Japan crossed a financial Rubicon yesterday as the country sold new 10-year bonds with a yield below zero at a government auction.
The sale is the latest sign of a worldwide collapse in borrowing costs which has upended assumptions about the workings of financial markets, as policymakers take ever more drastic steps to stimulate economic growth.
It also highlights the challenge of retaining support for unconventional central bank measures, with Shinzo Abe, the prime minister, struggling to maintain momentum behind his “Abenomics” growth policies.
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