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Former Bank of Japan Gov. Masaaki Shirakawa said he is witnessing a “Japanification” of monetary and fiscal policy in other countries and doubts that low interest rate and high debt strategies will work to solve economic problems.

“Sadly, we are now observing this type of Japanification outside Japan,” Shirakawa said at the Bund Summit in Shanghai on Sunday. “Policymakers and mainstream academics are still obsessed with a specter of deflation.”

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