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BOJ's Kuroda channels Draghi with 'whatever it takes' vow

Japan's central bank follows Fed playbook with bond buys and small-business aid

BOJ Kuroda
The Bank of Japan seeks to help small businesses squeezed by the coronavirus outbreak.   © Reuters

TOKYO -- On Monday, Bank of Japan Gov. Haruhiko Kuroda pledged to do "whatever it takes" to prevent an economic crisis.

This line echoed a famous 2012 speech by Mario Draghi, then president of the European Central Bank, at the height of the European Union's sovereign debt crisis. His promise to do everything in the central bank's power to save the euro -- followed by bold monetary policy measures -- came to be seen as a turning point, calming jittery markets and ultimately helping to preserve the common currency.

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