Shirakawa flags limits of monetary policy

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Easy monetary policy is needed to spur growth after asset price bubbles burst, but it alone cannot spark a fully-fledged recovery, Masaaki Shirakawa, the governor of the Bank of Japan, on Sunday warned.

Speaking at the Institute for International Finance's annual meeting in Washington D.C., Shirakawa said: "Structural reform is indispensable. And it cannot be denied that such easy monetary conditions are likely to contribute to the emergence of another bubble." Prolonged low interest rates in th

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