2016-03-07 — bloombergview.com
... the central bank is undercutting the very goals it's trying to achieve. By wiping out returns to investors on safe investments like government bonds -- the yield curve on them is as flat as a pancake -- the BOJ is straining the incomes of savers and dampening the consumption that might help the economy revive. If debt pressures finally do push the government to hike taxes again, spending will take another hit.
... for policymakers just about everywhere, Japan should be a warning that monetary policy has its limits and their attempts to influence prices are no substitute for real economic reform aimed at lifting potential growth. Let's not forget, after all, those old supply-and-demand charts.
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