Looking at developments in long- and short-term interest rates, the yield curve for Japanese government bonds (JGBs) has been formed smoothly and stably in line with the guideline for market operations -- in which the short-term policy interest rate is set at minus 0.1 percent and the target level of 10-year JGB yields at around 0 percent (Chart 1).
All the areas of physical infrastructure involve the management of large systems: airports, ports, railways, telecommunications and the like. All of them also have in common the possibility of at least part delivery of the private sector. As discussed, cities, education systems, health systems, hospitals, are also all large public service systems that are in dire need of efficient and innovative management.