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Opinion

US should heed warnings from Japan's free-money experiment

Expansive financial policies hold severe risks for central banks

| Japan
Federal Reserve Chairman Jerome Powell at the news conference on Mar. 3: will the Fed follow Japan's lead and prop up the stock market?   © Reuters

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

In Washington, a small army of Federal Reserve watchers spend their days divining how the U.S. central bank might surprise the world next. The real clues may be found not in reports, speeches or data sets, but at Bank of Japan headquarters in Tokyo.

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