Japan, by contrast, hesitated to expand its money supply substantially, leaving the yen's exchange rate against the US dollar to appreciate to 76 (from less than 100 before the Lehman crisis), and causing GDP growth to decline further. In 2009, Japan's economy was performing at 8% below potential, even though its financial system was sound.
相反，日本在大幅扩大货币供给方面出现了犹豫，导致日元兑美元汇率升值至76（雷曼兄弟危机前汇率为接近100），GDP增长也出现进一步下滑。2009年，日本经济表现比潜在水平低8%，尽管其金融系统仍然牢固。简言之，日本经济比受雷曼冲击波直接影响的美国和英国经济损失更大。