McKinnon, Ronald; Liu, Zhao - East Asian Bureau of Economic Research (EABER) - 2013
. Japan succumbed to this bashing, and the yen appreciated too much in 1985, with the result that Japan fell into a zero …-interest liquidity trap and economic stagnation for almost two decades. However, in 2013, through massive quantitative easing by the Bank … of Japan (BOJ), the yen depreciated about 25% against the dollar, stoking fears of a return to Japan bashing by the US …