However, developments in real interest rates, which are a determinant of monetary policy effects, show that while short-term real interest rates in the United States declined significantly after the global financial crisis and remained in negative territory thereafter, those in Japan actually increased and stayed in positive territory.
BIS Review 37/2000  2  To appreciate the benefits of moving quickly to exploit the full potential of new technologies, we have only to look at the stellar performance of our next-door neighbour.