Slightly more than a decade ago, I spent many hours at the Bank of Japan talking with officials about the paradoxes of ultra low rates. At the time, BoJ officials faced intense pressure from politicians and markets to boost growth; so they were duly implementing quantitative easing or their zero interest rate policy.
就在10年多以前，我曾經花費過不少時間，在日本央行(BoJ)與官員們討論超低利率的悖論問題。當時，日本央行官員面臨著來自政界人士和市場的巨大壓力，要求他們推動經濟增長；于是，他們適時實施了量化寬松政策——即日本的零利率政策(Zirp)。
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