, Columnist
How We All Turned Japanese, a Tale of Global Hubris
The BOJ’s radical monetary policy is marking its 20-year anniversary. Raise a glass to the experiment replicated around the world.
Three’s company.
Photographer: David Paul Morris/Bloomberg Intelligence
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Marking the 20th anniversary of zero interest rates in Japan ought to be an exercise in humility.
Like the eldest child of a large family, the Bank of Japan was on its own for a while. Those that followed — the Federal Reserve and European Central Bank, to name but two — had it a bit easier. Some policy makers have acknowledged being too hard on Japan during its solo run. Former Fed chairman Ben Bernanke came away from his turn in the barrel more sympathetic.