“…More detailed surveys of the monetary history in Japan can be found inDell'Ariccia et al (2018) andWynne and Zhang (2018a) among others.13 Standard unit root tests indicate that the level of the policy rate is not stationary, but the detrended level is stationary.14 We select twenty-five important trade partners of Japan from 187 countries based on import goods value data from the International Monetary Funds Directions of Trade Statistics. The countries (regions) that we include are: Australia, Canada, China, Denmark, Finland, France Germany, Hong Kong, Indonesia, Ireland, Italy, Korea, Malaysia, Mexico, Netherlands, Philippines, Singapore, South Africa, Spain, Sweden, Switzerland, Taiwan (Province of China), Thailand, the U.K. and the U.S.…”