18  retiring early.27 While this is reported as though it is troublesome, it consequently could lead to a reduction in the number of personnel contributing to the collection of more deposits than needed and in that of branches. I think that this would increase the productivity of the banking sector, and thus of Japan's economy as a whole.
In principle, that expectation would lower real interest rates without the central bank changing its inflation commitment, even if nominal interest rates were pinned at zero. It could also make it easier for people to make long-term economic decisions because they could anticipate that inflation misses would be reversed over time, reducing uncertainty about the future price level.