One worrying lesson for bankers and regulators everywhere to bear in mind is post-bubble Japan.

对世界各地的银行和管理层来说，后泡沫时代的日本是一个不可忽视的痛苦教训。

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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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The pressure on companies to cut costs is nothing like it was when Japan was trying to dig itself out of its post-bubble mess.

与日本泡沫经济破灭后自救的压力相比，企业背负的这种削减开支的压力自然不可同日而语。

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Contrary to the post-bubble narrative of a buyer-less housing glut, inventory levels in some markets have contracted.

FORBES: Surprise! Some Cities Are Actually Experiencing Housing Shortages

There is some truth in this, but the awkward fact is that post-bubble economies tend to be deflation-prone.

ECONOMIST: The world economy

Since the broad Topix stockmarket index slumped to a post-bubble low in October 1998, it has climbed by 70%.

ECONOMIST: Fairy tale