OECD backs fight against deflation


  • Business
  • Wednesday, 24 Apr 2013

TOKYO: The Organisation for Economic Cooperation and Develop-ment (OECD) yesterday backed Japan's bid to end years of deflation, but called on Tokyo to step up efforts to shrink its huge debt pile.

In an annual country report, the 34-member OECD described the new government's bid to reverse falling prices with huge stimulus measures as “most encouraging.”

Deflation has dragged on growth in the world's third-largest economy for at least 15 years with successive administrations unable to conquer the problem.

But critics say the policies of Prime Minister Shinzo Abe and his hand-picked Bank of Japan team could inflate the country's massive public debt, which at more than twice the size of the economy is the worst in the industrialised world.

“Ending 15 years of deflation is a priority,” the report said. “The new government's resolve ... is most encouraging.” AFP

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