"If you have deleveraging and deflationary conditions then you have unemployment and also unused capital. People are afraid, they sit on their money and put their money in their mattresses instead of investing it," he said.
"Japan is trying to escape after 25 years of slow death from a policy that Europe has just now adopted. They are moving in opposite directions - Japan is trying to escape and Europe is just starting. I think it's a mistake in that way and it could avoid what's ahead. What's avoidable should be avoided."
Mr Soros was speaking after Japan launched a daring monetary experiment to double the amount of money in circulation over two years, pumping about $1.4 trillion into the economy in an attempt to jump-start growth.
He said he would use a speech next week to "put forward a way to escape [Europe's situation]" which was "in some ways similar to what Japan is doing now".
However, he cautioned: "What Japan is doing right now is actually quite dangerous because they are doing it after 25 years of just simply accumulating deficits and not getting the economy growing.
"If what they are doing gets something started, they may not be able to stop it. If the yen starts to fall, which it has done, and people in Japan realise that it is liable to continue and want to put their money abroad. Then the fall may become like an avalanche."
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