The unemployment rate in the euro area stands at 11.8 percent, and in the United States, despite coming down from its peak, the rate is at 7.8 percent. In the case of Japan, the unemployment rate had risen only modestly, and is relatively low compared with  BIS central bankers’ speeches  1  Europe or the United States, standing at 4.1 percent.
On the other hand, inflation in Japan is low, and the year-on-year rate of change in the consumer price index (CPI) is around 0 percent. Japan has not shaken off deflation.