This paper employs a Keynesian perspective to explain why Japanese government bonds' (JGBs) nominal yields have been … bond yields. It shows that the low short-term interest rate, induced by the Bank of Japan's (BoJ) accommodative monetary …. These findings are relevant to ongoing policy debates in Japan and other advanced countries about government bond yields …

trade dispute. In the early 1990s, Japan faced sluggish economic growth and low inflation, as well as severe structural … operational independence and the lessons learnt from Japan's bubble experience, meanwhile, the Bank of Japan (BOJ) was granted … independence under the new 1997 Bank of Japan Act. Japan's economic problems starting from the 1980s also coincided with the period …

Nominal yields for Japanese government bonds (JGBs) have been remarkably low for several decades. Japanese government … elevated. However, this paper shows that the Bank of Japan's (BoJ) highly accommodative monetary policy is primarily … developments in Japan to the evolution of JGBs' long-term interest rates. …