Data shows that since 1990, our lowest inflation ever recorded was 5% during a brief period before the crisis, namely between Quarter III/1996 and Quarter II/1997, and then also between Quarter IV/2003 and Quarter I/2004. Meanwhile, our research shows that during the current post-crisis era inflation has remained persistently high at around 5% annually.
This year’s conference is titled “Monetary Policy: Lessons Learned and Challenges Ahead.” After my remarks, Mr. Ben Bernanke, former U.S. Fed Chair, will deliver the Mayekawa Lecture based on his experience as an academic researcher and a monetary policy maker. In the afternoon, Professor Mark Gertler, our Honorary Adviser to IMES, will give the keynote speech.