This book is published in English that fully reveals why the Bank of Japan (BOJ) under Governor Haruhiko Kuroda has failed to end deflation. The BOJ’s monetary policy was based on the theories of reflationist economists such as Kikuo Iwata. This book shows that there is no theoretical basis or evidence for their claim. The book also reveals that consumer prices in Japan changed in tandem with import prices; consequently, in 2022, consumer prices rose by 4% due to the surge in import prices.