EDITORIAL: Near-zero interest rates.

Almost a year has gone by since the Bank of Japan implemented an unprecedented policy of maintaining interests rates at levels near zero. Ultra-low interest rates have provided financial institutions with breathing room and allowed the economy to rebound and prices to stabilize.

The public, on the other hand, has grown accustomed to savings accounts that pay almost no interest. As a result, they no longer seem to find the energy to complain.

Determining the appropriate level for the interest rate is extremely difficult, of course. There are no clear-cut standards, though a rate which falls somewhere between 3 percent and 6 percent has traditionally been …