Francesco Saraceno | Is the last BoJ move a serious risk to blow credibility. If it failed to lift the inflation to the 2% target, how can it be credibly believed to overshoot it? Credibility was associated in the past three decades to changing incentives over time, and invoked to recommend rules over discretion. Today, eight years into the zero lower bound, we go back to a more intuitive definition of credibility: announcing an objective and not being able to attain it.