Kiyohiko G Nishimura: This time may truly be different – balance sheet adjustment under population ageing Speech by Mr Kiyohiko G Nishimura, Deputy Governor of the Bank of Japan, at the 2011 American Economic Association Annual Meeting, panel “The Future of Monetary Policy”, Denver, 7 January 2011. * 1.
*  *  Introduction: population ageing  This panel’s topic “The Future of Monetary Policy” is doubly opportune. Firstly, more than two years have past since the immediate fallout of the Lehman Brothers’ collapse, giving us time both to look back and to look forward.