July 22, 2019  Bank of Japan  Overcoming Deflation: Japan's Experience and Challenges Ahead Speech at the 2019 Michel Camdessus Central Banking Lecture, International Monetary Fund  Haruhiko Kuroda Governor of the Bank of Japan  Introduction It is my great pleasure to have the opportunity today to give a speech in honor of Michel Camdessus.
In my speech today, I would like to share some thoughts on Japan's deflation that started from the late 1990s, when Mr. Camdessus served as the Managing Director of the International Monetary Fund (IMF). The inflation rate in Japan started to decline after the burst of the asset bubble in the early 1990s.