"... Central banks around the world first reacted to the economic downturn caused by the financial turmoil by aggressively cutting interest rates. As a result, policy rates in the main advanced economies range currently between zero and 1%, leaving little to no room for additional cuts to accommodate any further negative shocks (Graph III.1). In real terms, rates are around zero in the euro area and negative in the United Kingdom and the United States. In Japan, by contrast, mild deflation has pushed real rates just above zero again..."
From the BIS annual report