Bank of Japan paper examines reasons behind chronic deflation

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A working paper published by the Bank of Japan today (July 31) summarises the findings of a joint Bank of Japan and University of Tokyo conference on the causes of deflation in Japan since the 1990s.

The authors, Kenji Nishizaki, Toshitaka Sekine and Yoichi Ueno, present statistics that show Japanese CPI inflation averaged 0% from 1996–2000, –0.4% from 2001–05 and 0% from 2006–09. The paper finds this was caused by a number of factors, including a liquidity trap, persistently low inflation

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