Many financial instruments were not invented to finance the ownership of additional homes, to finance productive investments or education or  13  See Brunnermeier (2009). 14  See Philippon and Reshef (2009). 6  BIS Review 63/2010  to help firms hedge the uncertainties of currency or interest rate risk. Some of these instruments were invented to generate fees without creating social value.
Nonetheless, it is important to note that Japan’s real GDP growth rate per hour has been comparable to those of the United States and the United Kingdom, and it has been higher than those of Germany and France (Chart 5).