Bloomberg Businessweek

Japan’s Latest Monetary Experiment

• The country that pioneered zero interest rates is being desperately inventive again

Japan, a nation often bound by tradition, has been wildly unconventional in its monetary policy. As the first major economy in the postwar era to grapple with deflation and a pronounced downshift in long-run growth, policymakers have had little choice but to get creative. The Bank of Japan was the first to take interest rates to zero and, when that didn’t work, pioneered quantitative easing in 2001. Now the central bank has again embarked on a daring experiment: driving certain interest rates higher.

After years of trying to spark economic growth by bringing down both

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