Central banks globally have spent years fruitlessly trying to awaken long-dormant inflation, and some analysts say it's time to stop trying.
Anemic inflation has become a bugaboo for global central banks, with frequent mentions in the meeting minutes.
It's been a speed bump in the U.S. Federal Reserve's path toward normalizing interest rates, with members voting at the July meeting to keep the current target rate in a 1 percent to 1.25 percent range.
Minutes from that July decision show some policymakers were pushing for caution on rate hikes due to low inflation. The Fed's target is for 2 percent inflation, and its preferred measure of inflation is at about 1.5 percent.
It's not limited to the U.S. by any stretch: Japan's colossal struggle to goad inflation to life has been a stalemate at best.
Since the Bank of Japan launched a massive quantitative easing program in 2013, the country has exited deflation. But even the September 2016, introduction of a "yield-curve control" policy, seen by markets as essentially a "whatever it takes" stance on boosting inflation, hasn't seemed to move the needle much.
Japan's core consumer price index, which includes oil products and excludes fresh food, rose 0.5 percent year-on-year in July, Reuters reported on Friday.
That compared with the BOJ's goal for inflation to meet or exceed its target of 2 percent "in a stable manner." It also was oddly jarring compared with Japan's economy growing a better-than-expected annualized 4 percent yearon-year in the April-to-June quarter.
Some analysts have said the persistently low inflation was a signal that central banks shouldn't be using inflation to guide monetary policy.
"If we've got growth at trend, which most places appear to have, if we've got the unemployment rate at full employment, which most places appear to have, then we shouldn't even worry about what inflation is doing," Rob Carnell, head of research for Asia at ING, said recently.
"This constant attempt to drive it higher and make it bigger, because it's not 2 percent is just wrong," he added, noting that quantitative easing was distorting markets.