Major central banks with heavily indebted governments will keep policy rates below realized inflation for long periods to protect growth and debt service, which keeps real rates negative, weakens their currencies against hard assets, and pushes savers toward gold and foreign assets.
forming · confidence 40 · Emerging (watchlist) · tracking since November 12, 2026 · updated November 12, 2026
BoJ board member Asada, who voted against both of this year's hikes, argued that the 1.25% policy rate is already within the neutral range even as Japanese producer prices rise 7.1%. A heavily indebted sovereign's central bank has an internal voice defending deeply negative real rates.
Supporting · November 12, 2026
Bank of Japan's Asada Argues Against an Early Rate Rise as Producer Prices Climb 7.1%
BoJ board member Asada, who voted against both of this year's hikes, argued that the 1.25% policy rate is already within the neutral range even as Japanese producer prices rise 7.1%. A heavily indebted sovereign's central bank has an internal voice defending deeply negative real rates.
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