Consider, for example, the shares of commercial mortgages outstanding – funded by depositories, insurance companies, other financial institution, and commercial mortgagebacked securities (CMBS) – presented in figure 7. The share funded by CMBS (the orange line) increased from almost nothing in 1990 to almost 30 percent in 2008.
Looking back, partly because Japan experienced the sharpest economic downturn among advanced economies following the financial crisis in the fall of 2008, Japan’s economy subsequently recovered at the fastest pace.