The slope of the yield curve can be measured in varying ways but is conventionally thought of as the long-term government bond rate minus the short-term government bond rate.

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Even near-zero short-term rates and 10-year government bond yields of about 1% do not deter those who lust for the yen.

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If a big increase in government borrowing pushes up bond yields, it will undermine cuts in short-term rates.

ECONOMIST: Interest rates