Japan's Struggle with Deflation and Global Inflation

Against a backdrop of deflation since the mid-1990s, Japan's economy has been in a slump. However, with the recent acceleration of global inflation, the value of the Japanese yen has been decreasing. This is partly due to Japan's recent monetary policy and expansionary fiscal policy, which have filled the GDP gap. As a result, the unintended effect of a beggar-thy-neighbor policy (where one country's economic and trade policies adversely affect its trade partners) has been generated. Japan's GDP has moderately expanded by an annualized 0.7% in January-March 2023. Therefore, there is concern that the upcoming series of anticipated tax increases may dampen the recovery trend in Japan's economy and become a significant public concern.

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