Japan does not appear to have explored all policy options available to revive its economy, Anatole Kaletsky, editor-at-large of The Times of London, said as he compared Britain's response to the latest financial crisis and what Japan did after the collapse of its bubble boom in the 1990s.
The scope of Japan's asset-inflated bubble that busted in the early 1990s was much greater than that of the property bubble in the U.S. and other economies that preceded the Lehman Brothers collapse of September 2008, Kaletsky told the March 5 symposium.
But the scale of the subsequent crash was far greater in the latest crisis as within a period of two or three months of the shock "we saw literally every financial institution in the West on the brink of bankruptcy," he said.