. 6 % recorded in the second quarter. although participation at the auctions was strong, yield rates trended higher across all tenors, as investors sought to sustain recent gains on government paper. estimates used before monetary survey is compiled. previous quarter. in the treasury bills market, the composite weighted average yield rate increased by 2. 5 percentage points to an average of 7. 4 % from 4. 9 % recorded in the second quarter. similarly, the composite weighted average yield rate for government bonds increased by 109 basis points to 11. 5 % during the third quarter, up from an average of 10. 4 % recorded in the previous quarter. during the quarter ending september 2010, developments in commercial banks ’ nominal interest rates were mixed. the weighted average lending base rate ( walbr ) continued its downward trend, falling to 19. 8 % from 20. 9 % in june 2010. similarly, the average lending rate ( alr ) fell marginally to 26. 8 % in september 2010 from 27. 9 % in june 2010. however, the 30 - day deposit rate for amounts exceeding k20 million and the average savings rate ( asr ) for amounts above k100, 000 remained unchanged at 5. 6 % and 4. 7 %, respectively. real sector developments developments were favourable in the real sector during the reviewed quarter. this was reflected in increased output of metals ( copper & cobalt ), beer, soft drinks and cement. further, international arrivals also increased during the period under review. agriculture the stock of maize grain held by major millers in the country rose by 124. 6 % to 101, 807. 0 mt as at 29th september 2010 from 45, 336. 7 mt as at 30th june 2010. in terms of holdings by province, lusaka contributed 51, 117. 1 mt ( 50. 2 % ), copperbelt 26, 644. 0 mt ( 26. 2 % ), southern 19861. 0 mt ( 19. 5 % ), western 4, 050. 0 mt ( 4. 0 % ), and northern 35. 0 mt ( 0. 03 % ) respectively, while eastern province accounted for 100. 0 mt ( 0. 1 % ). data on maize stocks from central province was not available at the reporting date. mining during the reviewed quarter, copper output increased by 16. 4 % to 232, 554. 87 mt. this output was also 30. 5 % higher than the 178, 140. 1 mt of copper produced

growth. japan's asset price boom and the lost decade an asset price bubble also confronted the bank of japan ( boj ) with tough decisions starting in the mid - to late 1980s. the extent of the asset price boom in japan in the late 1980s can be gauged by the fact that the land surrounding the imperial palace in tokyo was estimated to be worth more than the whole of california at that time. without a doubt, the 1980s was a prosperous decade in japan with high growth, low unemployment, little inflation, and an envied business model. during that decade, equity prices rose more than 600 percent and land prices boomed more than 400 percent. soaring equity and land prices during the 1980s, combined with relatively low interest rates, eased financing conditions for investment substantially. 21 the ratio of bank loans to gross domestic product surged, and investment spending became the main driver of economic activity. because of financial deregulation, banks'risk - taking behavior also increased as they channeled more funds to real - estate - related sectors and to small firms, accepting property as collateral. 22 trusting in a rising real estate market, some banks went as far as lending more than 100 percent of a property's appraisal value. as at the fed during the roaring twenties, the boj was concerned about the rapid rise in asset prices in the mid - 1980s and the possibility that a bubble was in progress. in 1989, as asset prices continued to soar and inflation moved upward, the boj decided to start raising rates. the stock market collapsed at the beginning of 1990, but land prices continued to rise, and the boj kept tightening policy. monetary policy only gradually reversed course in the see, for instance, galbraith ( 1954 ) and white ( 1990 ). see meltzer ( 2003, p. 225 ). the stance of monetary policy was relatively easy during the mid - 1980s as the boj attempted to contain the rapid appreciation of the yen following the plaza accord of 1985 and stimulated domestic demand to correct external imbalances. corporate restrictions on funding in the securities market were lifted in the 1980s, which reduced large firms'reliance on banks'loans. moreover, interest rate ceilings on bank deposits were also gradually removed. see okina, shirakawa, and shiratsuka ( 2001 ). summer of 1991 as growth declined and inflation and land prices started to move down. the subsequent decade has been termed " the lost decade. " during that time, japan suffered from an