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2% inflation should not be focus of Japan's economic agenda

Key is to prevent further decline in potential growth rate and seek higher level

| Japan
Commuters in Tokyo's Marunouchi business district on Jan. 19: People have come to understand that deflation is not a root cause of Japan's low growth. (Photo by Yo Inoue)

Masaaki Shirakawa is a distinguished guest professor at Aoyama Gakuin University in Tokyo and served as governor of the Bank of Japan between April 2008 and March 2013.

Mainstream macroeconomics, especially as practiced in the U.S., has had an outsized influence on debate about the Japanese economy since 1990 and even the actual conduct of Japanese monetary policy.

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