the Japanese experience, when a conscious effort by the central bank to prick an asset bubble ended up triggering an 80 per cent stock market sell-off and a decade of economic stagnation.
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Niall Ferguson's "The Ascent of Money: A Financial History of the World" explores critical moments in financial history, including Japan's experience with asset bubbles. The Japanese central bank made a deliberate attempt to deflate a rapidly inflating asset market, which inadvertently led to a dramatic 80 percent decline in the stock market. This pivotal decision marked the beginning of a prolonged period of economic stagnation that plagued Japan for a decade.
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