The first difference is the fact that Japan never became the epicenter of a global financial crisis. The most important reason for this is that the Japanese authorities did not allow the disorderly failure of financial institutions.
In this regard, the most challenging time for Japan was 1997, when the brokerage Yamaichi Securities, with assets of 3.7 trillion yen or 19 billion pounds at that time, collapsed. Yamaichi Securities also had sizeable presence internationally, especially in the European capital markets.