The world’s greatest bubble machine
… “Modern history knows of no other major economy holding short-term interest rates at, or near, zero for almost a decade. The BOJ has even gone further, adding additional yen to the financial system when zero rates failed to boost demand for credit. Only now are the side effects of that policy becoming clear. Aside from a chronically undervalued yen, ultra-low Japanese rates are exporting bubbles around the globe.”
http://www.bloomberg.com/apps/news?pid=20601039&sid=aF2mpScI1TOs&refer=home
It should be noted that the bubbles which the Bank of Japan has helped to instigate around the globe have experienced various incidents of busts, and these busts made the other central banks to jump on the reflation train as well, and sometimes with even greater gusto.Â