2  Among the papers contributed to the conference, Hattori, Shin, and Takahashi (2009) revisit Japan’s bubble in the 1980s by shedding light on the changes in money flow behind the expansion of the bubble. BIS Review 65/2009  1  the effectiveness of monetary policy was severely constrained. Further monetary policy responses with unorthodox measures were adopted.
But I would argue that part of the puzzle may also relate to structural changes within the services sector, which is itself subject to transformation. I would like to highlight two of these changes. First, all services are not made equal.