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Japan's lost decade
Japan's lost decade
Problem: After a spectacular 1980s boom, Japan's real estate and stock markets crashed, throwing the economy into a prolonged malaise.

Outcome: Early denial of the problem by the Japanese government taught policymakers elsewhere the value of responding quickly and decisively.

NEXT: Asian contagion of late 90s
Last updated October 14 2008: 10:02 AM ET
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