The purpose of this paper is to explore the spillover effects Japan's negative interest rate policy (NIRP) had on Asian … only had limited impacts on Japan's economy but also raised a serious concern about profitability of local financial … rate. In the analysis, we examine spillover effects on Asian stock markets. We find that Japan's long-term interest rate …

in developing Asia as a whole. However, the impacts vary dramatically by economy within developing Asia, reflecting their …