Economics
How Japan (Eventually) Changed the World With Zero Rates
- Bank of Japan has been a trailblazer for the U.S. and Europe
- Quantitative easing is closing in on its 18-year anniversary
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Long before the U.S. and Europe embraced radical monetary policies last decade during the global financial crisis there was the Bank of Japan.
Twenty years ago this month -- back when the American economy was running hot under Federal Reserve Chairman Alan Greenspan and the euro was making its debut on the world stage -- the BOJ adopted zero interest rates, taking central banking into uncharted waters.