The Japanese asset bubble in the late 1990s and the role of the bank of Japan in eliminating the consequences

The article deals with the financial crisis in Japan that occurred after the Japanese asset bubble burst in the late 1990s. It was an unprecedented crisis, which had a serious impact not only on Japan’s economy, but also on the global economy and world financial markets, which were becoming more and more integrated into each other. The Bank of Japan experience in crisis management shows that in the absence of an institutional framework for financial stability, the role of the central bank increases dramatically.