When the Bank of Japan raised interest rates, the move may have seemed distant or even irrelevant to many readers outside Asia. For decades, Japan has been synonymous with near-zero or negative interest rates, stagnant inflation, and unconventional monetary policy. That reputation made Japan an outlier among major economies, and global investors built strategies around the assumption that cheap Japanese money would last forever. The decision to raise rates challenges that ass

A systematic way to model situations where the outcome for each participant depends not only on their own actions but also on the actions of