Is there a post sub-prime world?

Bank of Japan Gov. Toshihiko Fukui announces after the policy board meeting Tuesday that the BOJ will not raise interest rates for the time being, citing growing concern that a downturn in the U.S. economy could slow global growth.

Regarding the sub-prime financial crisis, Economist Dr. Madsen analyzes the risk of recession, and sees an unknown future for the consumption market, "a risk of crisis for the coming months", depending on what the regulators and professionals will decide. Dr. Madsen, the author of the Economist Intelligence Unit's quarterly Japan Country Reports and Senior Fellow at MIT's Center for International Studies hinted at the fact that "we maybe have not seen all yet." Market also knows about self regulation. "There are new financial products being created at regular rhythm".

So it is not so bad after all and there is a world after the sub prime crisis? Looking further, about East Asian economies, Dr. Madsen forecasts great future for Japan and Republic of Korea in the years ahead. "The high rise of China will be beneficial to both" while the distance will handicap Europeans and North America economies. Koizumi's so called boom "was created by China growth, and less by a so called Japan reform". There is no reason it should stop as China demands for upgrade are simply huge, he said.