And on some counts today's post-bubble policy challenges are more complex than anything Japanese policymakers ever faced.

在一些问题上，今天后泡沫时代的政策挑战比当时日本的决策者面临的任何挑战都更复杂。

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Pessimists point to Japan's travails as a lesson in how a deflating asset-price bubble and a vast overhang of debt can defeat all that monetary and fiscal policy can throw at it.

悲观主义者以日本的痛苦经历作为一个教训，告诉我们资产价格泡沫破灭和巨大的债务负担是如何击败所有可以实施的货币和财政政策。

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But if it does not tighten policy soon, a full-blown bubble is likely to inflate.

但是如果不尽快收紧政策，一个真正的泡沫可能会膨胀。

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No model in the world can prevent a financial bubble if monetary policy is too lax, or a recession if it is too tight.

ECONOMIST: Glittering economic prizes

Analyses using traditional models have tended to blame the bubble on overly loose monetary policy from the Fed.

FORBES: Traditional Economics And The New Economics

And the Bank of Japan did not ease policy enough once the bubble had burst.

ECONOMIST: Assets and their liabilities