Author: David Roche Bank of Japan governor Masaru Hayami missed a step when the bankruptcy of the Japanese retailer, Sogo, stopped him ending the zero interest-rate policy (ZIRP) at the BoJ’s July meeting. But he looks determined to end ZIRP within the next two months.
Zapping ZIRP will help the gathering pace of Japan’s waltz with reform. It would be great long-term news for Japan that the cost of capital is set to rise and that those (like Sogo) that don’t use it wisely will be allowed to go bust.
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