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Bank of Japan faces reckoning on three decades of policy puzzle

Assessing pros and cons of past moves key before monetary policy shift

The Bank of Japan's quantitative easing mosaic has grown more intricate under Gov. Haruhiko Kuroda. (Photo by Karina Noka)

TOKYO -- Quantitative easing is like a mosaic of experimental policies, and the Bank of Japan has time to determine what each part of the puzzle accomplished before starting to search for an exit.

That was the thrust of a piece I wrote on the central bank -- not in response to its latest moves, but nearly 18 years ago, back in March 2005.

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