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The yen’s 22 percent gain against the U.S. dollar in the past year is another factor adding to deflationary pressure, suggesting the BOJ will have to maintain asset-buying stimulus that has supported prices of bonds commercial property.
“For the average person, low unemployment coupled with low inflation is the ultimate happiness,” said Toru Suehiro, the senior market economist at Mizuho Securities Co. in Tokyo. “We’re actually in a kind of sweet spot now, where we’re seeing the positives of deflation. But it’s not going to last forever.”
