In an attempt to deflate speculation and keep inflation in check, the Bank of Japan sharply raised inter-bank lending rates in late 1989. This sharp policy caused the bursting of the bubble and the Japanese stock market crashed. This eventually seeped through to 1990/1991, kicking off the so-called Lost Decade. So what if Japan, for whatever reason, decided not to go through with it? What are the odds of the Japanese economy humming along until, say, the Asian Financial Crisis in 1997? Would the Japanese economy take a nosedive - dragging the entire world along with it?