Until recently, it appears that the zero interest rate policy and quantitative easing have been considered a special case for Japan, a country suffering from deflation. However, there are now several countries whose policy interest rates are approaching zero. For example, the short-term policy rate is 1 percent in the United States and zero to 0.75 percent in Switzerland.
Needless to say, the media’s role will, on the whole, tend to be negative in this channel. The third type is marked by the ‘survey effect’. It is not uncommon for the media to undertake opinion polls or surveys and these could have methodological and other problems in terms of reflecting the true picture.