In the case of Japan, not only has the rate of change in the headline CPI been recently hovering around 0 percent, but also that of the core CPI (defined as all items less fresh food). However, the CPI (excluding fresh food and energy) has risen to 1.2 percent (Chart 1).
1 Large banks If we have learned anything from the present crisis, it is that systemic risk was very much built into our financial system. This situation was the outcome of a decades-long trend, during which traditional bank lending, trading, and other capital markets activities were increasingly integrated.