Pedestrians holding umbrellas walk past the Bank of Japan (BOJ) headquarters in Tokyo, Japan, on Thursday, April 28, 2016. The BOJ held off on expanding monetary stimulus at its monthly meeting in April, as Governor Haruhiko Kuroda and his colleagues opted to take more time to assess the impact of negative interest rates. Photographer: Bloomberg Pedestrians holding umbrellas walk past the Bank of Japan (BOJ) headquarters in Tokyo, Japan, on Thursday, April 28, 2016. The BOJ held off on expanding monetary stimulus at its monthly meeting in April, as Governor Haruhiko Kuroda and his colleagues opted to take more time to assess the impact of negative interest rates. Photographer: Bloomberg
Pedestrians holding umbrellas walk past the Bank of Japan (BOJ) headquarters in Tokyo, Japan, on Thursday, April 28, 2016. The BOJ held off on expanding monetary stimulus at its monthly meeting in April, as Governor Haruhiko Kuroda and his colleagues opted to take more time to assess the impact of negative interest rates. Photographer: Bloomberg
Nicholas Spiro
Opinion

Opinion

Macroscope by Nicholas Spiro

Negative interest rates are causing a major problem in the global economy

The unintended consequences of sub-zero and ultra-low rates are eclipsing the supposed benefits

Pedestrians holding umbrellas walk past the Bank of Japan (BOJ) headquarters in Tokyo, Japan, on Thursday, April 28, 2016. The BOJ held off on expanding monetary stimulus at its monthly meeting in April, as Governor Haruhiko Kuroda and his colleagues opted to take more time to assess the impact of negative interest rates. Photographer: Bloomberg Pedestrians holding umbrellas walk past the Bank of Japan (BOJ) headquarters in Tokyo, Japan, on Thursday, April 28, 2016. The BOJ held off on expanding monetary stimulus at its monthly meeting in April, as Governor Haruhiko Kuroda and his colleagues opted to take more time to assess the impact of negative interest rates. Photographer: Bloomberg
Pedestrians holding umbrellas walk past the Bank of Japan (BOJ) headquarters in Tokyo, Japan, on Thursday, April 28, 2016. The BOJ held off on expanding monetary stimulus at its monthly meeting in April, as Governor Haruhiko Kuroda and his colleagues opted to take more time to assess the impact of negative interest rates. Photographer: Bloomberg
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Nicholas Spiro

Nicholas Spiro

Nicholas Spiro is a partner at Lauressa Advisory, a specialist London-based real estate and macroeconomic advisory firm. He is an expert on advanced and emerging economies and a regular commentator on financial and macro-political developments.