For good reasons as well – they are key to growth and development, they involve the use of public money and they are the conduit through which financial integrity is enforced. Fintech firms should therefore be subject to similar regulatory oversight. Regulation might lag in responding to the speed and complexity of changing processes.
In Japan, the Asian crisis had a much greater impact and came at a much worse time. Japan is closely involved with other Asian countries and suffered both financial reversals and loss of markets for Japanese goods. They were already struggling with slow growth, a banking system in need of overhaul and a political party structure in need of rejuvenation.