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Uthai Thani Travel on Money supply was growing fast but BOJ, seeing no signs of consumer price inflation, failed to implement tighter monetary policy and curb the build-up of a speculative bubble. 70 Bank of Japan On the last day of trading in 1989, the stock price index (NIKKEI 225) at the Tokyo stock exchange reached its all-time peak of 38,916 yen (13 years after that, on the last day of trading in 2002, it was down 78 percent at 8,579 yen). In the next year, the bubble burst, leading to the most protracted depression in the history of the Japanese economy, with the real growth rate averaging 1.4 percent over the period of 1991–2000. In response, BOJ implemented the zero-interest rate policy, supplying the economy with enough liquidity to keep long-term interest rates at virtually zero. This, into early 2003, was not enough to revive the economy, however, and pressure built on BOJ to supply even more liquidity by buying government debt. The new law enacted in 1998 considerably strengthened the political independence of BOJ, however, and it continued to emphasize the stability of the national currency and the prevention of inflation as its primary goal while stressing the government’s responsibility to implement structural reform and the reform of the banking sector needed to steer Japan out of its economic conditions. Uthai Thani Travel 2016.