Evolution of monetary policy since the global financial crisis Let us now set the clock forward to 2008. Suffering a severe economic downturn triggered by the collapse of Lehman Brothers that year, central banks in major economies successively embarked on the introduction of unconventional monetary policies.
At the outset, the Bank of Japan’s policies, such as the zero interest rate policy and the quantitative easing policy, drew attention and often were referred to by other economies. However, as the economic downturn persisted in many economies, central banks started to accumulate their own experiences, which then allowed them to learn from each other.