BIS Review 67/2008  1  Experience of the bubble and its bursting Such interrelation came to the fore during the bubble period Japan experienced since the latter half of the 1980s. As you are all aware, Japan's bubble was unprecedented in modern economic history: leverage expanded and asset prices rose sharply and vastly.
The recent financial crises in Asia should have revealed to all regulators (and, in my opinion, to the public at large) the need to promote financial stability worldwide. I am optimistic that the Basel Committee will resolve all outstanding issues by autumn 2000 and propose a harmonised regulatory framework which will be appropriate for capital market-oriented as well as bank-based financial systems.