Mohamed A. El-Erian is CEO and co-Chief Investment Officer of the global investment company PIMCO, with approximately $2 trillion in assets under management. He previously worked at the International Monetary Fund and the Harvard Management Company, the entity that manages Harvard University's endowment. He was named one of Foreign Policy's Top 100 Global Thinkers in 2009, 2010, 2011, and 2012. His book When Markets Collide was the Financial Times/Goldman Sachs Book of the Year and was named a best book of 2008 by the Economist.

The Japanese Experiment
Kazumi Funahashi: Japan is not experiencing a "paradigm shift." This is just an intesification of what Japan has done in the past "qarter century"; pour more money into the market. I agree with the article that Jap…