It goes without saying that the aftereffects of the bursting of the bubble were one of the major factors responsible for making the 1990s a “lost decade” in Japan. The bursting of the bubble created the balance sheet problem. Indeed, the non-performing asset problem of financial institutions has reduced their risk-taking capacity and impaired the smooth circulation of money.
The remarkable innovations and adaptations that have permeated many aspects of our economy, especially in the most recent years of your history, are a part of the ongoing process of creative destruction that moves our economic potential forward as new technologies displace the old.