Second, in the United States, the losses of securitized products, which triggered the recent turmoil, could be recognized through prices traded in the markets. In the case of Japan, however, the losses were concentrated on non-tradable loan assets that lacked marketability, and thus, together with drawbacks in accounting systems, led to a delay in recognizing the losses.
Third, in the U.S., financial institutions that had suffered massive losses promptly raised capitals. There are also similarities. Arguably, the bubble was formed, expanded, and burst. It is also common in both cases that a plunge in asset prices exerted adverse effects on the real economy through the deterioration of the financial side.