FILE PHOTO: A man wearing a protective mask walks past the headquarters of the Bank of Japan amid the coronavirus disease outbreak in Tokyo, Japan, May 22, 2020. REUTERS/Kim Kyung-Hoon/File Photo
Some BOJ executives were against the scheme, which defied the central bank’s tradition of being “a lender not a spender,” according to three sources with direct knowledge of the matter. The policy was unpopular from the outset. Just eight months after its launch in 2016, the BOJ was forced to set a target for 10-year bond yields to avoid excessive falls in long-term rates.
Of nearly 70 trillion yen in reserves, around 50 trillion yen could be targeted for the 0.1% interest for up to three years, according to Dai-ichi Life Research Institute.
Ultra low interest rates helped to kill Japan's economy and keep it down for decades. Look for socialist team Biden to do the same to the US.
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