Consequently, what I would now like to talk about next is the growth potential of Japan’s economy. The rise and fall in the growth rate Let me start by considering Japan’s experience during the high-speed growth era. The average rate of economic growth from 1955 through 1973 was 9.3 percent.
This created the financial environment favourable for growth and jobs creation. There is absolutely no case for changing our definition of price stability. BIS Review 32/2007  1  According to the OECD both the ECB and the Fed should avoid a rise of interest rates because the inflation situation does not justify an increase.