March 28, 2017 Bank of Japan  Lessons of Japan: Focusing on Issues regarding Long-Term Inflation Expectations Speech at Yale University in New Haven  Takehiro Sato Member of the Policy Board  Introduction First of all, I thank Senior Fellow Stephen Roach for giving me the opportunity to talk to this esteemed audience at Yale.
I understand that he teaches macroeconomic policy issues, focusing on the lessons Japan learned from deflation. The Bank of Japan is the frontrunner in combating deflation. As one of its board members, I hope that my remarks today will help stimulate academic discussion. Deflation has prevailed for almost a quarter century in Japan.