In a nutshell, the United States has been  2  BIS Review 38/2008  running a very sizable current account deficit for a number of years, while most of the rest of the world – especially Asia and oil-exporting countries – has been running current account surpluses.
I am greatly honored to have the opportunity today to speak at the Economic Club of New York. In April last year, the Bank of Japan introduced quantitative and qualitative monetary easing, dubbed QQE. One and a half years have passed since then, and QQE has been producing its intended effects.