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The Impact Of Global Financial Crisis On Japan And Canada

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During 2007-2008 global financial crisis, Canada’s banks were well preformed and well regulated. No Canadian bank was bankrupted and Canadian government did not need to provided bailout or rescue package. However, Japan was hit so hard by the global financial crisis. Because of limited exposure to U.S. assets, the directly impact of global financial crisis on Japan and Canada are small. However, the economy of Japan are heavily rely on international trade compared with Canada. With a sharp increase in energy and other commodity prices, Japan experienced a economic contraction.
Canadian financial system is “characterized by strong prudential regulation and supervision and a well-designed system of deposit insurance and arrangements for crisis

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