Japanification

Since it adopted a zero-rate policy two decades ago, Japan’s central bank has gone on to snap up over 40% of the country’s government bond market, blowing its balance sheet out to more than 138% of gross domestic product.

The BOJ’s counterparts are determined to prevent any perception that they become little more than financing agencies for fiscal authorities.

Bloomberg 12 November 2020

https://www.bloomberg.com/news/articles/2020-11-12/covid-crisis-brings-regime-change-for-the-world-s-central-banks?srnd=economics-vp&sref=cKGdJXDM

How the Covid Crisis Calls for a Makeover at the Fed and ECB

Stephanie Flanders Bloomberg 10 november 2020

https://www.bloomberg.com/news/articles/2020-11-10/how-the-covid-crisis-calls-for-a-makeover-at-the-fed-and-ecb?sref=cKGdJXDM