It is fair to say that each of us as financial practitioners, especially those in leading positions, must take this issue seriously. Not long ago, I published an article entitled “Push forward the construction of a harmonious socialist society through developing a financial system for the disadvantaged”.
Furthermore, the decline in wages and the appreciation of the yen since autumn 1998 are likely to continue exerting downward pressure on prices. Hence, prices are expected to remain on a downtrend. 1  This report was written based on data and information available when the Bank of Japan Monetary Policy Meeting was held on February 12, 1999.