Why the Bank of Japan needs to regain trust

Japan remains in deflation. Fortunately, the deflation spiral of the 1995 - 2003 period is gone, but changes of the core consumer price index (CPI) remain stubbornly below zero. For example, the standard Japanese "core" CPI, which excludes only the volatile fresh food component, has since been consistently negative since February 2007 - after a brief stint in positive territory. The CPI excluding food and energy has been consistently negative since September 1998, with the exception of only six

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