US experience so similar to ours: Japan deputy

The current situation in the United States bears a "remarkable resemblance" to Japan's lost decade, Kiyohiko Nishimura, a deputy governor at the Bank of Japan, has said.

Speaking at a Federal Reserve conference in Chicago on Friday, Nishimura noted that both the development of and the policy response to both Japan's and America's financial crises were very similar.

"In both countries the problem had its root cause in the housing markets," Nishimura said. "We then saw an adverse feedback loop