Japan’s ineffective efforts at monetary easing


Declining trends in long-term interest rates are a global phenomenon that has been observed in many advanced economies, including Japan, the US and Europe, since the 1990s. Major central banks increasingly paid attention to these movements, especially after the global financial crisis. This reflects their concerns about declining potential economic growth – long-run growth prospects – and weaker-than-expected inflation performance.

Currently, economic growth is picking up in these economies. On

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