Macro-prudential policy should be used by supervisors to address the procyclical relationship between financial regulation and demographics, according to Kiyohiko Nishimura, a deputy governor of the Bank of Japan.
Nishimura believes demographic trends are a "key driver" in property price movement and told a conference in San Diego that during a "demographic bonus" - when a country's population possesses a large proportion of young workers - demand for property increases. As a result, financial r
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