6  For details on foreign exchange rates mentioned in the arguments, see Ai Nakagawa and Yutaka Harada, “Kinyu Kanwa Seisaku, Tsuka Sensou, Koueki Joken (Monetary Easing Policy, Competitive Devaluation, and Terms of Trade),” The Keizai Seminar, December 2015-January 2016, Nippon Hyoron Sha Co. Ltd. (forthcoming; available only in Japanese). 7  Bank of Japan, Financial System Report, October 2015, charts III-1–29 and IV-2–2.
8  Paul Krugman, “Rate Rage in 1932,” The New York Times, September 22, 2015. BIS central bankers’ speeches  5  portfolio rebalancing effects in the broad sense of the term; namely, the effects of boosting stock prices and weakening the yen. 9 Chart 9 shows the BEI rates, which are calculated from the price of inflation-indexed JGBs, and real interest rates.