There are many factors – both at home and abroad – exerting downward pressure on prices in Japan: an increase in cheap imports from overseas, increased distribution efficiency mainly due to deregulation, and the consequent low-price strategies of firms as well as an increased preference among households for low prices.
Later, the FOMC noted that the pace of purchases was also data dependent, allowing the pace to be revised based on its assessment of progress toward its long-run objectives. 4  A key trigger for the crisis was the decline in housing prices, which began in 2006 and led to uncertainty about mortgage investments.