Central bank balance sheets at Fed, ECB, and Japan approach 20% of respective GDPs but they remain steadfastly committed to lending more to stimulate their ailing economies. Chronologically, Japan is the first among equals: S&P downgraded Japan’s AAA rating in 2001 and Japan has kept their benchmark rates below 1% in the last 15 years. The US credit downgrade and Fed’s renewed commitment to lend at 0% for the next two years naturally adds fuel to the speculation if the US economy is going to follow Japan’s economic path. We can argue on similarities and dissimilarities between US, Europe, and Japan, however, we can agree that equity and credit markets will be focused on central bank policy actions and GDP numbers of these countries in the coming years