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Korekiyo Takahashi and Helicopter Money

Bank of Japan: a distant whirring sound
Helicopter money is more effective, so it’s bad news for bond holders

As well as disrupting the market, bidding ever higher prices for bonds renders more costly the ultimate, paradoxical denouement of the policy, when inflation finally arrives, causing yields to rise and bond prices to crash. 

Really credible stimulus should avoid this.

FT 18 July 2016

As the policy debate intensifies, investors might spare a thought for Korekiyo Takahashi, 
Bank of Japan governor from 1911 to 1913. 

The ghost of Takahashi haunts Abenomics
Edward Chancellor examines the similarities between Japan’s current economic situation and that of the 1930s

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