The BoJ feels it´s incapable of generating inflation, but can easily generate deflation. The only things that can inflation up in Japan are consumption taxes, which impact headline and core prices and oil and commodity prices, which only impact headline inflation:
Mr. Kuroda managed to win a consensus within the nine-member board for his aggressive measures at his first meeting in early April. But there has been continued controversy over his insistence he can break 15 years of deflation and turn the current 0.4% annual fall in prices into a 2% rise.
Many private-sector economists who applaud the BOJ’s actions still contend the goal is unreachable, and such doubts have also emerged on Mr. Kuroda’s own board.
And on the other side of the world, in the US, the Fed is very much afraid their “extreme easing” will soon let the inflation genie out of the bottle. So much so that despite inflation below target and falling, the Fed has indicated ‘enough is enough’!