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Bank of Korea's rate hike warning is both wise and instructive

Capping the froth is more about encouraging badly needed economic reforms

| South Korea
BOK Gov. Lee Ju-yeol, pitured in June 2015: Lee is trying something neither the BOJ nor the Fed has been willing to do.   © AP

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

In Seoul, pali-pali -- meaning "quick, quick" -- is not just a way of life. The frenetic pace at which the place moves is a matter of national pride. Yet even by these standards, many worry the Bank of Korea is moving a bit too hastily for comfort.

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