BOJ's next challenge will be to pull back from stocks and bonds

Curtailing of purchases and paring of portfolio risk driving market turmoil

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There is nothing healthy about a central bank owning stocks equal to Singapore's GDP. (Photo by Nikkei)

William Pesek is an award-winning Tokyo-based journalist and author of "Japanization: What the World Can Learn from Japan's Lost Decades."

Gov. Kazuo Ueda could be excused for feeling a touch disrespected after global investors last week largely shrugged off the Bank of Japan's first policy tightening in 17 years.

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