Japan's New Central Bank Chief Just Said The 3 Magic Words That Could Turn Everything Around

Those who watch central banks and pay attention to monetary policy instantly know the significance of the phrase "whatever it takes."

Mario Draghi famously uttered the phrase last July 26, saying he would do "whatever it takes" to save the Eurozone.

That comment almost exactly marked the peak of Italian borrowing costs last year, and not long afterward, Draghi introduced the program whereby the ECB would backstop national sovereign debt in exchange for reform.

Anyway, now the big central bank that everyone is watching is the Bank of Japan, which is attempting to engineer an exit from the deflationary slump that's plagued the Japanese economy for decades.

Last week, new Prime Minister of Japan Shinzo Abe nominated Haruhiko Kuroda to be the next chief of the Bank of Japan.

Kuroda is making some comments tonight regarding his inflationary ambitions.

Bloomberg's Michael McDonough passes on the headlines.

*KURODA SAYS BOJ TO PURSUE MONETARY POLICY TO CONQUER DEFLATION -Bloomberg

— Michael McDonough (@M_McDonough) March 4, 2013

more: *KURODA SAYS HE WILL DO WHATEVER IT TAKES TO END DEFLATION -Bloomberg

— Michael McDonough (@M_McDonough) March 4, 2013

This is setting expectations very high for the Bank of Japan April 4 decision.(Kuroda's first at the helm)

— Michael McDonough (@M_McDonough) March 4, 2013

So Kuroda (as seen in the middle tweet) has now promised to do "whatever it takes" to end the economic/existential problem that's plagued Japan.

Japan should hope he's as successful as Draghi was.