3. Closing remarks  Let me now return to Japan, our host country. 25 years have passed since the Bundesbank opened its representative office in Tokyo. Since then, it has successfully helped improve our understanding of the Japanese economy. Many of the developments which our office reported proved to be of importance for our own policies.
Let me mention the lessons from the build-up, bursting and clean-up of the Japanese financial bubble and, in particular, the Bank of Japan’s experience in the fields of financial stability and unconventional monetary policy. Another example is the Lehman collapse in September of 2008.