In Japan, inflation has been a major concern for many years. According to data from the Bank of Japan, consumer price inflation was 0.5% year-on-year in February 2021, down from 1% year-on-year in January 2021 and 1.6% year-on-year at its peak back in December 2019. This indicates that inflation remains relatively low compared to other countries such as the United States where consumer price inflation was 2% year-on-year at its peak back in December 2020 according to data from the US Bureau of Labor Statistics. The Japanese government has taken several steps over recent years designed to address both deflationary pressures stemming from global trade wars as well as weak domestic demand which have kept consumer price inflation low since 2018. These measures include increasing public spending via fiscal stimulus packages, cutting taxes, increasing liquidity injections into financial markets, expanding access to credit through loan programs, providing subsidies for businesses and encouraging investment into new technologies like artificial intelligence (AI).