That said, the year-on-year rate of change in the CPI even in the euro area, where a risk of deflation has been most discussed, is plus 0.7 percent. That is still at a sufficiently high level compared with Japan’s CPI inflation rate of the past ten years or so.
5 - Gross stocks of foreign financial assets and liabilities (1) (sum of financial assets and liabilities in percent of GDP) 350 300 Industrial countries 250 200  Emerging countries  150 100 50 0 1980  1985  1990  1995  2000  2005  Source: IMF (Lane – Milesi-Ferretti database). (1) For each group, weighted average calculated using GDP weights.