The zero interest rate policies may discourage those companies to not go through that kind of severe phase. That has been one side effect of the zero-rate policy. Up until now, the positive effects have outweighed the bad. Some market watchers are worried that if Japan changes too abruptly it might send long-term bond rates and the yen soaring. A collapse in the dollar and outflow of capital from the U.S. is a frightful thought for the global economy.
People are worried about the effects of changing the current policy at a premature stage.
It seems to me that many people overemphasize the impact lifting the zero-rate policy would have on the U.S. market. The main channel through which the U.S. has imported foreign capital is from Europe. This is why the Euro has been weak. I don't think we should overemphasize the impact from changing our policy on the U.S. markets. This is my basic stance.