Even in the face of a Great Depression, a World War, a Cold War, recessions, oil shocks, inflation and unemployment, Congress never sought to require the purchase of wheat or war bonds, force a higher savings rate or greater consumption of American goods, or require every American to purchase a more fuel efficient vehicle.

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Apologists for and at the Fed add on that the purpose of low rates is to force investors out of low-yielding bonds into stocks that supposedly offer higher returns.

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One big question also hanging over the market is whether the BOJ can succeed in pushing down yields in its bid to force banks out of the safety of government bonds and back into the business of lending money.

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The hope is that by taking a chunk of safe securities off the market, QE will force investors into riskier corporate bonds and stocks, which in turn will nudge big businesses to spend more.

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According to the Journal, the difficulty of obtaining loan files has been a big obstacle for investors trying to force issuers to repurchase bonds.

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