2  Chart 3  Changes in JGB Yield Curve since the Introduction of QQE with a Negative Interest Rate 2.0  % April 3, 2013 (the day before the decision to introduce QQE) January 28, 2016 (the day before the decision to introduce QQE with a Negative Interest Rate)  1.5  July 27, 2016 (the bottom of 10-year JGB yields)  1.0  0.5  0.0  -0.5 0  year  Source: Bloomberg.
The world became a safer and more prosperous place to live – for a while. 1/3  BIS - Central bankers' speeches  Now, sadly, we are moving in the opposite direction, towards a new Cold War and a breakdown in international cooperation. Autocracies like Russia and China are forcibly challenging the rules-based international order.