The world’s biggest economies have rolled out a plethora of monetary support measures over the past two months. If there’s one central bank that knows how hard bottling them back up will be, it’s Japan, where special operations have become a permanent fixture. Tokyo’s example suggests that policymakers will have an expansive role for years to come, particularly given the depth of the slump from the new coronavirus pandemic.

Japan headed into its lockdown hobbled by poor choices, chiefly an ill-timed hike in the consumption tax at the end of 2019. Gross domestic product fell an annualized 3.4 percent in the first quarter from the prior three months, the government said Monday, following a drop of 7.3 percent from October to December. The contraction in the second quarter will be about 22 percent, according to economists surveyed by Bloomberg News, mirroring the scale of declines in the rest of the world.

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