Comparisons between the US today and Japan in the 1990s are misleading and could lead to the wrong conclusions for economic policy, Richard Fisher, the president of the Federal Reserve Bank of Dallas, has told the Financial Times.

Mr Fisher, an inflation hawk, said: “To say we are falling into the Japan trap, that we are like Japan was in the 1990s, is in my view very misleading. It would be a mistake for us to do now what we advised them to do back then.”