Subprime limited Japanese monetary expansion

The Bank of Japan could have hiked rates if the United States subprime market had not crashed, said Yasuhisa Shiozaki, the chief cabinet secretary under Shinzo Abe, the former prime minister who resigned in September.

"These days, the whole world is like one big market," Shiozaki, a former central bank official, told Bloomberg. "In light of the economic conditions in the United States and Europe, we are at a very delicate point."

"The Bank of Japan should conduct policy by ensuring stable grow

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