Central banks must remain on guard against the potential dangers of secular stagnation and low inflation as price rises driven by cost-push factors do not last long, Bank of Japan (BOJ) Deputy Governor Masazumi Wakatabe said on Monday.
Japan's economy was in deflation for a prolonged period, but sustainable monetary easing has "certainly had a positive effect" on the real economy, Wakatabe said, defending the BOJ's prolonged, ultra-loose monetary policy.
"The mild-inflation regime has not come to an end, and we should say that the potential dangers of secular stagnation and Japanification have not yet passed," he said in a speech delivered at Columbia University in New York. "Japanification" is a concept used among academic circles that points to Japan's experience with a long period of stagnation accompanied by deflation or low inflation from the late 1990s through the early 2000s.
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