The Wrong Diagnosis For Japan

How the Bank of Japan is administering the wrong cure

NICHOLAS WALL, PORTFOLIO MANAGER, OLD MUTUAL GLOBAL STRATEGIC BOND FUND
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Central bankers find themselves today in an unenviable position. They have succeeded in bringing real interest rates down to historical lows, but struggled to spur demand for loans. They have been hung out to dry by fiscal policymakers, who lack either the political will or capital to engage in expansionary policy. And the negative unintended (or accepted) consequences of their policies are rising and helping to fuel a populist backlash in much of the developed world.

It was against...

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