In this crisis, the US authorities have implemented a variety of measures similar to those innovative steps the Bank of Japan took in the past. I will take up this point later. What was Japan’s “lost decade”? As I mentioned at the outset, Japan’s 1990s is described as a “lost decade”.
2/4  BIS central bankers' speeches  Based on my conversations with bankers across the country, I believe that providing the rules of the road—highlighting the risks we are most concerned about and laying out our expectations for how those risks should be managed—is invaluable for banks considering whether and how to innovate.