Industrial production also has turned positive in the October-December quarter on a quarter-on-quarter basis for the first time in three quarters, and recently recovered to the level of the peak prior to the consumption tax hike in April 2014.
Thus, the ’nineties have been marked by a large number of currency crises (for example, in Mexico, Russia, East Asia and Brazil – and currently Argentina and Turkey); substantial swings in exchange rates (including the exchange rate of three leading currencies – the dollar, the Euro and the Yen); and run ups in asset prices followed by sharp collapse (for example in  BIS Review 3/2002  3  Japan and East Asia earlier and the United States last year).