The Bank's Monetary Policy under Deflation Japan's economy had been suffering from deflation for more than 15 years, since the late 1990s, with the year-on-year rate of change in the CPI being about zero or slightly negative. Of course, the Bank did not merely stand by during that period.
Bigtech players are leveraging their existing digital platforms with large customer bases to enter new markets. For instance, the dominant force in e-commerce in Germany has, for a long time now, been Amazon – which also offers a payment service of its own.