Debt markets Time to recalculate

The end is nigh for the financial world as we know it. The Bank of Japan is getting ready to join the US Federal Reserve Board and the European Central Bank in pushing rates up. It may take a few months for the BoJ to move, but it is not too early to draft an obituary for the era of effectively unlimited credit creation. Zero rates in Japan have been a near-constant feature in world finance since 1999. They have been an important weapon in the painfully slow recovery from 1980s speculation. But...