This is why Japanese banks continued to pump money into overbuilt Southeast Asian real estate and Korean chaebols, and why a third of all the junk bonds issued in the late 1980s ended up defaulting.
Everyone knew that junk bonds were going to end up defaulting.
mnli hypothesis: Everyone knew that junk bonds were going to end up defaulting. premise: This is why Japanese banks continued to pump money into overbuilt Southeast Asian real estate and Korean chaebols, and why a third of all the junk bonds issued in the late 1980s ended up defaulting.