The central banks of the large industrialized countries are heading in different directions. The U.S. Federal Reserve Bank terminated its quantitative easing program in 2014 and plans to further increase the federal funds rate beyond the current level of 0.66%. In contrast, the Bank of Japan continues buying 7.7 trillion yen ($68 billion) worth of assets per month. The BOJ's current target value for 10-year government bond yields is 0%; its key policy rate stands at -0.1%.
Why BOJ, ECB should follow the Fed's lead
Ultra-low interest rates have proven themselves to be ineffective