"We calculate that the deflation risk is higher than ever," Macquarie Group economist Richard Jerram said in a report published today. "The Bank of Japan makes matters worse in its tolerance of deflation, both in comments from officials and in its policy framework, as this reinforces expectations that it will be allowed to persist."
http://www.guardian.co.uk/business/2009/mar/27/japan-economy-deflation-brink
I'm wondering if tolerance is the correct assessment, or if there is no more wiggle room?
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