In the long arc of Japan's struggle with deflation and stagnation, the Bank of Japan's decision to hold rates at 1% marks not an ending but a threshold — a moment where the central bank stands at the edge of a new inflationary era it has long sought but now must carefully manage. With eight of nine board members choosing patience over urgency, and core inflation projected to breach the 2% target by autumn, the institution finds itself navigating the rare and delicate passage from too little price growth to too much. The question now is not whether Japan's monetary conditions will tighten, but