its reference overnight rate to zero and has kept it close to that degree ever since. That pumped money into the economy, to no avail. In any situation, whether or not nominal rates are zero, borrowers are discouraged by positive serious rates in periods of deflation. And zero is usually as low as central banks can go, even though the U.S. Treasury is looking at issuing bills at premiums using the resulting negative returns. Japan financial process remains inside the classic liquidity trap in which no interest rate is lower enough to encourage scared borrowers to borrow or reluctant lenders to lend.Substantial quantitative easing by the BOJ through purchases of government bonds didn help a lot, either. Nor did the 3 per cent annual maximize in M2 money supply over the previous two decades. And so much, the central lender attempts to promote borrowing haven worked: The trend due to the fact the mid-1990s has been to repay loans that weren written off. Nevertheless, competitive

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