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A decade later, BOJ still searching for deflation's cure

Minutes from 2007 board meeting reveal wildly divergent views on inflation

Former BOJ Gov. Toshihiko Fukui, left, and current BOJ Gov. Haruhiko Kuroda.

TOKYO -- Newly released Bank of Japan policy board minutes spanning the first half of 2007 show a central bank in a strikingly similar economic environment arriving at a rate hike in a decision all but unthinkable today.

At a February 2007 meeting, the BOJ committed to its second rate tightening in seven months. Though prices were largely flat at the time, the national economy was in the midst of a five-year recovery -- the longest in postwar history.

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