Understanding Real Rates. The Case of Japan
(2002)
Summary: Japanese monetary policy has been extraordinarily tight for the past decade. Japanese real interest rates—measured properly as the difference between the total return on a financial asset, such as a bond, and a tangible asset, such as a house—have been the highest in the world for the past decade and quite possibly the highest for such an extended period in recorded history. Until they get this right, there is no hope for a turnaround in Japan.You can download a PDF file of the report by clicking on the image below or by clicking the following link. Download.
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