For example, the Federal Reserve Board announced in its FOMC statement in August that “policy accommodation can be maintained for a considerable period.” Japan is suffering from deflation, a worse problem than disinflation. This makes a stronger case for the Bank to continue implementing an easy monetary policy, compared to other central banks. III.
4  BIS Review 7/2007  In addition, we offer the possibility of setting up a new type of operating house in towns with no branches already opened to perform various transactions. This enables a more efficient management of variable costs to reach areas that are farthest away from the major cities and beyond the financial system’s coverage.