After two negative quarters in a row, Japan is now officially in recession. In the last two quarters, the economy shrank by 0.4% and 0.1% respectively, putting it in fourth place behind the USA, China and Germany among the largest economies. The Japanese central bank also finds itself in a difficult situation. it has to keep interest rates low by controlling the yield curve while at the same time defending the yen as one of the most important currencies in the global economy, which is a contradiction in terms.