Most people would accept that the relevant interest rate here should be a real interest rate — some nominal interest rate adjusted for the ex-ante expected inflation rate of the person making the decision. (rba.gov.au)
The first one shows the 5 - year «breakeven» or expected inflation rate. (alt-m.org)
Japan, especially, has struggled for an extended period and also has a lower than expected inflation rate. (pnc.com)