When the press talk about ‘historically’ low interest rates, they mean it. Have a look at this summary: –
When you devalue money to this extent it’s likely to be put to bad use. People lose the sense that more is hard to come by and when it washes freely everywhere it loses it’s scarcity and therefore impact. We need to move away from near zero or negative interest rates to reestablish a more sensible view of the value of money.
I’m surprised that little has been learnt from Japan, then again I’m not!