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It was in September 2008 that the collapse of Lehman Brothers triggered an economic shock leading to a global recession. Since then, most countries have gradually recovered, and in recent years what came to be called a Great Moderation permeated the world’s economies.

That market situation changed in 2018. Stock markets — which represent the current state and future of an economy — began to exhibit greater volatility. The volatility index of the Nikkei average on the Tokyo Stock Exchange has increased to nearly 25 from around 15 in mid-2017. A symbolic move of this volatility was the 4 to 6 percent plunge in share prices on the world’s major stock exchanges in just one day from Oct. 10 to 11.

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