Bank of Israel Governor Stanley Fischer endorsed Japan’s efforts to end 15 years of deflation and suggested that other nations should refrain from criticizing the world’s third-largest economy.
“Japan being as sick as it was for as long as it was, you’ve got to cut them slack in allowing themselves to work their way out of this situation,” Fischer said in an interview in Washington with Bloomberg Television yesterday.
Fischer joined a growing number of policy makers expressing approval for steps by Japan’s central bank to revive its economy. International Monetary Fund Managing Director Christine Lagarde yesterday said the country has “clearly innovated,” while European Union Economic and Monetary Affairs Commissioner Olli Rehn said “very forcible policy action” is understandable.
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