Avoid Tokyo's mistakes to combat deflation: Ito

Takatoshi Ito, a prominent economist, has urged global monetary authorities to learn from Japan's errors in order to successfully stave off a nasty bout of deflation.

"Determination and communication of a do-everything attitude to avoid a prolonged deflation is critically important," Ito, a former senior adviser in the International Monetary Fund's research unit now a professor at the University of Tokyo, said.

The academic warned that central banks had to cut rates to zero hastily once it

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