In those countries the leading international banks raised the efficiency of the financial system with transfers of know-how and technology, improved the allocation of credit and brought stability after the severe financial crises of the early 1990s.
In contrast, Japanese firms, which place priority on long-term employment, tend to first cut working hours and raise the number of employed persons not at work in response to a decrease in demand, and thereby try to maintain employment. This difference in the employment stance may also reflect the distinct safety nets in the respective labor markets.