http://www.economist.com/news/finance-and-economics/21595937-fed-may-be-tapering-central-banks-japan-and-europe-are-still

The article discusses how although many Americans blame the recent upheaval in the financial markets on the feds decision to cut back in quantitative easing that the opposite is happening in Japan.  In fact, Japan started buying 70 billion (dollars equivalent) a month which is a much greater sum than the United States 85 billion buy back easing when considering the size of the economy.  The article addresses that there is much more to consider than simply the feds reduction quantitative easing - and how quantitative easing can be used in two different ways - for Japan it is addressing its problem of deflation.