Now economies without large direct financial exposures to “toxic” assets, such as Asian export-oriented economies, were sucked into the downdraft. The abrupt marking-down of the outlook for Western growth and consumption of high-value goods saw inventories pile up, especially in those countries positioned as manufacturing hubs or producers of capital goods.
Andreas Dombret: Twenty-five years of Bundesbank’s representative office in Tokyo Welcoming remarks by Dr Andreas Dombret, Member of the Executive Board of the Deutsche Bundesbank, at the opening of the enlarged office of the Deutsche Bundesbank in Tokyo, Tokyo, 6 September 2012. * 1.