surrender and foreign occupation of their place as unthinkable. While in the late 1900s, this mentality was responsible with the rapid conversion from a primitive, feudal nation to a modern industrial economy.This perseverance has driven efforts by the authorities and central lender to resurrect the economy for two decades, but with small success. Instead, these attempts have set up Japan for just a slow-motion train wreck, characterized by leaping interest rates on government debt and a collapsing yen.The Bank of Japan helped pop the 1980s housing and stock bubbles by raising interest rates commencing May possibly 31, 1989. After the bubbles burst, the central bank slashed its reference overnight rate to zero and has kept it close to that degree ever because. That pumped money into the economy, to no avail. In almost any scenario, whether or not nominal rates are zero, borrowers are discouraged by positive real rates in periods of deflation. And zero is ordinarily as small as central banks can go, though the U.S. Treasury is considering issuing