In my remarks today, I will raise  1  For more details, see the following. Ahearne, Alan, Joseph Gagnon, Jane Haltmaier, Steve Kamin, and others, “Preventing Deflation: Lessons from Japan’s Experience in the 1990s,” International Finance Discussion Papers, No. 729, Board of Governors of the Federal Reserve System, June 2002.
2  For the deleveraging process after the bursting of bubbles, see Masaaki Shirakawa, “Deleveraging and Growth: Is the Developed World Following Japan’s Long and Winding Road?,” Lecture at the London School of Economics and Political Science (Co-hosted by the Asia Research Centre and STICERD, LSE), January 10, 2012.