Another lesson from the crisis is that global imbalances must be reduced in order to achieve sustainable long-term growth. This has led some to propose a coordination of economic policies, where countries with current account surpluses actively prop up demand. To be frank, I am deeply sceptical about such a strategy. Even persistent current account surpluses are not per se an indication of imbalances.
To align with those moves, the Bank of Japan has also recently announced that it will cease outright purchases of CP and corporate bonds at the end of 2009 as scheduled.