11  Overcoming Deflation: Japan's Experience and Challenges Ahead Speech at the 2019 Michel Camdessus Central Banking Lecture, International Monetary Fund  July 22, 2019 Haruhiko Kuroda Governor of the Bank of Japan  Introduction I. Chronic Deflation, and Quantitative and Qualitative Monetary Easing (QQE) II. Lessons Learned from Japan's Experience and Challenges Ahead Conclusion  Chart 1  I.
Chronic Deflation and QQE  Consumer Prices y/y % chg.  4  Introduction of QQE  3  2  1  0  -1 CPI (all items less fresh food) -2 CPI (all items less fresh food and energy) -3 CY 85  90  95  00  05  10  15  Note: Figures are adjusted for changes in the consumption tax rate.