The US, in an effort to prevent deflation and stem rising unemployment, initiated a massive QE program, with the United Kingdom following suit. At first, the Bank of Japan hesitated to adjust its monetary policy accordingly, allowing the yen to appreciate – a decision that drove the country’s long-stagnant economy into recession.
这正是全球经济危机后发生的情况。美国为了阻止通缩和失业恶化，推出了大规模量化宽松计划，英国则紧跟着美国的步伐。一开始，日本银行对于据此调整货币政策显得相当犹豫，坐视日元升值——这一决定导致日本长期停滞的经济陷入了衰退。