Regrettably, after Japan's financial crisis, policymakers across the globe could not prevent the Global Financial Crisis.
They did, however, succeed in preventing another Great Depression by taking swift and bold policy responses after the crisis.9 For example, central banks with inflation targets managed to keep their economies from falling into severe deflation even after the crisis.10 Moreover, financial authorities including central banks have proceeded globally with the development of financial regulations, so as not to repeat a disaster like the Global Financial Crisis ever again.