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When Japanese interest rates first fell towards zero, the Japanese government yield curve steepened sharply as it was assumed temporary, and that interest rates and bond yields would rapidly “normalise” or mean revert at levels more typical of the 1980s and ’90s. With about a 20-year lag, the Eurozone now appears to be experiencing the same phenomenon, and has met similar policy responses.
ECB President Draghi recently stated his concerns about the slowdown in the Eurozone economy and noted that the ECB still has plenty of scope to expand its QE asset purchase program (Sintra, Portugal, June 19) if required.