Governor of the BoJ is appearing before the lower house financial affairs committee. He goes on to say that core inflation in the US is declining despite the Fed’s expansionary policy.

With the ‘sayonara deflation’ bill to appear before the house in the next few months, the Governor seems to be saying that further QE will have no impact. I’m not sure that the politicians are willing to listen to this argument.