Nishizaki, Kenji; Watanabe, Tsutomu - Institute of Economic Research, Hitotsubashi University - 1999
The Japanese CPI inflation rates have been declining since the first quarter of 1991. The CPI inflation rates recorded negative values on the second and third quarters of 1995 and, since then, have been in the narrow range of zero and one percent. Near-zero inflation rates for about four years...