Japan's ageing population will have deflationary effects, IMF paper finds

Bank of Japan

A working paper published today by the IMF highlights a number of ways in which the ageing of Japan's population could depress inflation – but concludes that "ambitious structural reforms and an aggressive monetary policy" can combat the deflationary effects.

In Is Japan's population aging deflationary?, Derek Anderson, Dennis Botman and Ben Hunt use the IMF's Global Integrated Fiscal and Monetary Model and find substantial deflationary pressures from ageing, mainly from declining growth and

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