Authors
Steve HankeJohn Greenwood
Outlet
Fortune Magazine
Type
Op-ed
Date published
July 20, 2026
Countries/regions
Japan
Topic
Monetary Policy
Permalink
Last edited time
Aug 5, 2026 6:04 AM
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Japan's Monetary Conundrum — Why the Yen Hit a 40-Year Low as Interest Rates Hit a 31-Year High
Authors: Steve H. Hanke and John Greenwood
Outlet: Fortune
Date: July 20, 2026
Hanke and Greenwood examine Japan's monetary paradox: why the yen fell to a 40-year low even as the Bank of Japan raised interest rates to a 31-year high. The authors argue that conventional interest-rate-focused analysis misses the deeper monetary story — anemic money supply growth — that explains both Japan's persistent deflation and the yen's continued weakness.
Full Citation:
"Japan's monetary conundrum — why the yen hit a 40-year low as interest rates hit a 31-year high," Fortune, July 20, 2026 (with John Greenwood).