“Shadow banking” (the English insurance companies and international investors) played a pivotal role. As liquidity stress morphed into solvency problems, the bubble burst with a dramatic international stock market crash. You can see how the mechanics of this crisis do not differ much from those of the recent Great Financial Crisis, and all other crises traced through history by Charles Kindleberger.
Fortunately, the tensions in the international financial markets began to ease in the latter half of October last year, and in line with this, the external pressures on Japanese financial markets also declined rapidly.