6 See Genda Yuji, ed., Hitode busoku na noni naze chingin ga agaranai no ka (Tokyo: Keio University Press, 2017).
BIS Review 44/2008  3  Prior to the July 2007 rude awakening of financial markets participants, observers and regulators at large, these three broad factors contrived a convergence of mechanisms that resulted in the upward spiralling of asset prices, further leveraging, increasing complexity and shrinking transparency.