Mohamed A. El-Erian , Columnist

Lessons From Japan's Experiment With Negative Rates

Central banks should beware the unintended consequences of unconventional policies.

April 13, 2016 at 6:00 AM UTC

Mohamed A. El-Erian is a Bloomberg Opinion columnist. A former chief executive officer of Pimco, he is president of Queens’ College, Cambridge; chief economic adviser at Allianz SE; and chair of Gramercy Fund Management. He is author of “The Only Game in Town.”

No more arrows.
Photographer: Kazuhiro Nogi/AFP/Getty Images

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Japan’s economic and financial malaise once was thought to have little relevance for other advanced economies. Respected Western economists and policy makers even argued that “Japan couldn’t happen here.” But developments in recent years have led to a more humble attitude that recognizes the importance of understanding Japan’s experience, past and present.

Abenomics