So as Julian Jessop, an economist at Standard Chartered, wrote in a salutory letter to the Financial Times, real (inflation-adjusted) yields are higher now than they were in 1981.

ECONOMIST: Buttonwood

Chief international economist at Capital Economics, Julian Jessop, said the rate cut would provide a "temporary boost to confidence", but warned there was still a lot more work to do.

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"People outside Japan are clearly viewing Shirakawa's track record negatively, " said Julian Jessop, chief global economist at Capital Economics, referring to the renewed interest in Japanese equities by foreign investors anticipating more easing under Mr. Kuroda.

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