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Japan's balance sheet imbalance

The size of Bank of Japan's balance sheet is fast approaching Japan's GDP, as BoJ has spent more than a year buying up government debt (primarily to meet a 2% inflation target). For context, the Federal Reserve balance sheet represents less than one quarter of U.S. GDP.

Data: GDP from Japan Cabinet Office, seasonally adjusted. Bank of Japan assets from Bank of Japan, not seasonally adjusted. Both retrieved from Federal Reserve Bank of St. Louis; Chart: Andrew Witherspoon / Axios