Adaptability key to stability, says Shirakawa

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Masaaki Shirakawa, governor of the Bank of Japan, today (October 9) highlighted the importance of adaptability, when outlining the duties of central banks.

Speaking at the annual meeting of the IMF/World Bank Group, Shirakawa said providing a stable financial environment is the central bank's most important role. However, the specific elements used to construct this change over time, he said.

He used the ‘paradox of price stability' as an example. When price stability is achieved, he said, many

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