The region's economy has been leading the pick-up in Japan's economy. Firms in this region have taken advantage of the experiences gained from past crises to further innovation.
Although the financial correction process is painful, it is unavoidable as it constitutes the correction of exuberances of the past induced by a search for yield and an underestimation of risks in an overly benign macroeconomic environment with low interest and inflation rates. II. Reasons for the emergence of the financial crisis  A distinction has to be made between macroeconomic and microeconomic factors.