TOKYO (AFX-ASIA) - Bank of Japan governor Masaru Hayami said the central bank cannot deal with deflation by monetary policy alone and needs help from fiscal policy and structural reform. "It is impossible to stop the current deflationary trend with monetary policy alone," Hayami told budget committee members. "Structural reforms and fiscal policy generate demand and are indispensable to halting deflation." He added that with short-term interest rates nearing zero, the market is already flooded with liquidity.