(4) deflation. A closer examination of how Japan got into the Japanization state reveals that it is a combination of (a … actual real interest rate; (3) the nominal (policy) interest rate is zero; (4) deflation, i.e., negative inflation rate. As a … 1990. Since 2009, major advanced countries have shared conditions (1)-(3). Only Japan has experienced a prolonged period of …

The paper aims at explaining why the Bank of Japan has not adopted inflation targeting, despite calls for such a policy …. Disclosed minutes of the Monetary Policy Meetings of the Bank of Japan, after March 1998, as well as Speeches by its members … give clues to changing reasons against inflation targeting. Inflation targeting was not adopted in Japan in the early years …

Existing proposals to escape from a liquidity trap and deflation, including my Foolproof Way,' are discussed in the … conclude that the Foolproof Way is likely to work well for Japan, which is in a liquidity trap now, as well as for the euro …

of Japan's rhetoric was not helpful in fighting deflation, and the interest rate hike in August 2000 amid deflation was a …This paper reviews Japanese monetary policy over the last two decades with an emphasis on the experience of deflation … serious mistake. Deflation can be quite costly, and a key element in both preventing and escaping deflation is the management …

In this paper, I show that Japan will not be able to have a viable banking sector without stopping deflation. The … Services Agency (FSA), to make new loans to small and medium companies; and deflation-weakened borrowers. I expect that the …

Between 1992 and 2002, the Japanese Import Price Index registered a decline of almost 9 percent and Japan entered a … period of deflation. We show that much of the correlation between import prices and domestic prices was due to formula biases …

targeted-inflation regime and a deflation regime and fit it to data from the U.S. and Japan. For the U.S. we find that adverse … subsequently. In contrast, Japan has experienced a switch to the deflation regime in 1999 and remained there since then, except for … effect in the deflation regime (Japan) …