David Hale on BoJ's role in stabilizing the '87 Crash

Japan played a major role in 1987-88 stabilizing our financial markets.  There was central bank intervention, $60 billion worth.  They kept their monetary policy under control through credit controls, not interest rates.  They used moral suasion over the insurance companies when (the U.S.) couldn't sell (Treasury) bonds.  They directly focused on stabilization of the American economy and financial markets.

~ David Hale, chief economist, Kemper Financial Services, "Hale Believes Economic Thinkers Will Supercede Arms Strategists," Investor's Daily, February 1, 1990