In addition to the global dangers of the carry trade, the policy of ultra-low interest rates may also be bad for Japan. This is because ultra-low interest rates may hurt Japan’s households and lower consumption, and this effect may be larger than the benefit that a weak yen confers on Japan’s exports.
除套利交易对于全球金融的危害，超低的利率政策对于日本也许也是有害的。因为超低的利率会伤害日本家庭并且降低消费，而这一影响的坏处也许超出了弱势日元给日本的出口所带来的利益。