JAPAN - Bank of Japan deputy governor Yutaka Yamaguchi has taken issue with the US Federal Reserve and academic critics who have argued in recent months that Japan's weak growth and deflation were made worse by erroneous central bank policies. Yamaguchi defended the Bank of Japan's policies adopting the same argument that Alan Greenspan had expressed earlier in the day, that it was impossible for central banks to deflate stocks without raising rates to recession inducing levels.

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