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How Japan can escape financial socialism

Published Wed, Mar 31, 2021 · 05:50 AM

THE latest Bank of Japan (BOJ) comprehensive policy review is significant not for what it says but what it does not. The cumulative effects of the central bank's steadfast buying of exchange-traded funds (ETFs) have de facto turned Japanese equity markets into an unprecedented experiment in financial socialism. Officials seem to have no idea how to restore the functioning of free markets.

Like many central banks, the BOJ has aggressively intervened in bond markets a…

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