Under these circumstances, Japan’s experience of fighting prolonged deflation should provide a valuable case study for the central banks of other advanced economies in finding appropriate monetary policy responses. Throughout their long history, central banks around the world have overcome various difficulties by learning from each other’s experience and coming up with innovative solutions.
July  Jan. 20  Jul. July  Jan. 21  -2 CY 14 15 16 17 18 19 20 21  Notes: 1. In the middle chart, figures for manufacturing are the "Indices of Industrial Production" and those for other sectors are the "Indices of Tertiary Industry Activity."