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The Big Take

A $3 Trillion Threat to Global Financial Markets Looms in Japan

Japan’s super-easy monetary policy sent a flood of domestic money overseas. Investors are bracing for what comes next. 

The Bank of Japan headquarters in Tokyo.

The Bank of Japan headquarters in Tokyo.

Photographer: Kentaro Takahashi/Bloomberg

Read this in Japanese:  3兆ドルの日銀黒田レガシーが逆回転の恐れ、世界の金融市場に衝撃も

Bank of Japan Governor Haruhiko Kuroda changed the course of global markets when he unleashed a $3.4 trillion firehose of Japanese cash on the investment world. Now Kazuo Ueda is likely to dismantle his legacy, setting the stage for a flow reversal that risks sending shockwaves through the global economy.