The Japanese central bank doomed their economy to 20+ years of stagnation. Instead of allowing prices of assets to crash after the big bubble they locked interest rates at 0 and prevented a recession and repricing of assets but at the cost of future
Japan had more structural problems than that. For one thing, at the time it was reported that wealthy, powerful people could not be allowed to lose money in the stock market; the broker would make them whole, until the day that they couldn't anymore.
