Is the Bank of Japan creating the biggest pyramid scheme in history? In recent weeks Haruhiko Kuroda has been the toast of the financial world, winning plaudits from Nobel laureates Paul Krugman and Joseph Stiglitz. The move by the BOJ governor to end deflation with large bond purchases has been cheered by International Monetary Fund Managing Director Christine Lagarde, Asian Development Bank President Takehiko Nakao and the Japanese business establishment.
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