Japan's New Export: Deflation?

The Bank of Japan's plan to double the size of its balance sheet, with the aim of lifting its nation's inflation to 2%, appears to be having the precise opposite effect on the rest of the world.

By sending the value of the yen sharply lower, the Japanese central bank's money-printing scheme effectively has lifted the exchange rates of the currencies of its Asian neighbors and other competitors in the global export market. That's...