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The Bank of Japan was an innovator in terms of “unconventional” monetary policy. At the end of the 1990s, the BOJ introduced zero interest rate policy and quantitative easing (QE) policy long before other central banks.

But in response to the 2007-08 financial crisis, central bankers around the world have been playing “follow the leader” when it comes to monetary policy. For its part, the U.S. Federal Reserve has been suppressing interest rates ever closer to, and below, zero.

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