MANILA (Kyodo) Asian Development Bank President Haruhiko Kuroda has expressed concern about Japan’s deflation at a time when other Asian economies are recovering ahead of the United States and Europe.
“The problem is that Japan alone is plagued by deflation, which leads people to defer consumption,” Kuroda said in a recent interview before the ADB’s annual general meeting in Uzbekistan in May.
He also said Japan should restore fiscal health in order to maintain social security for its rapidly aging population.
Kuroda, a former Japanese vice finance minister for international affairs, said Asian economies are likely to record higher economic growth in 2010 than in 2008.
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