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There were extraordinary expectations that the Bank of Japan had to roll out something really big when they met in late April, but they didn't, since then I think there has been a realization that policy reactions in Japan are perhaps not to be expected anymore - big, market-moving policy reactions. Once the market begins to accept this, and to lower expectations for fireworks and bazookas, we can start the process of re-calibrating Japan based on its relationship with global fundamentals.

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