Gary North

Feb. 10, 2010

This chart is published by the Federal Reserve Bank of St. Louis. It shows that the year-to-year movemant of consumer prices in Japan has been in the 1% range for over 15 years. In some years it rose. In some years it fell. Not until the recession of 2009 did prices fall by as much as 2%.

This has not been secular price deflation. All talk to the contrary is misleading.

http://research.stlouisfed.org/publications/iet/japan/page4.pdf