After the flood

摘要

On March 9th the Bank of Japan (BOJ) declared that the days of its ultra-loose monetary policy were over and that it was winding down its unorthodox practice, begun five years ago, of flooding the banking system with free money. This drastic measure, known as "quantitative easing" was designed to pull Japan out of deflation after the cutting of interest rates to nil had failed to do the trick.