Sunday 2011-02-27

From Eamonn Fingleton writing on Japan's modern economy ( the Fall after 1989 ):

To my knowledge, all the foreign analysts in Tokyo were bullish in the last months and, of course, their views were faithfully echoed in the Western press. The mantra, repeatedly endlessly by "respected experts," was that the Tokyo Ministry of Finance would keep Japan's real estate values and stock market prices firmly propped up forever. Extraordinary as it may now seem, almost everyone believed this.