Overcoming deflation: Japan’s experience and challenges ahead

Haruhiko Kuroda explains how Japan’s long battle against deflation may offer insights for others

Haruhiko Kuroda
Haruhiko Kuroda at the 2019 Michel Camdessus Central Banking Lecture
Photo: Flickr/IMF

I would like to share some thoughts on Japan’s deflation that started from the late 1990s, when Michel Camdessus served as the managing director of the International Monetary Fund. The inflation rate in Japan started to decline after the burst of the asset bubble in the early 1990s. The economy fell into deflation in the late 1990s, in the sense of a sustained decline in prices, and this deflation persisted for about 15 years.

Such chronic deflation used to be regarded as a phenomenon unique to

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.