The Bank of Japan allowed deflation to develop when it held policy too tight, partly because it was worried about another asset-price bubble.

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No model in the world can prevent a financial bubble if monetary policy is too lax, or a recession if it is too tight.

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The IMF said there was an increasing risk of a property bubble due to an abundance of global liquidity, record-low interest rates and an unusually tight supply of new housing in Hong Kong.

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