Leading to a protracted slump, the price level decline in Japan was nevertheless considerably weaker than the fall in prices in most countries during the Great Depression. Falling below zero in 1995, the inflation rate remained negative, until 2005, averaging 0.1% p.a.. On the other hand, overall production did not suffer as much during this period.
Allow me also to commend the 12 thrift banks that are offering PESONet payment transactions and the eight thrift banks offering the InstaPay platform for sending and receiving payment services and the four thrift banks that provide receiving payment services. You are among the movers under the Digital Payments Transformation Roadmap.