6  For more detailed discussion on macro-prudential policies in the case of the Japanese property bubble, see Nishimura, Kiyohiko G. (2011) “Macroprudential Lessons from the Financial Crisis: A Practitioner’s View,” in: Kawai, Masahiro. and Eswar Prsard (eds.) Asian Perspectives on Financial Sector Reforms and Regulation: Washington, D.C., Brookings Institution Press, 180–195. 7  See Nishimura (ibid.)
about the report of one Japanese government agency which became foundation of overly optimistic view about the office-space demand in Tokyo in the late 80s. BIS central bankers’ speeches  3  comparison to the daunting policy difficulties faced in the late or collapsing stage. To my disappointment, there has been little discussion dealing squarely with these difficulties.