<p>Professor Shigeyuki Hattori launched his latest book, <i>Why the Bank of Japan Has Failed to Conquer Deflation in Japan</i>. The book offers a thorough critique of the Bank of Japan’s (BOJ) monetary policy under the Kuroda regime, examining why it has failed to overcome Japan’s persistent deflation and economic stagnation. Hattori challenges the Reflationist premise that price dynamics are primarily monetary in nature. He asserts that the BOJ’s quantitative and qualitative monetary easing (QQE) and Japanese-style inflation targeting lacked a coherent theoretical basis. He contends that this explains the BOJ’s chronic failure to achieve price stability. Drawing on Kalecki’s framework, Hattori instead emphasises that Japan’s consumer prices are predominantly shaped by production costs and import prices rather than monetary aggregates. This book review aims to elucidate Hattori’s arguments and evaluate his contributions to our understanding of price dynamics in Japan. It also considers how an evolutionary and institutional approach might enrich the analysis of Japan’s price dynamics further, including its contemporary inflationary environment.</p>