Miyako Suda, a rate-setter at the Bank of Japan, said on Wednesday that the central bank was open to adopting more accommodative measures, in a speech to business leaders in Kofu, Japan.

Emphasising that policy measures would have to depend on the situation in markets at any time, she said Japan was in the grips of deflation, if a "textbook definition" of the term was taken.

"If prices fall further than expected, this could lead to consumers to delay consumption, which could cause corporate